Business development doesn’t happen automatically. Unfortunately, it also doesn’t happen because you’re passionate and want it to grow. You have to be very intentional about your business growth strategies, and you must be very consistent in implementing them.
When I was building Expo Chemical Company, I knew from day one what I wanted the company to do for our customers, employees, stakeholders and for me. We achieved everything we set out to accomplish through daily execution of tasks related to our long-term strategic plan. As you continue to grow your business, keep in mind these seven business development strategies.
Focus on Your Niche
Your niche is your ideal target customer group. To create effective business development, you need to define one target audience per product or service before you expand your reach. Many businesses are hesitant to narrow their focus because they feel that they will be missing out on potential customers. Unfortunately, what these business owners don’t realize is that if you try to be everything for everyone, your message won’t resonate with anyone. Focus on a single target audience and develop it fully before you expand to new markets.
Invest in Marketing
The early days of any business are difficult – especially financially. There’s nothing wrong with bootstrapping your company, and you will have to make hard choices about where to invest your money.
One place you can’t afford to skimp on is in marketing. Your marketing is the lifeblood of your company, and it’s the only way you can build your business. There’s no business development without a significant investment in the right marketing strategies.
Decrease Costs to Increase Profit
There are many, many things you don’t need to spend money on – especially early in your company’s life. Expensive clothes, a fancy office, and extravagant business trips are unnecessary.
Look for ways to save and for economies of scale that you can take advantage to increase your profit margin. Find ways to cut costs, like buying in bulk or negotiating for better terms. When you can decrease costs in your business, you’re putting money directly in your own pocket.
Create Partnerships to Further Business Growth
Working alone will only get you so far. Not only will you eventually need to add employees in order to scale, you’ll want to keep your eyes open for partnerships as well. Someone who has a business in a complementary industry can partner with you to offer service or product bundles, co-hosted events, referral programs and more! Partnerships will take your business development to a whole new level, and are a key part of business growth.
Develop New Products, Services, or Bundles
As your company grows, you’ll need to continually sharpen your product and service offerings. Sometimes this means offering enhancements of current products or services ore creating something entirely new. Develop new products, services, or bundles to further the growth of your business. Of course, as you do so, be sure to conduct thorough market research to make sure it meets the needs of your target customers. Don’t assume!
Acquire Complementary Businesses
When a partnership isn’t enough, or you simply want to add a new offering quickly, acquiring a complementary business can be a great way to expand your products and services as well as acquire new customers. Buying a company isn’t easy, and it isn’t something to take lightly – be sure to do all of your research, fully understand your target’s financial position, and have appropriate legal representation on both sides. Done properly, acquiring a complementary business is a great business growth strategy.
Be a Leader in Your Industry
Most of the time, business development is about standing out. You can’t be doing the same things other companies are doing, in the same way they are, and expect to get customers and grow. You have to be a leader in your industry. This means doing unique things in unique ways. Of course, all of these new directions should be things your ideal customer actually wants – uniqueness without market research is a great way to lose your hard-won market share.
Now is the time to grow your business and reach the next level. I can help you develop business growth strategies that can help your business achieve its goals. Contact me to set up a free consultation today!