Archive: ‘Corporate Growth Strategies’

What’s Your 2010 Business Development Strategy?

Did your 2009 business development strategy work like you hoped? Will you use the same strategies in 2010, or are you going to analyze, learn from your failures (and victories), and adapt?

Learning and adapting is usually a good idea, particularly if your results weren’t as you expected. But what are the best ways to learn from your mistakes, plan, and adapt to a new market condition?

This post explores how some of the smartest small companies in the Baltimore, Maryland, DC, and Northern Virginia markets are planning their 2010 business development strategies.

The tried and true. There are certain business development strategies that just plain work and I’ll go over some of them below. More »

An Overview of Corporate Growth Strategies

March 11th, 2009 2 Comments   Posted in Corporate Growth Strategies

Every business wants to grow, and there’s a good reason why.  Continued, sustainable growth is important for the survival of your company and for your well being.  However, it can be hard to figure out what to do to get your business beyond the level of basic subsistence.  Here are a few corporate growth strategies that others have successfully used to get their businesses where they need to go.

1. Take a look at your existing markets.

Getting new customers is something than many businesses focus on when they want to grow.  However, your existing customers can be a much better place to look for more sales.  After all, they’re already buying from you.  It’s a lot easier to get them to buy again than it is to convince new customers to buy.

2. Referrals are valuable.

Your existing customers can also help you find new ones.  By referring you to their friends and relatives, they can help your business grow and your reputation improve.  However, you shouldn’t assume that just because you do a good job, your existing customers are passing on the word.  Seek referrals actively to get the best results.

3. Find new uses for your services or products.

One way to find new markets and get more purchases from existing customers is to discover new, innovative uses for your service or product.  After all, many things have multiple uses – you just have to find them.  Diversifying what you offer is another version of this that can be very effective.

4. Find new customer pools

Extending your reach to new customers can be a big help.  This can include opening new physical or virtual locations so that you can reach more people, or by increasing your advertising.  Choosing to advertise in media that targets a new market can be very profitable.

5.Look for niche markets.

If you’re capable of dominating a small, unique sector, it’s a lot more effective than being a small fish in a big pond.  Specialization can be a very good idea if you can find needs that aren’t being met.

6. Trade shows are valuable.

Trade shows can be an extremely effective way of helping your business grow, by drawing in people who already have an interest in what you do.  Your bottom line can improve significantly.  Just make sure that you choose your shows with care and find the ones that go best with your company.

7. Keep costs down.

Remember that growing your business is actually about improving the bottom line.  If you can reduce costs and make things more efficient, things will improve.

Of course, these are just a few ways to help your business grow.  There are plenty of others that’ll help you increase your bottom line and become a real success.  Use these tips with a smart strategy to keep on expanding.

An Overview of Corporate Growth Strategies

February 5th, 2009 No Comments   Posted in Corporate Growth Strategies

Corporate growth strategies begin, like all successful business planning, with knowing where your company stands at the present. Before corporate growth can be achieved, a review must be made of such things as the company’s current funding and marketing strategies, the product line and the time it takes from production to market.

What market share does the company have and where does it stand among its competitors? How cost effective is the business and where is it leaking time, money and resources? Every part of your company’s operation can help to generate corporate growth. In fact, if you come across any part of your operation that isn’t contributing to your company’s growth, it is probably detracting from it.

The next stage is to decide on which areas need improvement and allot a specific task to solve the shortfall. For example, through strategic alliances and re-distribution of existing resources, it may be possible to expand the production line, increase capacity and accelerate the time taken from production to market. These are all vital components in corporate growth.

New ways need to be found to connect executives with the funds, resources and partnerships that will trigger corporate growth. Aggressive marketing, capturing a greater share of the market, venturing into new markets and distribution channels all have the potential for fast growth. By developing cost efficient methods it is possible to accelerate revenues and catapult productivity at the same time.

Everything you do should be aimed at increase in the following areas:

• Resources
• Market Presence
• Productivity
• Profit
• Efficiency
• Sales
• Quality management

When you have a system in place to ensure you and your team are actively engaged in increasing the above areas in your business, it will be almost impossible to prevent corporate growth from taking place.

Des Vadgama is a leading expert on fast business growth and boosting profits by 50% or more.

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