BUSINESS AND TRAINING
31
5 strategies for
business growth
Thinking about long-term growth for your business can
fall by the wayside when you are focused on day-to-day
operations.
By Anja Smith
It is worth carefully considering the pros and cons
of the many different growth methods. Sometimes
it seems like there isn’t any energy or time left
after getting through the day’s jobs. Growing the
company — whether strategic or incidental —
becomes an afterthought.
Many plumbing companies pride themselves on
growing by word of mouth alone. That is something to
be proud of for sure, but there is also a danger to this
strategy. First off, it is leaving your business growth
somewhat to chance. Second, it means that you might
be leaving some good opportunities on the table. Not
everyone’s goal is world domination, but without some
intentional strategy, you may be stunting or killing your
company by default.
www.plumbingafrica.co.za
On the other hand, when you get a little bit of
success, it can become addictive. You feel the pride,
stability, and prosperity that comes with running a
successful small business and start to crave more. At
this point, growth strategy becomes about reducing
risk and using resources wisely. Growth strategies
come in many different shapes and sizes. The first
step in deciding how to grow is understanding
your options.
MARKET PENETRATION
Market penetration considers how many people, of
the currently available customers, are doing business
with you. If there are 100 potential customers and you
do business with 10 of them, you have a 10% market
penetration rate.
August 2018 Volume 24 I Number 6