When we start our small businesses we eventually want to see it grow into a big business. We formulate business development tactics with hopes that the year will close with greater profits. The DIY business development strategies may not be bearing fruits because you lack a business development plan. An effective business development plan will enable you to formulate effective business development strategies and ensure your company is sustainable. A business development plan will enable business growth and expansion and decrease your chances of losing that valuable venture to your entrants. An ingredient into establishing business development skills is to be deliberate. Be realistic and figure out the rate limiting step in your growth and add salt to the wound until you see results.
Here are four major growth strategies that as a small business owner you should consider:
Types of Business Development Strategies:
Become A Leader in the Industry
What is it that makes your customers loyal and differentiates you from your competitors? The fashion industry for example Walmart, compete on price, others like food markets compete on the grounds of selling healthy organic food. Find out that long term strategy that makes you relevant and use it to market yourself to other customers as to why they should be in business with you. Take the big challenges and be the first person to solve them. This will mean you end up creating huge opportunities for growth and create a big business name for yourself.
Focus on Your Strengths
When you started your business, you had identified a market niche that made you pull your resources to solve the problem for a certain group of people. Are this type of people your ideal customers? Is this group your audience and loyal customers? If they are then revert back to this group of people to find out which places in your business need adjustments to stimulate growth. Organize all your sale efforts around this sub-set. Focus on your core customers no matter how scary it may be losing potential customers. Make a choice on who to avoid and who to focus on to improve profitability.
Create A Partnership
Leverage partnerships. Yes your business is small and you cannot compete with the big guns but you can partner with one. There is that attribute that makes your product unique. Use this uniqueness to leverage partnership in a savvy way. Chances are you will end up not paying a cent for your company production or distribution.
Use A Checklist
As the sole proprietor of your business you have many responsibilities. It’s very easy to get caught up in the hustle that you forget to accomplish tasks that are essential. In the rush of a normal day there is a big risk of failing to hold yourself accountable. Have a business development tactic where you have a process list for specific tasks and jobs. Give yourself a guide to business growth and expansion that will remind you of the essentials every day. This list of characteristics that you looking for in your business will keep your emotions and ego at bay.