Every entrepreneur embarks on their entrepreneurial conquest with visions of overwhelming success, however, achieving such results is always the product of very intentional and persistent efforts. Growing a business is no walk in the park. It involves the management of many limited resources, self-sacrifice, commitment, and innovative solution making.
The Stages of Business
Startup businesses experience a growth spurt in their initial year or two of operations called the growth phase. This rate of growth eventually starts to slow down and plateau as the business begins to mature. This is called the plateau phase of the business life cycle. The plateau phase of business growth is inevitable. This is often where business owners become comfortable with being able to operate profitably despite its declining growth rate. In this phase, the business may remain profitable although it does not experience significant growth in sales.
The Business Development Challenge
The challenge for business owners and managers is to ensure that after each stage of a plateau, the business re-enters a new phase of growth. Failure to do this will result in the business entering a period of decline and some cases eventual business death.
How do you initiate new market growth?
Germinating new growth in your business requires the following:
Comprehensive understanding of your target market needs and desires. Understanding who is your target market and what problem your business is solving for them will allow you to enhance and improve your products and service to the market.
Effective communication and feedback channels. Every business needs to develop multiple channels to effectively communicate with all the segments of its target market. People communicate differently and as such, no one communication or marketing tool will ever satisfy all the communication needs of the business. As the popularity of social media continues to grow and the comparative advertising cost remains relatively low, some business owners use it as their primary and only marketing tool. This approach can cost your business significant sales as all prospective customers are not likely to be found in the same place or using the same method. Effective feedback channels will also help to guide the decision makers in the business to make the decisions that are likely to having the biggest impact on sales.
Innovative market differentiators. Business owners and managers must dare to be different. Even if the product you are selling is not unique or exclusive to your business, you must find unique and exclusive ways to serve your customers when they purchase it so your business is differentiated from all other suppliers. Businesses can differentiate themselves based on various service markers such as responsiveness to customers, payment options, product or service delivery, after-sales support, purchase options just to name a few. These differentiators can be developed into a competitive advantage for the business so that it can experience higher than average sales.
Good quality product or service. Ensuring that your business offers its customers a good quality product or service for its intended purpose is also essential to business growth.
Developing a comprehensive growth strategy for your business requires an integrated communications approach as well operational efficiency to drive increasing sales. Sales is the lifeline of every business. It is impossible to succeed without a strong supply of it.
Need assistance to develop a viable sales strategy?
Get the support you need from our experienced Business Development team. Let us evaluate all your success factors and give you a winning strategy. Contact Business Lifeline Ltd now for further assistance.