Different Types of Business Growth
Charlotte Chalkley
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Did you know that there are different types of business growth?
The reason there are different kinds of growth to a business is that growth is all about achieving the goals that you have set for your individual company. And as you probably already know everyone has different goals and a different version of success.
Whether you are striving for a bigger corporation, or running a small service-based business, you have to determine the best way to grow your business and come up with a strategic business plan and set achievable goals.
There are 4 main types of business growth:
Organic business growth: This method is the most basic, yet most effective form to grow your business. Going this route might take longer before you see results, but at the same time it is the most lasting method. You will have worked hard to build the trust of your clients or customers so breaking set trust would be equally as hard.
Strategic business growth: This goal is focused on the long-term growth of a business. This strategy is followed by organic growth. You will want to focus on this once you have achieved your organic growth. This strategy is to reach a whole different group of people that you have not been able to reach with organic methods.
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Partnership/ Collaboration growth: This is a strategy that is most commonly used by bigger brands, however it can be one of the riskier strategies. There are alot of benefits of expansion and sales with this method with a lot of potential success. If you ever see Influencers promoting a product or service for another company, this method is what the company is using.
Internal business growth: This method is by far the easiest method but it is harder to achieve growth in your business. This method is focused on growing internally by setting systems in place for better productivity and production rather than trying to find a new market.
Not all of these strategies will work with all business owners as we all have different goals and points of view. The most important thing that we should all collectively be doing as business owners is that no matter what our goals are, we should all have a business strategy and strive for growth.
Are you ready to take that next step and start implementing some of these strategies, but need some help, then check out the link below.