When your small business uses existing resources to grow without relying on mergers and acquisitions, you’re doing something known as organic growth. It’s often a slow process – an aggregation of your strategy and hard work. It’s also a key indicator of how well your business is doing and whether it’s ready to keep on growing.
Below we’ve outlined three organic small business growth strategies for you to consider. Remember that there’s no one formula for achieving organic growth and, rather than choosing a primary growth strategy, successful businesses often follow a combination of a number of different ones. What’s right for your small business will depend on your specific circumstances like what type of business you have and who your customers are.
Create new products and services
Develop new products and services to complement existing ones that are performing well, or create a new business model that works towards your success. You can look into shifting your focus towards high-value customers, for example. Start by conducting some market research to identify gaps in the market, then review feedback from customers regarding what they would like to see and look at the products and services your competitors are launching. Take the mobile fitness startup Fitness22 for example. It was built without investors and its success relies on releasing niche products following the same formula – they create fitness apps that are very targeted.
Invest in what’s working
Identify your business’ high-growth areas and target them. For instance, you may want to limit costs in paid advertisements and use the extra money to boost efficiency in providing the product/ service you offer, if that’s where your business potential lies. Fashion retailer, Zara, did the same. From its humble beginnings as a small shop in Spain, they grew into one of the largest retailers in the world. They invested in being as efficient as possible to respond to fashion trends rather than spending money on ads.
Increase your effectiveness and efficiency
Take a good look at your commercial operations such as sales and marketing and improve them where you can. This might mean finding new sales channels or simply selling more of your products. Technology is a major driver of organic growth. With the majority of internet users now surfing via mobile devices, making your website mobile friendly and marketing on social media is an effective and efficient route to take.
Talk to Berley today
As specialists in business growth, Berley is passionate about working with you, regardless of the small business growth strategy you choose to pursue. The support we offer is tailored to your growing company’s needs. We’re chartered accountants who don’t just generate numbers for our clients; we generate ideas.
For more information on how we can help your business grow, call us on 020 7788 8261 today.