Best Strategies For Business Growth

Business strategy is defined simply as a firm's high level plan for reaching specific business objectives. Strategies succeed when they lead to business growth, a strong competitive position, and strong financial performance. When the high level strategy fails, however, the firm must either change strategy or prepare to go out of business.

It is also  the firm's working plan for achieving its vision, prioritizing objectives, competing successfully, and optimizing financial performance with its business model.

The choice of objectives is the heart of the strategy, but a complete strategy also describes specifically how the firm plans to meet these objectives. As a result, the strategy explains in practical terms how the firm differentiates itself from competitors, how it earns revenues, and where it earns margins.


As a business owner, you've probably noticed many of the core business ideas and strategies stay the same year after year. However, throughout the last couple of years technology and a surplus of information has changed the landscape for businesses. We can now reach our audience in essentially every corner of the world, anytime we want. And, we not only have the resources to connect with our audience, we also have the means to create personalized content for them.
Because of how quickly technology and information spreads it's more important than ever to make sure you stay up-to-date on the latest business strategies.

Growth Strategy

A growth strategy entails introducing new products or adding new features to existing products. Sometimes, a small company may be forced to modify or increase its product line to keep up with competitors. Otherwise, customers may start using the new technology of a competitive company. For example, cell phone companies are constantly adding new features or discovering new technology. Cell phone companies that do not keep up with consumer demand will not stay in business very long. A small company may also adopt a growth strategy by finding a new market for its products. Sometimes, companies find new markets for their products by accident. For example, a small consumer soap manufacturer may discover through marketing research that industrial workers like its products. Hence, in addition to selling soap in retail stores, the company could package the soap in larger containers for factory and plant workers.

 Improve the Customer Experience strategy

As Andrew Reid, founder and CEO of Vision Critical, stated perfectly on Entrepreneur;

“Customers are beginning to understand that their true value to companies goes well beyond their wallets. This is the age of the empowered customer, when a single complaint on social media can cost a business millions of dollars, an online review can shape the fortune of a restaurant and feedback can significantly affect business decisions.”

Price-Skimming strategy

A price-skimming  involves charging high prices for a product, particularly during the introductory phase. A small company will use a price-skimming strategy to quickly recover its production and advertising costs. However, there must be something special about the product for consumers to pay the exorbitant price. An example would be the introduction of a new technology. A small company may be the first to introduce a new type of solar panel. Because the company is the only one selling the product, customers that really want the solar panels may pay the higher price. One disadvantage of a price-skimming is that it tends to attract competition relatively quickly, according to the Small Business Administration. Enterprising individuals may see the profits the company is reaping and produce their own products, provided they have the technological know-how.

Acquisition strategy

 Buying another company can be a cost-effective way to increase market share, capture new markets or diversify. This strategy gives you an established clientele and operation, which you can adjust to add value. Acquisition may be a good strategy if you want to expand into a new geographic location or to another country where you lack contacts and local knowledge.

Franchising your business

 Franchising your own business can be a successful growth strategy, especially if you have a profitable operation that can be easily replicated by others.

Strategic partnerships

 Another common growth strategy is to pursue partnerships with other companies. A partnership can be as simple as an informal agreement between businesses in complementary markets to refer clients to each other.