If you have been in business for a few years, you have survived the most difficult aspects of life as a start-up. Things might be humming along comfortably, but have you thought about your next steps? If you haven’t reviewed your business growth strategy in awhile, now is the time to do so. Take some time each year, or every few months, to think about your business goals and to brainstorm ideas for how to reach them.
Here are a few ideas to help you rethink your business growth strategy:
- Value proposition. What do you offer the marketplace that sets you apart from the competition? Even if you offer a similar product or service as hundreds of other companies, there’s something you can offer that differentiates you from the crowd.
- Define your customer. Who is buying your product and service and why? Once you understand your current customers, you can look for ways to meet even more of their needs with additional products and services.
- Identify a new target. Is there a segment of customers you are not reaching, but would like to? Do a little market research to discover ways to break into that new market.
- Study the competition. Are your competitors doing something that helps sustain their growth? Take cues from others in your industry, but be sure to align any new ideas with your brand and value proposition.
- Hire well. Successful business growth is the result of years of work, and the people doing that work can make or break the future. Think strategically when hiring new team members and invest the time to making well-informed hiring decisions.
- Develop new ideas. Your company thrives on its intellectual property. If you have one or more great ideas working for you now, are there ways to expand on those? Take some time to consider adding to your intellectual property portfolio.
If you are an emerging business looking for ways to grow, contact EmergeCounsel to learn how intellectual property and the proper legal protections can help your small business.