Any business owner would want their business to be successful, but not all know the right ways to run and grow a business. There are certain key factors that make a business grow into a successful one. But first, you must be willing, determined and accept change.
In business, nothing is as predicted, it’s constantly moving, growing and changing. So to keep up with the times, you also have to try out new things, even if it means going out of your comfort zone. And throughout the years there have been new mediums, methods and tactics to improve business sales.
So to efficiently improve your business, check out the list of ways down below!
What are the 4 growth strategies?
The 4 growth strategies consist of the 4 Ps- Product, Promotion, Placement and Price. These 4 strategies focus mainly on your audience, channel and pricing. These strategies will help your business grow in size and value plus this work in any kind of industry. So to help you understand the 4 Ps here’s a rundown of each one:
Product development – This strategy focuses on the products you offer to the market. This strategy looks for ways to make it better and more unique. It’s an approach to how you also commercialize it. So you’re not looking to expand your customer base, but simply draw in more customers to an existing product.
Market penetration/promotion – This strategy attempts to increase the sale volume of a current product or service you already offer. This is considered a low-risk strategy and is always used to expand market shares.
Diversification/placement – This strategy is deemed to be the riskiest one of all, diversifying your business. So basically this consists of introducing a new product into a new market. This goes out of your comfort zone and may be hard to start but the payoff is worth it when your product gets recognized.
Market development/price – This strategy can only be applied when you’ve already made enough capital on a certain product. This is considered a high-risk strategy since you’re going to be expanding and altering your existing product whether it’s price, market, variation and so on.
What’s an effective way to keep my business up-to-date?
There are various new ways most businesses use to reach their target market and to improve business sales overall. Not only do you have newspapers, radio, and television but now the internet as well.
An effective and efficient way to keep your business up-to-date is by hopping on the internet train. This has made it easier for businesses to thrive since this allows them to reach a wide scope of customers with simple swipes and clicks.
So consider giving customers an online option to view your products and services and even contact you. You can make an account on popular social media platforms such as Instagram, Facebook, Twitter and so on, to widen and reach more customers of all ages.
How can I improve my business practice?
A key factor to growth is how and what you do to run your business. A sloppy business practice can not only leave your business stagnant it can also cause your business to fall apart. So to improve your business practice, here are ways you can consider:
- Make a plan – Having a plan is a great place to begin. This will help you map out your goals, financial objectives, marketing strategies and so on. So always consider having a plan for everything you do in business.
- Know your competitors – Knowing who you’re up against is another way to improve how you run your business. This will help you think of new ways to advertise, new ways to come up with better products, new ways to add variation and so on.
- Be creative – Being creative and letting your creative juices flow is a great way to attract more customers when advertising. Coming up with a creative marketing plan will not only grab people’s attention but also get them invested.
- Know your strengths and weaknesses – Knowing what you’re good at and bad at is something that will make any business grow. You can use your strengths to your advantage and learn from your weaknesses.
- Prepare for risk and setbacks – Being ready for any sort of risk and setbacks is a great way to keep your business going. Business itself is volatile in nature so it’s best to have precautionary measures in place.
This is why most businesses get insurance, to protect and prevent their business from dangers and risks that come their way.
