Most people know at least one “big dreamer” who swears up and down that one day he or she is going to make it big and start raking in the money. Aside from unbridled enthusiasm, big dreamers tend to have another thing in common — a low success rate.
Dreaming is all good and well, but without action those dreams are destined never to go any further than the heads in which they originated. Accumulating wealth takes a considerable amount of drive and dedication and is less of a care-free walk through the woods and more of a carefully plotted road trip with pre-planned pit stops with all of the gas stations carefully flagged on the map. There is a phrase for this in the world of wealthy business owners: Developing a growth strategy.
While diversifying income is an important aspect of creating sustainable wealth growth, business owners with real wealth as an end goal have the drive to take business up a notch and increase profits. Miracle grow does not exist for business, but detailed growth strategies lay a clear plan of action for increasing sales and reaching even more consumers. The following can be found in any sound growth strategy:
- Product development. Is there an opportunity to present a new product to the market? Could current products need a facelift or overhaul? Sometimes new packaging and an updated piece of strongly written copy are enough to breathe new life into withering products.
- Market penetration and saturation. The target market should be clearly outlined in the business plan, but has the business fully extended its reach?
- Market development. Could new markets benefit from your product? Many new businesses start small with their markets in order to minimize risk. When you’re ready to grow — expand, expand, expand!
- Acquisitions. Not ready to develop new products or venture into new markets? Acquiring another business can provide a hard-hitting and fast increase in profits with already established products and markets.
Embarking on new and previously uncharted business ventures is risky business, but big dreamers who choose to sit on their words have no chance of ever realizing their desires. Experienced business owners can minimize those associated risks by creating a concise growth strategy with clear guidelines and expectations for growth and the further accumulation of wealth.