What Are The Best Business Growth Strategies With Examples?
As an entrepreneur, you have to understand that starting up a business or producing a product or a service is one thing, but growing that business activity to be able to meet up with the market competition requires a lot of strategies in every sector of the business.
At every point in the business, an entrepreneur needs to develop strategies to be able to gain customers and make them relay on a product or service that is offered.
In this article, we will be bringing to you some basic business strategies use by entrepreneurs to grow their businesses.
What Are The 8 Business Growth Strategies With Examples?
Entrepreneurial strategies are those different techniques put in place by an entrepreneur to be able to achieve success in business and to grow and make profit. Some of which are seen below;
1. Set Goals For Business:
Setting goals is one of the most important strategy used by entrepreneurs to achieve success in business. Goals are long-team or short-team objectives that you want to achieve in the course of doing business and can be realistic.
For example you may set goals for your business like: by the end of 2023, you want to have a running capital of 1 million dollar and vice versa. Noted that when you set a goal, you need to work towards achieving that set goal.
2. Never tell you customer "It's finish":
Never tell your customer it is finish when you have a means to provide. One of the biggest mistake that a business entrepreneur can do is to refer his/her customer to buy something from another shop.
It is important to note that most customers will prefer to buy where prices are lower. So if you ask your customer to go do shopping in another shop and it happens that the shop or company offers products at a lower cost then you do, then there is a higher probability that you will loose that client.
To maintain your customer, you can sacrifice time to go get what your customer is in need of , so long as it is a product or service that you offer and then supply it to them. By so doing, you maintain your customer and also makes him rely on you at all times.
3. Always Motivate your customers and your workers:
Motivation is a very important strategy use by entrepreneurs to grow in business and to achieve success. People will want to purchase or work where they will be given motivational packages.
As an entrepreneur you should understand that motivating your workers by given them extra benefits like; free treatment, free vacations, promotion, increasing their salaries, makes them give in their best towards the growth of the business.
You can motivate your customers by dashing them items or making a reduction on any thing they purchased. Don't be afraid of facing a lost. Because this strategy lead to an increase in your customer base.
Noted that one motivated and well treated customer can be led to ten new customers.
For example, Companies like Coalgate, Maggi provide customers with products carrying the companies logo and name such as t-shirts, caps, buckets, cups and many other items to their customers.
This is a means to publicized their business and capture the heart of their customers in order to dominate in a competitive market.
4. Never be Harsh or Rude to your customers:
This is an important strategy entrepreneurs should use in growing their business. You have to bear it in mind that your success in business depends on the number of customers that you have.
You may have a good product or service but without customers, that product can not be sold. Keep it in mind that your customer is always right and by so doing, your success in guaranteed.
Generally, customers are rude but if you are able to control your anger even at a difficult moment then thereafter, that customer will be yours forever.
Avoid carrying your personal problems to your business place. Which can make you do a transfer aggression on your customer.
When you talk to a customer rudely, he may fill threatened and will likely switch to another shop, given you a lost by a reduction in purchasing power.
5. Always Empathize with your customer:
Empathizing with a customer is a basic strategy used by entrepreneurs to grow in business.
The practice of empathy simply means to trying to understand your customers feels, worries, pains reason of an action and difficulties without allowing yourself into the situation.
This is to say that there are times when your customer might be passing through financial crisis and he/she is not able to pay on purchases instantly and wants to take goods on credit with the aim of paying later. In this case, you can give if he/she is a regular customer but this can also involved so collateral securities if these purchases are large.
6. Never be Too Strict on your workers:
If you have worked in a tension environment where to you don't even have the freedom to expressed your technical known-how, then you will bear with me that allowing freedom of expression among workers is a basic strategy entrepreneurs need to implement if they want to grow in business.
You have to know that every worker has an idea or a technique that can push toward your business but if you don't give them the freedom to express that skills and only want that they follow the procedures that you have set then you slowing down your business progress and development without knowing.
Give your workers freedom but let there be a limit to this freedom and then just monitor them closely without them knowing and you will be amazed with their skills.
For success to be achieved in business, use both dictatorship and laissez-faire in controlling your business.
7. Have a Good Products Design, packing and Proper hygiene :
Another basic strategy use by entrepreneurs to grow in business is having a good product design and packaging.
After you have carried out a feasibility study and seen that your business project is feasible, the next thing is to choose a good design for your products base on who you are producing for. Product design is the first thing that attracts a customer before the price and quality. Your quality might not be the best but a good design will enable you sell your product faster.
For example, an entrepreneur who produce mainly for children should know that children are attracted to toys and cartoons. So creating a product like a school bag or shoes that has the image of any actor in their favorite cartoon like: Mr. Bin, Power Rangers, Fireman Sam etc, will mean success in the market. Also, children are attracted to colorful toys and designs.
As for ladies, they are attracted to colors like; pink, white, purple, red and to an extent black dealing with their products of such designs will mean success.
Another important factor is hygiene, which is simply the act of cleanliness. you may have a good product design and packing but if your personal hygiene, environmental hygiene and the hygiene of the products that you offer is poor then you can never grow in business. This is because customers are very sensitive and careful especially if the product is a finished good.
8. Always Buy directly from the Manufactural:
If you have the means to buy your goods directly from the manufactural, then avoid taking goods from suppliers. Manufacturing companies usually sell products at a very lost cost so that customers can enjoy a high profit rate but when to buy from a supplier, the profit margin will be reduced because also has to benefit too.
Dealing directly with the manufactural will make you benefit a high profit margins and also some bonuses from the company. This can be a hindrance to young entrepreneurs who don't have a good source of capital. Check: The Sources Of Capital For An Entrepreneur Starting Up A Business
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Final Thought on Basic Techniques used by Entrepreneurs to Grow in Business
Basic Strategies are those different techniques put in place by an entrepreneur to be able to achieve success in business and to grow and make profit. As seen above, entrepreneurs have to keep it in mind that their success in business solely depend on the number of customers the have. So keeping your customer satisfy and making them to trust in you and your product or service is very important for growth.
Also creating a working environment where workers can express freedom and creativity but under your supervision can also help you grow in business.