Key strategies for growing your business

Key strategies for growing your business

Having your business grow for long-term success depends on developing sound strategies. In this blog, MBA student Jason Proch offers some key tips to ensure that your business venture continues to grow and expand.

One key strategy is to do upselling. Instead of always being on the lookout for new clients, it’s better to upsell to existing ones as you’re banking on familiarity with what they need or want. What’s more, the cost of acquisition becomes significantly lower. Maintain a comprehensive database of your clients, including contact information and key data such as their preferences and even birthdates.

Expanding your business requires being familiar with various business methods associated with such, from content marketing and optimization to email marketing, search engine optimization (SEO), and personal branding. By following this variety of marketing and sales approaches, you can convince customers to become repeat clients, win back old ones, as well as generate referrals.

Of course, any expansion in terms of staffing requires a careful study of your current financial situation and your distribution capacity. Ask yourself if your business is indeed primed for a more global market because this entails developing an online presence and assigning a dedicated workforce for customer care and support.

Lastly, always be ready to face tough times, as businesses will have to deal with letdowns at some point. To lessen the impact of economic setbacks, maintain an up-to-date business plan which has contingencies for possible investments and loans as needed, advises Jason Proch.

Jason Proch is currently an MBA student in the UK who has real aspirations to work in foreign markets and to pursue international business. Visit this blog for more business-related posts and insights.

Tags: business, business growth, entrepreneurship, business tips

Sources:
https://www.bdc.ca/en/articles-tools/business-strategy-planning/manage-growth/pages/8-strategies-to-grow-your-business.aspx
https://www.thebalancesmb.com/top-ways-of-growing-your-business-2948140
https://www.entrepreneur.com/article/306049

Images:
http://185.87.220.131/~nozeyparkers/wp-content/uploads/2016/02/Grow-Business-2.jpg

Image source: nozeyparkers.co.uk
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Image source: smallbizclub.com



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