<p><span style="font-weight: 400;">Do you know what business growth is? Well, in this post, we get to know more about it. Well, we all want to own successful businesses, and to be successful a business must grow.</span></p>
<p><span style="font-weight: 400;">A business can be defined as a transaction between two people; one sells, the other buys. However, for a successful transaction, both must agree on terms.</span></p>
<p><span style="font-weight: 400;">A seller always makes sure they gain from the sale. A business can also be defined as providing goods and services for the purpose of gaining profit.</span></p>
<h3><b>How to start a business</b></h3>
<p><span style="font-weight: 400;">Starting a business is easy these days. With technology, one can just be done in less than 10 minutes and your business is legal.</span></p>
<p><span style="font-weight: 400;">However, before starting a business one needs:</span></p>
<ul>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Have a plan- this is how you will implement different aspects of the business.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Find a name- this is what your business will be associated with.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Product- this is what you will be selling.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Registration- it is making the business legal.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Hire the right team- they will be responsible for dealing with customer needs.</span></li>
</ul>
<p><span style="font-weight: 400;">These are just a few things to do before starting a business. To save yourself one </span><a href="https://olitt.com/blog/what-not-to-do-when-starting-a-business/"><span style="font-weight: 400;">needs to be careful</span></a><span style="font-weight: 400;"> before making this step.</span></p>
<p><span style="font-weight: 400;">There are many things a business needs to be successful.</span></p>
<h4><strong> It all comes down to these things:</strong></h4>
<ul>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">The team- the right team is always ready to deliver quality goods and services.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Quality product- quantity is not enough the product must be of high quality.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Customer treatment- customers are not the same, they need to be treated differently.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Marketing- you need to have an awareness strategy to reach out to many.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Online presence- you need to have a website, blog, and social media platforms.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Good leadership- everyone needs to be shown the way at a time.</span></li>
</ul>
<p><span style="font-weight: 400;">There is more to consider to make your business a success. A business starts with just an idea and after careful planning and inputs, it becomes a source of income.</span></p>
<p><span style="font-weight: 400;">Well, for an idea to become all that one needs research and proper planning. It’s said, “failure to plan is planning to fail”.</span></p>
<p><span style="font-weight: 400;">Most of the time businesses fail for a lack of planning. </span></p>
<h4><strong>Here are also other reasons why businesses fail:</strong></h4>
<ul>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Hiring the wrong team- employees are the support for your business, one should get the best suited for the job.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Bad planning- every business needs proper planning and strategies These are the guidelines to your business success.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Losing control of finance- financial books should always be kept straight. Without finances, the business will fail.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Trying to do it all- you must have the right product to sell. You can’t provide everything.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Unsustainable growth- expansion needs careful market research, don’t just grow because you have an opportunity.</span></li>
</ul>
<p><span style="font-weight: 400;">Businesses too </span><a href="https://truehost.com.ng/small-businesses-2/"><span style="font-weight: 400;">face problems</span></a><span style="font-weight: 400;"> that make them unable to be successful. A business therefore should have the right team. It should have the right management that keeps it growing and reaching targets</span></p>
<h3><b>What are the types of business growth?</b></h3>
<h4><b>1. Organic business growth</b></h4>
<p><span style="font-weight: 400;">This strategy taps into focusing more on the business. This means that expanding storage spaces, producing more goods and services.</span></p>
<p><span style="font-weight: 400;">It also means expanding to accommodate more goods and service delivery. Such an approach is effective, especially with new markets.</span></p>
<p><span style="font-weight: 400;">This plan means that the business doesn’t run out of products and services. Also, means that the business meets the requirements of all the people.</span></p>
<h4><b>2. Strategic business growth</b></h4>
<p><span style="font-weight: 400;">It’s a long-term business plan; it’s not as same as organic but relies on it to grow. This plan involves using money and resources to make sure the business keeps growing.</span></p>
<p><span style="font-weight: 400;">Such plans can include marketing; which is a way of creating awareness and increasing reach. Results may not be instant but at long last the business booms.</span></p>
<p><span style="font-weight: 400;">This plan is essential, helps the business keep focus as it grows. </span></p>
<h4><b>3. Partnership/Merger/Acquisition</b></h4>
<p><span style="font-weight: 400;">It’s a plan where one business merges or buys another business. This plan is risky but has greater rewards. </span></p>
<p><span style="font-weight: 400;">With this partnership, a business can benefit by using the other business’s clients, laid ground, and the recognition it has. Growth also is instant.</span></p>
<h4><b>4. Internal Business Growth</b></h4>
<p><span style="font-weight: 400;">This is auditing your business internally. Checking on resources available and how best they can be utilized to grow the business.</span></p>
<p><span style="font-weight: 400;">It also checks on workforce management and many business aspects. It’s a bit challenging for all teams must work together.</span></p>
<p><span style="font-weight: 400;">Change must be done without affecting product and service delivery. However, it’s one of the best ways to maximize resources without running out.</span></p>
<p><span style="font-weight: 400;">This means that costs are saved, business continues to operate with low resources and greater profits. Every business needs a strategy to keep it growing.</span></p>
<p><span style="font-weight: 400;">Without plans, a business is doomed to failure. It’s a bit challenging running a business however with the right resources it’s easy to grow and succeed.</span></p>
<h3><b>What is important for business growth?</b></h3>
<p><span style="font-weight: 400;">Growth is crucial; it makes the business run. Growth gives the business an opportunity to reach wide markets acquire resources and more.</span></p>
<p><span style="font-weight: 400;">Here is why it’s important:</span></p>
<ul>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Market reach- as the business grows one can target many clients easily. People are easily attracted to a business that is growing.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Identify new opportunities- there is a wide range of opportunities that are available every time a business reaches new levels.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Product and service delivery- an established business is able to handle a wide range of clients and provide them with all they need.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Increase sales- the more people transact with you the higher the sales.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Provide opportunities- as more market options open the business provides more jobs and opportunities for business to grow.</span></li>
</ul>
<p><span style="font-weight: 400;">Every business needs growth for it to survive. Growth opens up opportunities for businesses to reach global market levels.</span></p>
<h2><b>What is a business growth strategy?</b></h2>
<p><span style="font-weight: 400;">This is a plan that one can use to make sure the business grows. These are plans that ensure your business is on the right path to success.</span></p>
<p><span style="font-weight: 400;">It’s what you will use to achieve business success. They help you shape the business to accommodate success layers.</span></p>
<h3><b>What are the 4 growth strategies?</b></h3>
<h4><b>1. Market penetration</b></h4>
<p><span style="font-weight: 400;">This getting a hold of the market. It means increasing sales of existing products and services. It involves beating the competition and making the clients stay.</span></p>
<p><span style="font-weight: 400;">One can accomplish this by:</span></p>
<ul>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Offering discounts.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Lowering prices.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Distribution support </span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">After-sale services and more.</span></li>
</ul>
<h4><b>2. Market development</b></h4>
<p><span style="font-weight: 400;">This is exploring untapped markets. Making sales to new clients; it’s expanding the market. To do this one has to have adequate information.</span></p>
<p><span style="font-weight: 400;">One must have an analysis plan and ways to grow from the existing market. It is easier to accomplish this by:</span></p>
<ul>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Exploring new markets.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Acquiring and selling to international markets.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">And many more.</span></li>
</ul>
<h4><b>3. Product development</b></h4>
<p><span style="font-weight: 400;">A product is what clients will be getting from you. New products often get the market excited and thus can be a good way to attract customers.</span></p>
<p><span style="font-weight: 400;">A product markets the business; one needs to have quality over quantity. A good product will ensure your business grows.</span></p>
<p><span style="font-weight: 400;">One can accomplish this by:</span></p>
<ul>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Having a quality product.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Providing the best on time.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Being with the right sales team.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Providing more information on the product.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">And more.</span></li>
</ul>
<h4><b>4. Diversification</b></h4>
<p><span style="font-weight: 400;">This is launching new products and services to a new market. This is risky but the rewards are amazing. Going to a new market with a new product is starting up.</span></p>
<p><span style="font-weight: 400;">It can be divided into:</span></p>
<ul>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Horizontal- can be purchase or sale of the existing product to the existing clients.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Vertical- choosing another product over the current product.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Concentric- new products but uses the same aspect of the sale with the existing range of products.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Congrolemate- having a new product or service that isn’t related to the existing products.</span></li>
</ul>
<h3><b>What are the four stages in the growth of a business?</b></h3>
<h4><b>1. Startup</b></h4>
<p><span style="font-weight: 400;">This is the initial stage of the business growth where one explores different markets, meets new people, comes up with strategies, and more.</span></p>
<p><span style="font-weight: 400;">It’s simply where takes time validating the idea. Making it viable and bringing it to life. It’s where also one gets to encounter challenges.</span></p>
<p><span style="font-weight: 400;">However one can grow the business with the right plan and team. It takes well-calculated moves to take the business to the next level.</span></p>
<h4><b>2. Growth</b></h4>
<p><span style="font-weight: 400;">This is where one uses strategies to grow the business. Here you get to know how your plan is performing.</span></p>
<p><span style="font-weight: 400;">One needs however to have business goals that will ensure the business grows. These goals should be achievable and realistic.</span></p>
<p><span style="font-weight: 400;">Have the right team, product, vendors, and the best managing skills. </span></p>
<h4><b>3. Maturity</b></h4>
<p><span style="font-weight: 400;">This stage means the business is set and has a spot in the market. This also means it’s ready to accommodate new clients.</span></p>
<p><span style="font-weight: 400;"> The business has established assets and is secure. It means it’s dependable and consistent; it’s able to complete transactions easily.</span></p>
<p><span style="font-weight: 400;">It also means the business is recognizable and brandable, it maintains its market position. It’s easy for it to expand into new markets.</span></p>
<h4><b>4. Renewal/Decline</b></h4>
<p><span style="font-weight: 400;">This step of business growth means that your business is set</span>. It’s easier for this business to fail without the right management.</p>
<p><span style="font-weight: 400;">In a case where the business declines there are two options:</span></p>
<ul>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Reinvest- using money and assets to bring the business back.</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Cash-out- this involves selling the assets and business aspects.</span></li>
</ul>
<p><span style="font-weight: 400;">However, to avoid the decline one needs to have a good plan, the right team, and proper management of assets and finances.</span></p>
<p><span style="font-weight: 400;">To achieve business growth, one has to involve a series of steps and plans. Success is not overnight the plans have to mature first.</span></p>
<p><span style="font-weight: 400;">Without the right plans, the business is going to fail, the team you hire and the management traits will determine business growth. All these factors into business growth and success. </span></p>
<p>Sometimes, it&#8217;s challenging but we learn from challenges. It&#8217;s not a straight way process.</p>
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