Re: Business Growth:
Oct 26, 2013
There are 4 ways to grow your business.
A) You can focus on market penetration and sell more of the same product to more of the same people.
B) You can sell different products or services to your existing customers
C) You can take your existing offerings out to new markets.
D) You can create new products and services for new markets and customers.
The highest probability, lowest risk strategy is "A".
The second lowest risk, fastest payback is "B"
Yet, time and again I see business leaders by-pass these two steps and leap right into higher risk "C" and "D" strategies.
I strongly encourage you to find ways to increase the effectiveness and productivity in step "A" before moving on.
Many business mistakenly think they are doing all they can in step "A" but too many times I've seen new ideas and knowledge applied to existing sales and marketing efforts double sales.
And if you improve your "A" game it will make your ventures up the growth ladder even more sure and successful.
These business growth tips growth tips will let you grow faster, with less risk. Especially heed the lessons in #5.