A growth strategy addresses the issue of how a business goes about expanding.
Your service area and target market influence which growth strategies you choose.
Here are the four best business growth strategies for service professionals.
Expand Your Online Services
One positive legacy of the Covid-19 pandemic is the phenomenal growth in online connections and interactions.
Thanks to a variety of platforms such as Google Meet and Zoom it is possible to conduct online meetings one-on-one as well as in small or larger groups.
And thanks to an equally wide range of Learning Management Systems (LMS), we can now deliver high quality training and education to interested learners, wherever they may be.
If you have not yet started to provide services online, now is an ideal time to start.
It’s also the ideal starter strategy for growing your business.
The next best growth strategy is the addition of new services.
By way of keeping things simple, here are two suggestions for delivering new services and products to existing clients.
Each of these suggestions can be implemented with minimal learning and development time energy and money.
Information Products are products that deliver some sort of educational information.
Think eBooks, instructional videos and online courses.
There is a seemingly limitless supply of online information that will help create and distribute whatever information products you choose as new service offerings.
As well as demonstrating your knowledge and expertise, Education & Training Programs can help you enhance relationships with existing clients.
Strategic Alliances & Partnerships
This strategy takes the form of agreements between two or more businesses to cooperate in the delivery of services.
For example, a business coach might agree with either or both of a marketing coach and a financial planner to provide services to each other’s clients.
Among other factors, the agreement would detail the services to be provided and how compensation could be handled.
One option would be referral, with the referring partner receiving a referral fee by way of compensation.
Affiliate programs are strategic partnerships comparable to referral programs. Affiliates are compensated for sales made on behalf of service professionals.
Another approach would be service to be provided on a subcontract basis.
In this approach, one service professional would hire another to provide specialized services to his or her clients.
A fourth choice would be by way of joint venture in which two or more service providers deliver services together and share the fee revenue in whatever manner they decide.
Mergers and Acquisitions
If alliances and partnerships represent the friend end of the relationship spectrum, a merger are the marriage.
In the business world, a merger occurs when two or more entities come together, and share their resources to form new business entity.
Like mergers, acquisitions involve separate business entities coming together to form a new one. In this case however, one business purchases the business assets of another.
Mergers and acquisitions can be very effective in jump starting business growth.
What’s Best For You?
My intention in listing these four best business growth strategies is to offer suggestions to supplement existing business development and marketing practices.
In effect, I wanted to plant some seeds for you to grow and develop into the right growth strategy for you as an individual and also as a service professional.
Now it’s your turn.
What strategy, or combination of strategies, can best help you live your purpose and achieve the business success that you want …and deserve?