Keeping up with the fast-paced changes in the business landscape is challenging. Companies need growth to survive yet finding the path to stay relevant can be difficult.
Strategies for Growth
Several strategies can help you achieve business growth objectives, such as:
• enhancing current strengths and competitive advantages
• developing new areas of expertise
• expanding into new markets
Risks of the Wrong Strategy
Planning is key to identifying the appropriate business growth strategy. The risks of taking the wrong path are significant, including:
• failing to maximize the core business potential
• diversifying too significantly
• acting too quickly
• not reframing the core business after adjusting your strategy
Reacting vs Planning
The pressure to demonstrate business growth can sometimes cause organizations to prioritize short-term gains over long-term plans. Taking time to develop a plan aligned with your company, whether it’s finding the right market or building scale and share through acquisition, will foster lasting growth.
When evaluating your strategic options, consider the following questions:
• Is this strategy right for the marketplace and our company, even if it is outside our comfort zone?
• Does this strategy have flexibility built in, so we can adapt to changing needs and market conditions?
Build on Current Business Growth
If your organization is experiencing growth, you may have the opportunity to expand without investing in additional resources or building capacity. A brand licensing strategy takes you into new markets through licensees.
This expansion strategy offers several benefits:
• It strengthens the emotional connections customers have with your brand, fostering greater loyalty.
• It extends brand strengths to new categories and new areas, providing customers with more of what they expect from you.
• It extends the lifespan of your brand and your organization.
Interested in brainstorming about your business growth? Our team at Dhanani Funding can help.
