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Checklist for Business Growth: 7 Common Avenues

  • Posted on October 03, 2023

As different as businesses can be, they have typical paths to growth in common. A dental practice and a clothing boutique can both add locations. A farm and a pharmacy can both sell more to their existing customers. A quick service restaurant franchise and a veterinarian can both reach more customers online. 

All routes to growth involve research, planning, investment and risk. Competition in your space and your geographic location will have a more specific influence on your growth opportunities. Explore these time-tested growth strategies and consider where you’d like to grow next. 

  1. Opening a new location. Some businesses grow literally by adding locations in their current or new cities, states or regions. 
  2. Increasing market penetration. Selling more to existing customers is one of the easier ways to ramp up revenue. 
  3. Launching new products or services. What are you hearing from customers about their unmet needs? What is your competition offering that you aren’t? Many businesses grow by adding complementary offerings that keep customers coming back and competitors at bay. 
  4. Entering new markets. Some products and services lend themselves to multiple markets. A group of health coaches, for example, could sell their services to both individuals and companies. An accounting firm could sell their services to both businesses and universities.
  5. Expanding digital reach. Having an engaging website and driving traffic to it from social media and email campaigns can raise awareness of your products and services and attract new business.
  6. Forming alliances. Think about types of businesses you could partner with that complement yours, but don’t compete with it. In the travel industry, for example, hotels, airlines and rental car companies often partner to cross-promote their offerings. 
  7. Acquiring another business. Some businesses acquire complementary businesses outright, and some buy out competitors. Some businesses aim to diversify their offerings, and others aim to integrate suppliers for efficiency. Whatever the goals, mergers and acquisitions tend to be complex, and expert guidance is highly recommended.

As you grow, United is here to help with business banking tools and resources, competitive lending and award-winning customer service. Just stop by your local branch or schedule an appointment online.  

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