Business Growth Strategies Small Business Can Use

Houston Growth for Women-Owned Businesses

 1. - Market segmentation. -

“Market segmentation” simply means picking a sub-set of the entire marketplace that you can organize your sales efforts around. Segmenting your market comes down to making choices. Who will you serve? Who will you avoid? And which segment can you focus on to improve profitability?

2. - Leveraging partnerships. -

Some small business owners love to complain about how they can't compete with the vendor relationships that the big guys enjoy. It’s true you can't "pay to play", but you can leverage partnerships in a savvy way.

3. -  Use checklists. -

Take a page from big business and develop process lists or checklists for specific tasks and jobs. Give yourself a guide to success and a reminder to do the essentials each day.

4. - Acquisitions. -

Perhaps the primary way that most big businesses grow is through acquisitions. Before you think I'm off my rocker by suggesting this move for small businesses, let me explain.

First, acquisitions are tough. You can easily break the bank with one bad purchase. That said, acquisitions can be a massive source of profit and a means to growth if you make a few key moves.

Secondly, do you have the budget to buy up everyone in the industry? Probably not. I'm not suggesting that you buy something you can't afford. But you can afford some businesses, especially those that you can improve. Don't dismiss acquisitions just because you're small.

5. - Become a leader in the industry.- 

Big businesses often make their name by leading an industry. They make moves when other businesses sit by the wayside.

What's the lesson for small businesses? Don't be afraid to solve the hard problems that everyone else avoids. There is a lot of money to be made when you're the first person to fix something.

Source: AmericanExpress

Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.

Houston Growth for Women-Owned Businesses.

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