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4 Small Business Growth Strategies That Are Proven to Work

By: Brittany Engelmann-- 2016-08-29 7:00 am --

Every small business owner dreams of growing their business into a large, successful company. Yet, many are unsure how to approach growth in a strategic manner that minimizes risk and supports business profits. We’ve turned to the experts to see just how small businesses can equip themselves to grow more quickly and stably.

  1. Segment your market.

Market segmentation is the concept of honing in on a specific subset of the overall marketplace with which you intend to focus the bulk of your energy on. By spreading your efforts too thin, at least initially, it will be challenging to identify and grow a consistent base of loyal customers. You need to hone in on a single segment of the marketplace and carve out your brand within that niche. Take Red Bull for instance. While the product can essentially appeal to anyone, they target their ads to young people who are energetic and adventurous in nature, which has allowed them to successfully win over that segment of the market.

  1. Understand what drives your business.

To grow your company, you need to understand where your profits are coming from. What aspects of your business are driving the majority of sales? Once you’ve clearly identified the current drivers of revenue, you can better plan for future revenue streams based on current customer trends.

  1. Invest in your infrastructure carefully.

As the old saying goes, “Slow and steady wins the race.” This couldn’t be more true in the world of business. Businesses that take too bold of risks are the most likely to mismanage their finances, increasing their risks of going under. You need to identify the strongest performing aspects of business and work to cultivate those aspects, investing in your business cautiously and based on proven track records.

  1. Choose your business partners wisely.

Every top business owner knows that the success of a business depends largely on their business partners. Consider all of the business partners you rely on to accomplish your day-to-day tasks. The suppliers you contract with form the very fabric of your business. They supply you with the tools you need to thrive at prices that fit your business budget, and they play a role in helping your operation to run as seamlessly as possible. If that relationship isn’t a good fit, it could result in your profit margin suffering, the quality of goods being subpar, or your shipments arriving late. To move toward business growth, you need to have partners by your side that are committed to supporting that growth, and choosing the right wholesale supplier will ensure a seamless scaling strategy.

Growing a small business is a slow and strategic process that relies on careful investing, a strong market strategy, and great business partners. To be able to scale your business efficiently, you need to partner with a wholesale supplier that can continue to meet your needs. At DollarDays, we work alongside small to midsized businesses to help them access all of the products and office supplies they need at excellent prices. With a variety of bulk packages available, you can scale your ordering needs as your company grows, finding a wholesale supplier that will continue to support your business as you grow. Contact us today to learn more.