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Top Growth Strategies Used by Successful Companies

Growth is fundamental for the survival of Alexandria towing services or any other business. Roughly, about 66 percent of businesses survive the first two years in operation, and about half make it to the five-year mark. Only 33 percent will celebrate their tenth anniversary. These numbers have continued to be remarkably consistent across multiple industries and they highlight how important it is to plan for the growth of a business from day one.

Business growth strategy

Growth strategies allow companies to expand their businesses. Growth is achieved through different practices such as opening new locations, investing in customer acquisition, and expanding a product line. A company’s industry and target market will influence which growth strategies a company will choose.

The most notable growth strategies entail the following;

– Adding a new product

– Investing in customer acquisition

– Looking for franchising opportunities

– Expanding product lines

– Selling products across multiple platforms

Here are some ways on how to grow a company successfully;

Choose a targeted area of growth

When you want to grow a business, it is always a good idea that you have a clear understanding of what and when you want to grow. Your business growth plan should be based on a specific area of growth. You may have a focus on growth in your employee headcount, expansion of current office, or warehouse, the addition of new locations or branches for your business expansion into new regions, the addition of new products and services among others. If possible, you can have a growth plan that encompasses multiple initiatives as listed above.

Conduct market and industry research

After you have chosen what you want to grow, you will need to justify why you want to grow in the areas you have chosen. Conduct research on the state of your industry to determine if your desired growth is both necessary and feasible. You can run surveys and have focus groups who know of the existence of potential customers and can give you vital insights into the industry you are involved in.

Set growth goals

Once you have decided on what you are growing, why and by how much, you should have important goals based on what is inspiring you and where ideally you want your organization to be. The goals you set should be both achievable and realistic and that is the reason you should set specific goals based on your industry. Take the necessary steps to qualify your goals in terms of metrics and timelines.

Plan your course of action

Now that you have everything figured out, you need to come up with ways of how you will achieve your growth goals by having a detailed growth strategy. You will need to determine your growth tools and requirements. The last step before acting on your plan is to determine any requirements your team will need throughout the process. Different resources will help you meet your growth goals faster and with a lot of accuracies. You will need to have the right amount of funding, tools, and software and get professional services such as consultancy to aid your growth.