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Growing your business

Simple Alliance, Kenya Limited


Effective business strategy for small business growth

To effectively grow your business takes more than just looking at your customers walk in get their required services or products and then walk out. It requires the employment of growth strategies that will see your business develop to the highest possible levels. Even in so doing one needs to do this effectively as haphazard application of business strategy would on the other hand be detrimental to your small business. We shall be looking at the various ways that an entrepreneur would assist their business growth.

Forecast and think strategically

In anticipating growth for your small business you need to forecast, that is view your business and what you hope it will be after a certain period of time. This would of essence involve strategic thinking. This helps you have a vision and develop strategy through which you will handle the changes that will face your business. This as a growth strategy requires:

 Organisation

This involves looking at what you would like your business to look like in terms of the employees and the structures you will adopt in your business operations thereafter. This need to be though on carefully as they need to be in line with the changes anticipated during business growth. They should reflect readiness on the business members’ part.

  Observation

A lot of times observation is used as the first step towards learning and the same would to a great extent apply to growth strategies in business development. By observing both the industry and their individual business, an entrepreneur gets to have a grip of the trends. Through this one is able to know how to go about the different situations that may mushroom through business growth and know what alternatives to work with

 Views

This refers to the different ways you look at something and in this case the growth of your business. It may be pegged to the environment, the market place or even the project itself among various other aspects.  With different views you manage to position your business in its ideal position.

  Driving forces

This refers to the itch that is within that pushes you to envisage your business outcomes and may be in the form of the mission and vision you have set for your business.

 Ideal position

 The above four stages you will be able to position your business in its rightful place both currently and in the future. Through this you will also be able to identify any opportunities that will aid you in propelling your business to expected levels and be able to determine the required resources, human or otherwise for the expected growth.

Embrace technology and change with it

Business growth strategies would call for the application of technology for effective business development. Technology in its ever changing nature would require the business owner to keep up with the trends. This helps increase efficiency in your small business and makes it easy to expand operations. Some of the areas where technology would really help in business development would be:

  • Accounting software
  • Planning software or tools
  • Time tracking software
  • Email management
  • ·         Mobile internet access

All the above services can be accessed for free by registering at the SME Toolkit Kenya website

Acquiring the necessary technological services relevant to your business makes your business more efficient and hence viability in business growth.

Business growth ideas

There may be business owners out there who have already established their business but do not know how to go about the growth process. There are several ideas for different business that apply differently and hence would require one to pick those that are desirable to them and their businesses. These business strategy ideas are as outlined:

  • Open another location.
  • Offer your business as a franchise
  • License your product
  • Form an alliance
  • Diversify
  • Target other markets
  • Merge with or acquire another business
  • Expand to the Internet

Franchising as a growth strategy

Building a franchise would be the fastest business strategy of growing your business. This involves relationships between you and other business owners who would like to use your identity for their own establishments. Your business should have value and be able to offer a lot to others for you to be able to sell it out as a brand. One should however be ready to incur the costs that come with the franchising of a business.

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