Frustrated by stagnant growth quarter after quarter? Is it becoming impossible to push your profits up any higher? Many small business owners experience a slump or less than desirable periods of growth at some point, and it can be understandably disheartening. If a growth strategy has not been implemented for a business, now, not tomorrow, is the time to do so.
A growth strategy doesn’t have to be overly complex. It simply needs to outline plans for future growth and what requirements need to be met in order to achieve the end goal. Factors that a suitable growth strategy may address include:
- New products or services
- Estimated growth of customer base
- Projections for demand over X amount of years
For business owners who tend to be focused on the here and now, a growth strategy forces them to turn their attention to the future. Unfortunately, one aspect of the growth strategy that owners struggle with is coming up with the extra finances.
Even if some corners can be cut without effecting the quality of a final product or service, finding the necessary funds within a business’s reservoir is not always feasible. This is where investing can play a significant role. Most entrepreneurs meet with investors early in the days of their start-up, and there is no reason to shy away from investors when seeking new capital for growth. Initial investors who were impressed with how a business began might be happy to invest in new growth.
Those who are set on finding more internal sources of revenue without reducing quality of service may also want to consider adjusting price points. Other options include introducing new products or services that do not require a significant financial contribution but will fill a need or desire of the already existing customer base.