Starting up an organization or a company requires serious effort and task. One requires Diligence, skills and so much....
Nevertheless is of no doubt that entrepreneurship is the engine of economic growth and poverty reduction worldwide.
But there has been need to see business ideas or exiting ideas survive the challenges surrounding business growth. Firstly as we try to provide solution to this lets understand what business growth means.
Business Growth: this means expanding firm's products and services or expanding target market. Any increase in the volume of activities of enterprise is a clear indication of growth.
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Over the years it has been shown by researchers that more than half of all businesses fail in less than two years of its commencement. And only a few after that grows. There are various ways to strategies a business growth but firstly note that business would grow both internally and externally.
internally here involves the owner(s) of a business contribute more capitals or plough back profits into business to acquire new assets, employ more staff e.t.c. and external growth which can be carried out by bringing external resources into the business in oder to fund expansion.
Ways To Plan For A Business services
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Expanding product line and services
This can be done by discovering a new market for your services or products but this requires research and skills
Opening new branches although one way to succeed in this, is to make sure that there is an exiting demand.
Exporting try to go global put your product in the international market. There are so many opportunities for growth if you partake in the international market.
Innovation this requires always meeting the changing needs of customers and ready to overcome new competition and environmental challenges.
Creating and maintaining online presence
when a firm uses modern information and technology it gains edge over its competitors. Create a website with a good UI and it should be friendly for user and also use the social media platforms.
So far this is what i think can help your business growth if you have more to add to the list please feel free to do so.
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