How To Develop a Growth Strategy For Your Small Business

Big things often have small beginnings…BUT in order to go from small to big, we first need to know where to begin.

Starting a business is certainly difficult and scaling it is even more so, which is why I called in the top dog, Melinda Emerson, Forbes #1 Influential Woman for Entrepreneurs and Author of, Fix Your Business & Become Your Own Boss in 12 Months.

On this week’s #MillennialTalk, we chatted with Melinda aka (@SmallBizLady) about “How To Develop A Growth Strategy For Your Small Business.”

Melinda gave us so many insightful tips and tricks on how to grow your business successfully.

Scroll down for a recap of last night’s incredible Q&A!

@ChelseaKrost: 

1. You have happy consistent or repeat clients 
2. Market demand is there, industry growth 
3. You have more inquires than you can handle 
4. You have regular profits 
5. You have a system and team in place 

@SmallBizLady: It’s time to grow when you are really clear about your target customer, product/service offering, profit margins. You also need to have the right team in place. If you grow your business without a strong team, you risk damaging your brand and creating high stress for yourself. You also need to have the funding or a strong line-of-credit in place to manage the growth and expansion.

@AmandaBernardo: How does that saying go: A dream written down with a date becomes a goal. A goal broken down into steps becomes a plan. A plan backed by action makes your dreams come true. Take the next step in your growth as you cross off the checklist from each goal.

@ChelseaKrost: 

1. Market Penetration: a good strategy if the goal is to market existing products within the same market it has been using. 
2. Market Expansion/Development: when wanting to sell current products in a new market. 
3. Product or Service Expansion: add a new feature, product, or service to increase sales and profits 
4. Leverage Partnerships, Influencer Relationships, Press, Public Speaking

@SmallBizLady: You can buy a competitor and expand your footprint or become an affiliate marketer. You can add an additional salesperson or a sales team to increase your sales. You can also expand digital products and services which will allow you to test different content marketing strategies.

@clindus: New product development, opening new markets, adding new audiences.

@ChelseaKrost: 1st audit your business internally, then take a careful look at the external factors that should reveal the right growth strategy for your biz:

• Your Industry
• Your Competition 
• Economic Climate

@SmallBizLady: Talk with your customers, review which products or service sell the best, and at the highest margins. Test your growth idea first, give it at least 3-6 months.

Ask the existing customer base how you can better serve them (additional services/products or new services/products they wish you could offer in the existing package you present).

@Fromgirltogirl: Ask the existing customer base how you can better serve them (additional services/products or new services/products they wish you could offer in the existing package you present).

@ChelseaKrost: Entrepreneurship is a roller coaster full of highs & lows. If your feeling stagnant then it’s best to get the bottom of it & ask WHY? Once you are clear on why your biz is at a halt, then get strategic with defining objectives & putting goals into place. Let’s clarify: Objectives define strategies/action steps to achieve the identified goals. Unlike goals, objectives are specific, measurable, & have a defined completion date.They are more specific & outline the “who, what, when, where, how reaching the goals.

@SmallBizLady: If you’re feeling stagnant in your business it’s time for a fix, grab my book! You can also hire a business coach to help you turn things around too. If you hire a coach, make sure you are working with someone who is more successful than you.

@clindus: 

• Ask for help.
• Reach out to others within the trade.
• Reach out to small business development organizations.
• Take a step back and review trends.
• Re-evaluate, plan, execute.

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To see more of this #MillennialTalk Q&A, Click HERE!