April 19, 2024

Business Bib

Business & Finance Blog

Growth Strategies: 4 Approaches to Expansion That Still Work

3 min read

Some expansion efforts start with the best of intentions and then fizzle out. Usually, the initial impetus for change has come from the latest management book – theoretical ideas that don’t necessarily work in practice (or not anymore). Instead of making this mistake for growth, look at what ideas ready the team for success and can help you achieve the desired results.

Here are 4 approaches to business expansion that still get the job done.

1.      Differentiate from Your Competitors

When customers cannot tell one brand from another because they all seem so similar that’s a real problem.

Brands need to stand out and be distinctive. Your business strategy needs to reflect how your company is different from the competition. Help potential customers readily identify with the way the business stands apart with a sea of other businesses vying for their dollar.

Think about companies like Apple and Nike. Apple’s customers want uncomplicated technology that just works. Nike’s buyers like top-performing sports shoes with big-name athletes behind them.

2.      Ready the Team for Growth

How ready is your team for growth? If they’re already stretched to the limit, they’re hardly going to weather the storm well.

Let’s face it, the systems and way of working could be poorly organized causing redundancies in processes and wasted time. Or people are organized and disciplined, but there are just not enough employees for the current level of business.

Depending on the reality, the business should be oriented towards growth. This means upping the staffing levels and resolving any bottlenecks before more customers flood in.

3.      Improve Lines of Communication

Many of the largest problems occur when lines of communication are not open. Staff within existing teams can be at loggerheads; other departments may balk at responding to queries that don’t funnel down from their team leaders or upper management. All of this can cause stifled, slow communication that affects customer response times to queries.

Focus on resolving any communication problems. Discuss cross-departmental communication requirements with managers to get a consensus about how to improve and speed up response times while breaking down any resistance.

4.      Clarify the Strategy with Staff

Keep employees in the loop, including the remote workers who may never get into the office (or not very often). Avoid staff feeling like they don’t know what’s going on, then suddenly a new product is launched, and the office is buzzing with greater activity.

Let people know what to expect in the coming weeks and months. While that doesn’t mean management need to give away future strategic plans, it does mean communicating near-term activities that help them to feel in the loop.

Whatever growth strategies are being pursued, ensure the right people know all about them. That way, the business gets their ‘buy in’ and they feel like part of the plan. Otherwise, there’s a risk that they won’t feel that it involves them. While expansion is important, there’s more than just higher revenue numbers involved. The people are a major factor in achieving and sustaining a higher level of success. It’s good to never forget that.