Making a business grow is never easy. Every company wants to achieve new highs, but how can it make it happen? The answer is: to use an excellent business growth strategy! Want to know more? You’re in luck: this article contains plenty of business growth strategy examples and helpful information.
🔝 Top 5 Business Growth Strategy Examples
- The Wal-Mart Supermarket' Mission and Vision
- Strategic Thinking, Leadership, Innovations
- Business Growth and Opportunity Strategies
- Tata Motors Strategy: Business Management & Growth Rates
- Economic Growth and Causes of Its Variability
💸 Definition of Business Growth Strategy
A business growth strategy is a framework that an organization or business develops to overcome possible challenges and, most importantly, achieve growth. Using it helps companies expand and find more avenues for generating profit.
Why Is Business Growth Important?
A good business growth plan can help companies in the following ways:
- Identify current and upcoming challenges to the business,
- Find opportunities for growth,
- Discover ways available to reduce spending,
- Draw talent to a company that’s still growing.
How to Measure Business Growth?
- Using SMARTER goals.
- Keeping track of economic growth.
- Monitoring the customer base.
- Assessing the effectiveness of marketing campaigns.
- Creating meaningful Key Performance Indicators (KPIs).
- Comparing the development of the business vs. similar businesses.
How Technology Helps Business Growth?
- Through technology, a company can communicate to its customers directly (live web chats and email) and indirectly (marketing campaigns).
- Management can also use technology to analyze internal spending, monitor project costs, and see what is failing.
👔 4 Stages of Business Growth
There are four major stages of business growth. These are:
|🌱 Startup||Businesses start small, and the owner will likely take on many different roles to run the finances, market the product or idea, and plan future development.|
|🪴 Growth||This is an exciting stage for a company. It strives to meet its goals by delegating tasks and working to keep the business on track. Maintaining and conducting accurate financial forecasts is also vital in the startup and growth phases.|
|🌳 Maturity||At this stage, the business is financially stable. It’s thriving in its target market, and a new company is unlikely to take over quickly. However, the company is in potential danger of going stagnant. New goals and activities are needed to keep it relevant.|
|🍂 Renewal or Decline||At this stage, the business is likely falling behind, and active steps need to be taken to bring it back to a point where it can thrive again. Without renewal, the company will continue to decline.|
✨ Business Growth Strategy Examples
Let’s see how famous companies used business growth strategies to achieve success:
Facebook Business Growth Strategy
Facebook had success in using the business growth strategy of market development. First, they started advertising their website among university students. Later, they began to market it to the larger public, which led to it becoming the Facebook we know today.
The Dollar Shave Club Business Growth Strategy
The Dollar Shave Club grew by doing something different from its peers with its direct-to-consumer packages. This concept made them a billion-dollar company.
Semrush Business Growth Strategy
Semrush took the approach of product expansion. By expanding their services from an SEO package, they appealed to a broader audience, gaining more customers and achieving higher profits.
IBM Business Growth Strategy
IBM put the strategic partnerships approach to practical use. By partnering with Microsoft and Amazon with a joint hybrid cloud, they got access to these brands’ client base, increasing revenue for all partners.
Alera Group Business Growth Strategy
In the human resources niche, the Alera Group is an example of growing through an acquisition strategy. By buying out smaller companies of similar types, they’re expanded quickly and efficiently.
Other examples of companies with great business growth strategies include:
Read the list below to discover more business growth strategy examples.
📝 Business Growth Strategy Research Paper Examples
- U.S. Fast Food Industry: Economic GrowthThis paper revealed that the U.S. fast food industry is profitable due to the provision of cheap and rapid dining options as well as the employment of innovations.
- Infinity Contracting Company's Process ImprovementInfinity Contracting Company Ltd. is a small civil contracting organization that has been operating since 1972 in the UAE.
- China’s Economic GrowthChina began to implement economic reforms in 1978, which enabled it to transform from a planned to a market based economy.
- Risk Management Strategies in Business EnvironmentIn this paper, the researcher looks at current risk management strategies that companies use in the modern business environment.
- Business Planning Process From Idea to FinancesEvery business starts with a certain idea. Before starting any business, it is paramount for entrepreneurs to formulate a business plan.
- Business Concept for Small BusinessThis paper gives a detailed description of a small business venture and the most appropriate strategy that will be considered to maximize profitability.
- Wonder Co Business StrategyThis paper discusses strategic and marketing mistakes, that appeared during Wonder Co growth and development and recommended strategy that should be applied.
- Relationship Between TQM, Benchmarking, and Business Process RedesignBusiness Process Redesign is defined as the study and design of workflows and developments within and between organizations.
- Tax Rates and Economic Growth AnalysisOne of the most sensitive issues in the world of economics is how political issues impact on economic issues in any given state.
- Business Processes Management, Re-EngineeringBusiness Process Management is a method of aligning efficiently a company with the needs and wants of a specific client. Business re-engineering can bring many benefits.
- GlaxoSmithKline Firm's Business Growth OpportunityThe report assesses a growth opportunity for GlaxoSmithKline (GSK) to take advantage of the situation with AstraZeneca's vaccine being called off in several European countries.
- ABC Firm's Management of Wicked Business ProblemsWhile most business entities pursue profits as their cardinal objective, the presence of certain wicked problems presents significant challenges.
- Boeing Company and Its Purchase PowerAs the dollar weakens between their manufacturing and purchasing in Canada and China, Boeing is likely to notice very gradual increases in value.
- Mondelēz International Inc.: The Move of Oreo From Chicago to MexicoMondelēz International Inc. is a large international company that focuses on the manufacturing, distribution, and sale of snack food and beverage products.
- The Role of Money and Credit in the United StatesThe money and credit system are important parts of everyday life in the United States. Finances are a crucial element of people’s existence.