Three Practicable and Tested Business Growth Strategies for Small or Medium Enterprisesby theaims banglore Join us at AIMS for best MBA
In this competitive market arena, it is not easy for a small business to grow. According to a latest study, the Small and Medium Enterprises (SMEs) are responsible for 45% of the total manufacturing output in India. Hence, it is impossible to deny the contribution of small/medium enterprises in India’s economic growth. However, not all businesses are able to prevail in the competitive commercial arena. The businesses with practicable and updated growth strategies are equipped with sufficient arsenal to combat the challenges of commercial world.
Learn unique business Growth Strategies for Small or Medium Enterprises from Gaurav Bhagat Academy. This is one of the leading sales training and business content co-created by Grant Cardone and Gaurav Bhagat. Every business-owner or CEO makes plans for continuous business growth to increase the profit along with the sales. This strategy may differ from one industry to another or may depend upon the size of a business. The small and medium enterprises may assess the growth based on four different factors, such as turnover, total profit, sales chart and number of staff. You may evaluate your business’ growth after assessing these factors. Alongside a detailed assessment, you may execute three different strategies to maximize the future growth.
Expanding Customer Pool
The expansion of customer pool may be the basic strategy for the growth of small and medium enterprises. However, the proper implementation of this strategy may bring the maximum profit. These days, the most effective way to market to a new customer base is through online marketing. You may hire experienced professionals performing SEO or SMO to optimize the visibility of your merchant website and to bring more traffic to your website. Through Social Media Optimization (SMO), you may gain attention of maximum number of viewers. Through Search Engine Optimization (SEO), your website appears on the front pages of leading search engines whenever someone searches for a product or service that you cater. Hence, the strategy of online marketing can help you expand the number of customers and may increase your profit leading to the continuous growth of a business.
Introducing Business to New Market
Alongside the expansion of clientele, you may expand your market to increase the pace of commercial growth. To enjoy exponential growth, you may try dealing in a variety of products instead of staying limited to one type of product. You may even offer a diverse array of services whilst staying within your comfort zone. Instead of trying new things, you may open your business in multiple locations to cater the service to new customers. These strategies may help you expand your business to new market and enjoy maximum growth.
Selling More Products/Services to Existing Customers
This growth strategy may be the hardest amongst all business growth strategies. It may seem easier to sell more products to your loyal clientele instead of trying another pool of customer or another market. Ii is challenging to increase the sale through old customers. To achieve this goal, it is essential to stay updated about your clients’ requirements, to resolve the existing problems and to bring new products/services into the focus of existing clients.
Created on Nov 21st 2018 03:09. Viewed 121 times.