How Can You Grow Your Business And What Are The Options To Consider?

As an entrepreneur, you’re used to making sound decisions that are at the core of your company’s success. And now you’re about to make another exciting decision by taking the next step towards scaling your small business. If you manage it well, the expansion will result in increased profit and will further enhance your marketing positioning, which again will attract new clients and business growth becoming an integrated part of the strategy.

Berley is here to help growing businesses stay solution-focused throughout the journey of business growth. With a proven track record in assisting SMEs across London to drive growth, we’re confident our experiences in various business growth strategies can help you find what’s right for you. As business growth advisors, we will stand by your side during your growth spurt, helping you ask the right questions to track the success of your growth plan and make necessary adjustments along the way.

 

Berley can help you pursue your preferred growth strategy, whether you’re considering organic or inorganic business growth models or a combination of the two.

Organic growth, also known as internal growth, is achieved through:

  • Improving marketing and sales effectiveness
  • Launching new products/services
  • Investing in existing products/services
  • Reducing costs
  • Improving operational efficiency
  • Improving customer experience
  • Raising brand awareness
  • Entering new industries
  • Finding new business models

 

What to consider before organic growth:

  • It’s financed through existing funds
  • It allows you to stay in control
  • It builds on existing resources and strengths
  • Its growth rate is slow but sustainable
  • It tends to require a creative approach to keep the company’s competitive edge

For more tips, read our blog post on organic business growth strategies for small businesses.

Inorganic growth, also known as external growth, is achieved through:

  • Acquisitions
  • Horizontal mergers
  • Vertical mergers
  • Partnerships
  • Joint ventures

 

What to consider before inorganic growth:

  • It’s financed through external funds
  • Immediate increase in market share
  • Increase in resources
  • It comes with significant upfront costs
  • It often requires company restructuring
  • The growth rate is rapid

For more tips, read our blog post on the external growth of a business.

How can Berley help your business

Business owners tend to approach business growth with care and rightly so. It is essential to examine your operations closely, weigh out all your options and decide on a growth strategy that’s right for your particular situation and aspirations. It doesn’t end there though – while you’re pursuing your growth plan, you will need to continuously review and reflect on your progress and make further decisions on growth accordingly.

Businesses of any size should be able to tackle business growth; the important thing is to lay the necessary groundwork and build a solid business strategy. Berley Chartered Accountants can help you assess your options for growth and make sure you set off with a realistic action plan, and stay on track during its execution.

Talk to us on 020 7788 8261 to kick-start your growth process today and let our team of small business growth specialists help you skilfully execute a business strategy that’s right for you.