When you think big, you achieve big. Entrepreneurial spirit has to be big and has to be deep. If you start small, chances are that you would remain small in terms of revenue. But, this is not the truth always. Business-history across the world is replete with instances wherein people with small starts have gone on to achieve bigger things, bigger revenue and bigger name. And if you scrutinize their journey minutely, you would find that they all have had one similarity in approach, a well-defined strategy in their growth-plan. A few common tenets of business-growth can be outlined:
1. Escalation of sales: To achieve greater or at least reasonable revenues, you simply try to sell more products or services to your existing customers. This is the primary and the basic of all your growth-strategies.
2. Expansion to other markets: When you establish yourself in the local market with a fixed set of customers, you expand your wings and stretch to other markets to augment your revenue.
3. Intensification of sales via different methods: In this age of internet and social media, you try to make your presence accessible and robust by being available online. Communication at different social media channels keeps you aligned with the newer trends and apprised of the newer demands of customers in different markets. Now your products or services have a bigger reach.
4. Innovations and new customers: The quest to expand consistently makes you involved in innovations to bring new products or services or improve them in varied ways. A marked improvement in existing products or services or a new bunch of completely new products or services draws prospective customers to your fold from your competitors in the market. Your business now grows manifold.
These are simple steps of growth in business. This strategy definitely doesn’t represent a thumb-rule, but yes, a trend like this has been detected in many businesses over the years. With the advent of internet in our lives, surely companies latch on to it right from the beginning.