Broadly speaking, if you want to grow your business there are only three strategies which can be used either separately or in combination. They are as follows.
- Organic growth – progressively getting more customers spending more money more often.
- Growth by merger or acquisition – buying or combining with other businesses in order to gain more customers and market share.
- Replication – creating more copies of all or part of your business e.g opening multiple outlets.
We specialise in replication which is a highly effective method that is sometimes overlooked or neglected but before we get into that let’s briefly cover the other two.
This is usually number one priority when a business is new. It requires effective branding and marketing techniques but relies on the ability to deliver on the promises made about the products and services that are on offer.
It pays to get organic growth working fairly well before introducing the other two strategies. If the aim is to create a “lifestyle business” in which the owner attains a work-life balance and an income they are happy with there may be no need to go any further than that.
However, if the aim is to continue with business growth the other two strategies may be needed.