Corporate Growth Strategies for Small Businesses

When it comes to corporate growth strategies, it’s not all about big business. Start-ups and small businesses can see great benefit from these tactics, too. From expanding the market to offering new products and services, there are numerous strategies that can help a small business grow and prosper in our changing economy.

 

Some great corporate growth strategies for small business include:

 

  • Segment your market. Instead of focusing on pleasing everyone, pick one subset or demographic and really focus on it. Carve out a niche and pour all your efforts into it. Whether you choose teens, families, dog lovers, or baby boomers, focusing on just one segment of the market will allow you to better serve those customers’ needs and really increase your profits.
  • Partner up. Sparse resources and minimal staff are inherent to the small business model. Often, to really grow and expand the company, strategic relationships and partnerships are necessary. It could mean joining up with a manufacturing facility and offering them a cut of your profits for the use of their resources, or it could be finding a local company that shares a similar market and devising a way to leverage that. Either way, the right partnership can go wonders for growing a small business.
  • Extend your reach. Look into expanding your reach physically. Consider opening store locations in a different city, or find ways to offer your products and services in a different venue. If you sell your product only at one physical location, think about launching an online store. If you only sell online, look into local markets that will allow you to sell your product in person.
  • Offer new products or services. You’ve segmented your market, now think of new products and services that your market could use or want and begin developing and launching those. Better yet, come up with services that complement your already existing products. If you can launch those new products as part of a package deal with your already successful products, you’ll see even more success.

 

Want to learn more about what corporate growth strategies can do for your company? Get in touch with the Connell Curtis Group today.

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