Business growth is imperative to the sustained success and continuity of any business. But unfortunately, there are two sides to the coin. Business growth, if not done the right way, can have dire consequences that can affect the successful continuity and goodwill of the business. And this is exactly why you need to come up with business growth strategies.
The key to successful business growth is to have a business growth and continuity plan that visualizes and strategizes the ways in which it intends to achieve the growth. And that is not all; there are various factors and roles to be executed well by different stakeholders in order to grow a business.
A good strategy would outline the roles and other factors that would contribute to business growth and how it can be used to further your business. Growing your business is not easy, but with the right guide on how to grow a business, you can grow and flourish in no time.
What is Business Growth?
Business growth, just like the name suggests, is all about growing and expanding your existing business. While there may be diverse and uncountable objectives that one may seek to achieve from business growth ranging from greater profit and revenue potential, targeting new market segments, increased goodwill and reputation, and so on, there are many ways that business growth can be achieved.
Business growth can be widely divided into internal and external growth. Internal growth is slow, gradual growth overtime where a business expands using internal sources by opening up new branches, introducing new products, and increasing the customer base.
External growth is where businesses expand using external means. It is relatively faster than internal growth. Common examples include mergers and takeovers. Internal and external growth can include horizontal integration, vertical integration, or conglomerates. Horizontal integration is where a business expands in the same industry and at the same stage of production. Vertical integration is where a business grows within the same industry but at different stages of production. On the other hand, conglomerate integration is where a business expands into a completely unrelated field and industry.
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