Talking about growth strategies is always easier than actually executing these strategies! I know from experience (repeated experiences as a matter of fact). Whether you are a first time entrepreneur or you are a serial entrepreneur with a thriving successful company, taking the steps to grow to the next level is never as easy as it sounds. With thoughtful planning, team alignment, customer knowledge and patience you can make this effort feel less risky and not so daunting.
Here are 2 strategies to help you build your plan of action for expanded revenue growth:
1. Explore where opportunities exist for your company by opening up your sphere of influence:
- Hold open discussion team meetings that include all levels and departments inside your company.
- Expand your discussions to outside your company by talking to existing customers, possible new market and business experts in and outside of your field
- Narrow in on 2 to 3 areas and assign a chosen team for each initiative to build business case around each of the new areas of possible growth
- Pick the one most compelling and build a pilot initiative to test the assumptions
2. Expand your business partnerships- Leveraging partners can be a very good way to expand your business’s opportunities and revenue growth. Be prepared however, this one takes time and investment in the relationship. Dedication to working together to the benefit of each other is imperative. A few recommendations when expanding relationships or building successful business partnerships:
- In the contractual agreements – request that each party identify a Revenue Programs Manager that will be responsible for driving marketing and sales initiatives for their respective companies. This team will be the dynamic duo for driving what is needed to create success within their company (for the good of the partnership)
- Allot a co-marketing budget for joint marketing/sales program initiatives. These could be anything Press related, online marketing campaigns, webinars, joint trade show initiatives…
Watch for more strategies being posted over the next few weeks.