5 Best Strategies To Drive Your Small Business Growth
To lead in the corporate
world it is necessary for every business to grow and succeed. Businesses can
achieve growth and success when they have exceptionally unique strategies,
especially if it is a startup. Basically, growth strategy means a plan that you
leads to reach where you want to be from where you are at present.
Let’s explore a few best
strategies to drive small business growth with Neil Haboush.
Market Penetration
Market penetration is the
topmost tip and a growth strategy that most small business should consider.
Basically, this strategy helps in visualizing the current product and the
current market to evaluate how business can increase his market share. In this
strategy, you have two options, one you can increase your market share by
lowering your selling price. The second option you can try is promotional
offers. You can also offer discounts to your existing and new customers. By
implementing this strategy, you will not only able to fetch your current
customers but it will encourage new customers to try your product.
Market Development
If you think your product
or service can offer different uses to customers, you can look for other
markets which you should target. For instance, you sell a health soap and your
main focus is on the healthy lifestyle industry, you could also market your
product into the beauty market. Even you can try to sell or market your product
overseas.
Market Segmentation
Most businesses find
difficult to make a space in the market, and this is when you should divide the
market into smaller segments. It will help you to focus on a smaller market,
and you will be able to make your space in the market.
Product Development
Product development
strategy is basically about developing a product to sell in an existing market.
It actually works in markets where technological development is fast and quick.
If your business is a small scale you can go for product expansion by adding a
new product to your product line, or else you can even add a new feature to an
existing product. So, this is how you can choose a product development strategy
and earn benefit from it.
Diversification
Diversification is the
strategy small businesses use to enter a new market with a new product. It
looks easier, but this strategy contains high risks and high returns. From
developing the product to marketing strategy it takes a lot of effort in
diversification. When it comes diversification strategy, either you can start
with a completely new product or you can launch a product which is different
from your current product but still services the same market.
Final Thoughts
So, these are the few best
strategies from the expert Neil Haboush
that entrepreneurs must use to grow their businesses. The right strategy with
the backup plan is all you need to make a difference. If you have any query or
suggestion related to business strategies, feel free to write below in the
comment box.
5 Skills You Must Develop To Succeed in Business
Do you know what it takes
to succeed in life? The answer is – “Courage”. Many people want to start their
own venture, but only a few of them take a risk to pursue their dream. To run a
successful business you need a specific set of skills and domain knowledge. At
the same time, there are few general business skills that every entrepreneur
must possess or develop to lead in the industry.
Let’s explore a few good
business skills that you must develop to succeed in the corporate world with Neil Haboush.
Be A Visionary
To succeed in life you
must have a vision. However, that does not mean you should have a big vision
from the beginning only. All you need a small vision at a time. Make small
goals and work on it to achieve them within a deadline. And every time you
achieve it, set another goal with a new challenge. In the end, you will get a
vision which you may find difficult in the beginning to achieve.
Be Adaptable
The most important thing
you need to learn in the corporate world is not to become rigid. Always
adaptable when it comes to strategies, innovations, or trends. For instance,
you develop a strategy and working on it to achieve a goal. But due to a change
in trends and consumer preference, you may find that the strategy isn’t
working. In this case, you should prepare yourself to adapt new changes and
must be ready with a backup plan while keeping your vision intact.
Be Aggressive
Being aggressive doesn’t
mean you have to grab every opportunity that comes in your way. It actually
means you are a risk taker, but you take risk only after some calculation. It
means you aren’t satisfied with what you have but you always ready to achieve
more. And this is a quality you will find in a true leader and entrepreneur.
Be Passionate
Be passionate to achieve
your goals. A passion for your dreams leads you towards success. You must not
afraid of taking risk or failure, just keep going in the direction of your
dreams and always ready to hustle. However, only having passion does not work
unless you plan and execute towards your passion. Therefore, it is necessary
for an entrepreneur to mix the passion with planning and execution.
Be Persistence
To lead in the industry,
you must possess the quality of persistence. The quality of persistence does
not mean you have to use the same tactics over and over, rather it means having
the same goal over and over. In simple words, you change the strategies but
never the goal. If plan A does not work,
keep the plan B ready.
Final Thoughts
According to Neil Haboush, these are the few
qualities you must possess to lead in the industry. If you want to share your
views developing business skills, to succeed, feel free to share your reviews.
You can write below in the comment box. We would like to read to hear from you.
