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Small Business / Entrepreneurship News

How to Grow
2013-02-11

business, start ups, business growth, market size, growth strategy, business strategy, buying behaviour, customer feedback, product development

 

All businesses, regardless of their size, are aiming to increase their market size and grow. Tim Berry from BPlans quotes Mike Greenfield to suggest that business growth is just as much about executing a growth strategy as it is about being creative enough to develop a growth strategy.

 

The solutions to growth issues within businesses are discussed at length in literature and between entrepreneurs; all of which are searching for the best solution for their business. Although each business requires an individual growth strategy, Tim Berry suggests there is a general growth solution that all businesses should follow and adapt accordingly;

 

1.   Track

2.   Understand

3.   Prioritise

4.   Design

5.   Build

6.   Measure

 

It is suggested that these six steps should then be continually repeated by a business.

 

By tracking your customers you can understand consumer buying behaviour and adjust marketing strategies to suit your customer base. Further to this it is essential to understand how your product is being used and the benefits, and potential drawbacks, there are to customers.  It is important to then prioritise any changes or adjustments to the product and marketing strategy to ensure the most urgent issue is dealt with first. Businesses can then begin to take action and design the adapted product or service before finally building it. Once these new features, products or services have reached the customer it is essential to measure its impact via customer feedback.

 

How do you go about increasing the size of your business? Why not leave a comment below or post on our Facebook or Twitter pages.

 

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