As a business owner, it is quite likely that your objective is to achieve sustained growth.
But what sort of growth strategies can you implement to turn this dream into a reality?
It is important to note that every business is different. Nevertheless, we have pulled together 10 business growth strategies to help inspire you and assist you in propelling your company forward.
10 Business Growth Strategies for Success
1. Define Your Growth Objectives
Before you can grow your company, you need to understand where your business is and where you are aiming to be. Key metrics like revenue, turnover, customer acquisition cost and customer lifetime value will help you assemble a clear picture of your business’s health.
Then you can begin to consider what sort of objective you are looking to achieve. With that direction in mind, you will be best positioned to make informed and strategic decisions to enable that success.
2. Setting SMART Goals
Setting goals is the way in which your business can act on your growth plans. Goals are flag-posts along the way to your ultimate, sustainable success.
Simply wanting to grow by achieving “more” whether it is sales or customers is not helpful. Follow the SMART methodology of outlining goals that are Specific, Measurable, Achievable, Relevant, and Time-bound. If they are not able to be tracked, clear enough to be followed and aligned with your business objectives, you will find your business running in place.
3. Engage in Financial Planning
Growth requires investment. More often than not it requires financial investment as well as time and energy.
Understanding the numbers of your business will ensure you can put together a strong and realistic financial plan. Forecast your future revenue, predict your future needs and determine what sort of financial solutions or working capital injections you may need to achieve your goals.
4. Leverage Working Capital Solutions
There is a wide range of financial solutions available to fuel growth. At ScotPac, we tailor our services to suit your business.
Whether you are interested in exploiting more traditional options like business loans, or want to understand how invoice finance or trade finance can unlock cash otherwise inaccessible capital you could be using to fund your growth, make sure to speak to a lending specialist today.
Invoice Finance
Invoice Finance, for example, enables you to turn outstanding customer invoices into accessible working capital. This can be essential for immediate cash injections to fuel growth or cover increasing expenditure.
With our Invoice Finance solutions, you can access a line of credit of up to $150 million with no need for any property as security.
Trade Finance
If your growth strategy includes breaking into overseas markets or importing/exporting goods, our Trade Finance can be just the solution you need.
For example, a revolving line of credit can help you pay new suppliers, establish critical trade partners and take advantage of unique opportunities. Our Letters of Credit can ensure your risk is mitigated as much as possible and the foundation for prosperous international trade.
Business Loan
A Business Loan from ScotPac can be customised to suit your needs.
Whether you need capital to buy stock, cash to expand operations and hire new staff or working capital to take advantage of an opportunity, our specialists can provide you with a fast and simple business loan. Our easy application system and fast turnaround means you can enjoy access to the loan funds you need in as little as 24 hours from approval.
5. Innovate with your Products and Services
There is always a risk when it comes to growing a business. But you can mitigate the risk by investing in research and developments. Ongoing innovation, in line with market potential, can help you diversify your offerings and ensure you can stay ahead of the curve.
Plus, it allows you to include multiple income streams to your portfolio and further enable ongoing investment in your long term growth.
6. Concentrate on Customer Satisfaction
It is not all about you though. For businesses to succeed it is important you focus on your biggest asset: Your customers.
Invest in building strong customer relationships, focus on gathering feedback, and continuously look to improve your offerings to meet their changing needs. Customer demand fluctuates and is sometimes even cyclical, but concentrating on their satisfaction is always a winning strategy.
7. Use Effective Marketing
Marketing and advertising is an investment, not an expenditure. Utilising various marketing channels, including digital platforms such as social media, will enable you to reach new markets and broaden your business’s appeal.
Branding is more important than ever before in this hyper-connected and globalised economy. It’s important you make your mark in the market to ensure ongoing growth and success.
8. Streamline Operations
Sometimes growth potential is gridlocked by inefficient processes and operations. Looking for ways to improve efficiency and productivity in your daily operations can help to realise previously unleveraged profit and to make the most of your current resources.
Consider investing in automation or streamlining workflows so that you can utilise your available resources for more direct growth initiatives.
9. Establish Key Partnerships
Collaboration is very important in business. It is not just about leveraging others’ networks, but about using strategic partnerships for mutual benefit.
The right business partnerships can help unlock new markets, learn from others’ expertise and even pool finite resources. Similarly, alliances with complementary businesses will help you improve your operations by learning from them and enable your business to expand and grow accordingly.
10. Embrace Change
Agility in businesses is critical. From macroeconomic shocks to seasonal fluctuations, and from geopolitical factors to regulatory changes, there are a lot of moving parts in the market.
The business landscape is always evolving. Investing in developing a culture of adaptability and flexibility can ensure you are ready to pivot when the right opportunity presents itself. Invest the time and effort in staying informed about industry trends so that your business is always ready to take advantage of changes and gaps in the marketplace.
ScotPac – speak to us about the best solution to fuel your business growth
These growth strategies are just some of the ways in which you can drive your business’s success.
To ensure your business is best positioned for maximum growth and success, why not give the ScotPac New Zealand team a call?
Our free, no-obligation consultations will help you understand just how our customisable financial solutions can be used strategically to help your business thrive.
