Growth strategy
Business Growth Strategy is an important aspect for every business. Any type of business let it be Micro, Small and Medium or Large always wants to create a strategy and plans to grow their business and increase sales and profit. The strategy you figure out will depend on various factors such as your business model, competition in your market and your financial situation.
Business Growth Strategies comprises of Market Penetration, Market Development, Product Development and Diversification.
Market Penetration is a low risk growth strategy which will help your business to capture larger share of your existing market. It involves in selling more of your product range to your existing target audience or customers. One way to grow your market share is to make your service prices little competitive compared to the rest of the market price ratio. This will help you get an edge over your competitors.
Market Development is another important growth strategy, this strategy involves in identifying and targeting new markets where you can sell your existing products and services. It is an effective strategy if there are limited or no opportunity for growth in your current market.
Product development strategy involves in developing new products and service to sell to your existing market and audience. This can be a great strategy to increase your market share by developing new products and services. Sometimes it is time consuming and expensive, hence before executing such strategy it is important to do a complete research which will help you understand and confirm there will be demand for your new products and services.
In order to have a proper growth strategy for your business you would need an expert business management consultant who would become a partner along with you, YBSM Partners business consultants can be a long term partner for you and create a customize plan for your business growth.
Research beyond the business plan
Strategy Development
Good strategy is the antidote to competition. Strategic thinking is the process of developing a strategy that defines your value proposition and your unique value chain. This process includes market and competitive research as well as an assessment of the company’s capabilities and the industry forces impacting it.
Strategic Plan Development
Good strategy is the antidote to competition. Strategic thinking is the process of developing a strategy that defines your value proposition and your unique value chain. This process includes market and competitive research as well as an assessment of the company’s capabilities and the industry forces impacting it.
Strategic Plan Execution Management
Good strategy is the antidote to competition. Strategic thinking is the process of developing a strategy that defines your value proposition and your unique value chain. This process includes market and competitive research as well as an assessment of the company’s capabilities and the industry forces impacting it.
