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Business Growth / Business Expansion

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Business Growth

Business growth can be explained as the stage where a business reaches the point of expansion. It is a stage when companies look for additional means to generate extra profit.

In other words, business growth is simply a function of a business life cycle, growth trends of an industry and entrepreneurs' desire to create equity value.

A growing business can expand in more than one way. Generally, there is no specific metric to measure internal and external growth. A company’s growth can factor in multiple factors.

Some of the most popular data points include -

  • Sales
  • Revenue
  • Profits
  • Business value
  • Number of employees and clients

How to Grow Business

Some of the best ways to ensure the growth of industries and expansion include -

  • Understanding customer needs and developing products that taps into such demand.
  • Improving the quality of service.
  • Nurturing existing customers to retain them while increasing the existing customer base.
  • Leveraging the power of social media to reach out to target audiences and build brand visibility.
  • Using capital or securing sources of capital to fine-tune the means of company expansion.

Business Growth Strategies

To achieve sustainable business growth and development in a competitive market, enterprises must build a feasible long-term business growth plan or strategies.

Business growth strategies for growing industries depend on the business stage and usually revolves around the idea of bringing in new customers, releasing better products in an increased number and expanding the market.

These are among the most practical small business growth strategies followed by growing businesses. Following these strategies will definitely result in growth your business at extended level -

  • Market penetration
    These business growth and expansion strategies are concerned with businesses trying to increase the total sales or market share of an existing product or service in the market.

  • Product diversification
    Intense market competition often limits the growth of the company. In such a case, launching a new product or diversifying existing ones to garner more attention is among the top growth strategies for manufacturing companies. The primary motive is to increase market share, overall profit margin and expand business online.

  • Acquisition
    To expand the operations of a company, entrepreneurs often opt for this market expansion strategy. It is carried out by acquiring other companies. One of the popular micro franchise expansion strategies includes providing franchise ownership to partner entrepreneurs and helps start-ups expand their business model.

Additionally, entering into a partnership with another business, market segmentation and opting for alternative marketing channels are some of the popular ways to grow business.

Business Expansion

Traditionally, increasing the existing scale of operation or size of the manufacturing unit was considered an essential component of start-up expansion. The modern definition of expansion of business is not limited to infrastructural development.

It includes increasing product mix, moving business to new territories, be it national or international, transforming sales channels and targeting untapped markets.

Business Expansion Strategy

A global business expansion strategy is centred on increasing a company's current market share and improving product quality. However, success depends on several underlying factors, and working capital is one of the most important ones among them.

Being a function of resource availability, company growth strategy often demands active investments. This is why most small businesses think it is crucial to choose the right source of capital and weigh in factors like -

  • Size of the business.
  • Required capital amount.
  • Cost of borrowing.
  • Repayment terms.
  • Current financial standing.

Additionally, selecting a suitable capital source is undoubtedly one of the most important small business growth solutions. As an entrepreneur, you should opt for a comprehensive financing option like a business loan from Bajaj Finserv that provides you quick access to a high loan quantum at competitive rates to grow your business. Also, several business credit programmes are now launched for the growth of women entrepreneurs like udyogini, msme and other loans for women to encourage entrepreneurial skills at all levels.

Benefits of Working Capital Finance for your Business

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