Every business in this global competitive environment needs to strategies on future growth possibilities. As most business segments face competition from native as well as international competitors these days, growth prospects need to be looked at aggressively, much before threats hit one’s business front. While there are several traditional managerial approaches to business growth, imbibing new techniques is also important to keep up with changing trends in today’s global economy.

Immediate growth prospects

Not every business growth brainstorming session needs to look at economic factors and long term needs. It is important to realize the present potentials in terms of manpower, resources and market conditions. For instance, if a business has started operations, it needs to concentrate on utilizing all available resources and market opportunities to the utmost. For insane:

  • There might be ways of reducing operational costs.
  • Getting better vendor relations.
  • Finding lucrative markets.

The focus should be on such factors when a business is in its early stages of operation.

Increasing market reach

Often, a product line might be launched with a focus on a certain customer segment or geographical expanse. However, the same product line might have demanded in other areas. Again, changes in product line could help a business increase its reach to other customer segments. In such ways, strategies can be worked upon to increase market reach and increase sales for an existing product line or by introducing certain changes in the same. Strategies need to be developed based on marketing research inputs as well.3

Reducing operational costs

When a business is being newly setup, there are costs of production, marketing and other operational costs that cannot be cut down. However, as production continues, it is necessary to look at ways of running operations at optimal costs. There should be focus on keeping operational costs low, even as a business increases sales and production. This can be done by:

  • Entering into vendor relations that ensure reduced cost of resources and supplies.
  • Choosing rental equipment or machines for operation instead of purchase.
  • Renting business premises at optimal rates.
  • Opting for furnished work spaces as compared to purchase of an office premise and having to furnish the same.
  • Outsourcing administrative and support functions to reduce personnel costs.

The above steps are some of the key ways to keep operations costs low. Even as a business expands and new areas of expertise are entered into, strategies need to focus on finding the cheapest and effective means of gaining resources without compromising on quality of work or output.

Investing in future line of management

It is necessary that a business has a long term vision when it comes to developing a core team of managers. Young talent in managerial positions as well as experienced personnel who prove to be assets for the business should be given opportunities for growth as well as for development like POD training and coaching  programs. Such opportunities should help to retain and develop such personnel for the future of a business.

About The Author

Rick Staab