Company Growth
Multiple Revenue Streams
Growing in staff and existing service, is the easy answer to company growth; or so it seems. However, consider other ways to gain revenue with the same staff or services. A parallel service that requires little to no increase in overhead. This would also diversify your assets, and soften the highs and lows of season work, or just workload in general. You would require exploring new markets and services. This can strengthen your reliance on a single revenue stream.
Customer Retention
Cultivating strong relationships with existing clients to ensure repeat business and referrals. This is obvious, right? But are you avidly marketing in this way? Since 2012 I have been selling artwork. By marketing to the same people, I have sold up to 21 pieces to one person, and many referrals! I have a handful of others similar stories. I went from art fairs, to galleries, to commissions, to patrons. Meaning I went from hustling to a serving mentality. If you do this right, your company will grow organically, and it’s a way more relaxing way for company growth.
Strategic Partnerships
Collaborating with complementary businesses to expand your reach and resources. If your unfamiliar with this, I can explain. It’s a great way to get work leveraging others.
Key Growth Strategies
Your annual business plan should consider the following.
Market Penetration: Increasing market share within your existing target market.
Market Development: Entering new geographic markets or customer segments.
Service Development: Introducing a new service to meet evolving customer needs.
Innovation: Investing in research and development to stay ahead of industry trends. This could be software, tools, execution means and methods, even subject matter experts.