A business growth strategy is crucial for any NDIS business that wants to take its operations to the next level. Whether you want to expand your customer base or add locations, growing your NDIS business may require a combination of time, corporate finance, and careful planning. To help you plan your growth strategy, we are pleased to offer you a free guide to grow your NDIS business.
Before you started your small business, you had already probably accomplished market research to ensure that there was enough sufficient reason to bring your idea to life. As you plan to grow, it’s necessary to continue your research and understand the changes in the market. With resources similar to this free guide to grow your NDIS business, you will gain insights into market development approaches that leverage market segmentation to seek out potential customers within your current market. This guide is meant to aid you in evaluating new segments with your current offers or lead to product development to reach new customer types.
If you’re still finding it difficult to develop a plan for business growth, you can reference other companies for ideas. Here are some business growth strategies successful companies use that you can learn from in addition to our free guide.
Business growth through franchising. Via franchising, you can create a successful operation and sell it to people who operate their version of your business. It’s an effective way to expand and acquire more revenue streams for your company.
Many fast-food companies leverage franchising to grow their business. The franchising process is a key part of many restaurants (McDonald’s, Burger King, KFC, etc.) growth strategy, with locations operating as a franchise. Companies make money from franchises through:
- Royalties
- Monthly fees
- Rent
Before growing your business this way, you need to ensure you have a franchisable business. Certain businesses like restaurants, gyms, and shops are easier to franchise. If you fit the criteria, you’ll have to meet the requirements for franchising a business. This includes giving franchisees information so they can make an informed purchase decision.
Don’t panic if you find that it doesn’t make sense to franchise your business. There are alternatives to franchising that will aid your business in growth, such as licensing ownership. This arrangement means selling the rights to use your business’ logo and trademark to others.
Referral-based business growth strategy
Word-of-mouth marketing is a tested strategy to assist businesses’ growth. Referral marketing is also a type of word-of-mouth marketing that rewards present customers for bringing in new customers.
Referral marketing is common among subscription-based businesses. If you’re looking to use referral marketing to aid in your business growth, you’ll need to offer a valuable reward for your customers. Track your referral program’s progress. If you find that your customers aren’t taking advantage of it, you may need to make changes to encourage participation.
Global business growth strategy
Based on Brookings Institution, just over 50% of the world’s population is middle class. That’s about 3.8 billion people with purchasing power. This is a big opportunity to bring your products and services to a new target market.
Your business can reach potential customers around the world through export. One of the biggest benefits of exporting a business is the chance to reach new customers with a product or service.
You’ll want to find export opportunities if you’re ready to begin taking your business globally. It may be wise to visit trade fairs to find potential customers. It’s important to have a trading partner sign an exporting contract to protect your business and assets. You can get a corporate finance loan if you need help to finance your exports.
While top companies have succeeded using the different growth strategies above, finding the right plan that works for you can take time. You may encounter difficulties in finding a successful strategy to grow your business. Stay on the course and regularly review your business plan to help accelerate business growth.
