Member Article

Strategies for growth

With Jill Lee of Business Link

Most businesses in the North East want to develop and grow. And despite the downturn, opportunities still exist to take your company to the next level.

Some organisations are lucky and already have the skills and resources to make this happen. For others it may be that training and development is necessary before a strategy for growth can be put in place to make business expansion possible.

In order to set a strategy you must first start by assessing your business’ current performance, identifying its strengths, weaknesses and opportunities. This will allow you to explore the ways in which you can grow, and put in place actions that will help you achieve this.

Business Link’s website, www.businesslink.gov.uk/northeast, is a useful resource for businesses looking for ways to grow. It will take you through the options for development, allowing you to make a judgement as to which is the best approach for your company.

There are a number of strategies for business growth. These include: increasing market share, which involves taking customers from competitors or attracting new business; diversification, whereby new related products or services are offered to existing customers, existing products are entered into new markets or new products are entered into new markets; and finally, partnerships, joint ventures, mergers and acquisitions, which can deliver rapid growth.

It is important that businesses carefully consider their options for growth, choosing the route that fits most naturally with their company’s present position and one that works with the strengths that exist within it.

Business Link has an online tool that allows organisations to assess their current position and put together an action plan for growth. For further information about Business Link visit www.businesslink.gov.uk/northeast or call 0845 600 9 006.

This was posted in Bdaily's Members' News section by BENE .