Growth Strategies are a Dime a Dozen – It’s Pulling them Off that Counts…
Growing your business requires vision, analysis, and a solid plan to follow which includes one or more initiatives that will yield the desired results. Every ongoing business is different – so what might be best for your company might not be best for another.
Here are a few basic strategies that will help you grow (or start) a great company.
Get Started Right – Get a business plan together that makes sense, is well conceived and feasible. Be sure your service or product is profitable and not a hobby.
Diversification – Off the bat, this is the easiest way to leverage your existing products or services. Setting up an online store takes a day or two and BOOM you have an additional revenue stream and method of leveraging your current customers. There are other ways to diversify as well.
Franchise – If you have a proven track record… if your company is profitable, duplicable and scalable – AND if you have operating procedures that are well documented you might be a great candidate for franchising. And don’t forget training – you will need a world-class online training program to franchise your company.
Build to Sell – If you aren’t just buying (or starting) a company for a lifestyle, you are probably interested in building and selling it in a few years. The rules governing the build-to-sell route are very straight forward. You must build a company that can be valued appropriately.
Training & Development – Training is not an expense – it is an investment. Training your employees to do their jobs correctly, and cross training them, usually provides significant savings, increased customer service and provides a platform for continuous growth and change.