Turning a small business into a big one is never easy. In other words, most businesses start small and stay there.
If you recognize that staying small doesn't necessarily guarantee your business's survival— there are examples of companies out there that have successfully made the transition from start-up to small business to fully-thriving large business.
Part of accomplishing t from A to B, is to put together a growth strategy that, "brings you the most results with least amount of risk and effort."
Growth strategies resemble a kind of ladder, where lower-level rungs present less risk. The bottom line for small businesses, especially start-ups, is to focus on those strategies that are at the lowest rungs of the ladder and then progressively move your way up as needed.
As you go about developing your growth strategy, you should first consider the lower rungs of what are known as Intensive Growth Strategies. Each new rung brings more opportunities for fast growth, but also more risk.
“Market Penetration” is the lowest rung of the ladder. The least risky growth strategy for any business is to simply sell more of its present product to its existing customers—a strategy perfected by large consumer goods companies.
Business Insights by
*Ameen Ahsan Strategy Consulting*
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