How to Develop a Profitable Business Growth Strategy

At Global Resources, we help small and medium-size businesses accelerate profitable growth, allowing entrepreneurs to flourish. 

When you partner with the pros at Global Resources LLC, your company will benefit from the growth strategies we uniquely create for you.  Growth strategies resemble a kind of ladder, where lower-level rungs present less risk but may offer less impact for growth. When you go about developing your own growth strategy, you should first consider the lower rungs of what are known as Intensive Growth Strategies. Each new rung brings more opportunities for fast growth, but also more risk. They are:

1. Market Penetration - The least risky growth strategy for any business is to simply sell more of its current product to its current customers. 
2. Market Development - Next is to devise a way to sell more of your current product to an adjacent market—offering your product or service to customers in another city or state, for example. 
3. Alternative Channels - This growth strategy involves pursuing customers in a different way such as, for example, selling your products online. Using the Internet as a means for your customers to access your products or services in a new way, such as by adopting a rental model or software as a service, is another Alternative Channel strategy.
4. Product Development - This classic strategy involves developing new products to sell to your existing customers as well as to new ones. If you have a choice, you would ideally like to sell your new products to existing customers because selling products to your existing customers is far less risky than the need to simultaneously learn how to a new product and develop a new market for it.
5. New Products for New Customers – Often, a thriving product will naturally lead into the creation of new products or services. Sometimes, market conditions dictate that you must create new products for new customers. At this critical point, it’s great to work with the business professionals at Global Resources. 

To learn more and / or to schedule your complimentary appointment with the business experts at Global Resources LLC, call us at 855-338-0266.