Growth Strategies for Your Business

By Don Kyle

I have written on various aspects of growing your business in my previous articles.  This month, I want to address the appropriate growth strategies for your business.

Depending on stage of the life cycle of your business, different approaches should be in place.  For example, if your business is just launching (start-up stage), one of the key areas on which to focus is getting exposure for your business (your name, what you offer, your location, benefits of and needs for your products or services to your prospective customers, etc.) to your target market.  On the other hand, if your business is established (growth or expansion stage), you may want to focus on the competitive advantages of your products or services, testimonials from satisfied customers, convenience of your location, etc.

The life cycle of businesses are comprised of:

1. Seed Stage: This is when your business is just a thought or an idea, the very conception or birth of a new business.
2. Start-Up Stage: Your business is born and now exists legally, and products or services are in production and you have your first customers.
3. Growth Stage: You have made it through the toddler years and are now a child.  Business is increasing with many new opportunities and challenges, and profits are on the rise with competition surfacing.
4. Expansion Stage: This is a period of growth into new markets and distribution channels, where businesses often seek larger market shares and find new revenue channels.
5. Decline Stage: Changes in the economy, society, or market conditions can decrease sales and profits and may quickly cause many small companies to come to an end.
6. Exit Stage: This is the big opportunity for you to cash out on all the effort and years of hard work, or it can mean shutting down the business.

As you can see, the stage of your business will cause you to design and implement different strategies.  Determine what stage your business is in and devise your strategies accordingly.  Just as there is little point in thinking of expansion when you are in the start-up stage, there is no reason to try to create your brand or identity while you are in the decline stage — it is probably too late for that.

Please feel free to contact me with any questions about growing your business.

Don Kyle is the CEO and Founder of Small Bizz MBA, a company which assists businesses with their marketing, branding and advertising needs.  (404) 580-6331, dkyle@smallbizzmba.com