Growth is always top-of-mind for business owners.
And it’s never a question of when to grow or why, but rather how.
Say, for example, you’re looking to expand your business and benefit from additional profits right now.
On-the-other-hand, you might be interested in selling your business in the future, so adding clients and increasing your revenue stream is critical to building a more attractive package you can profit from when the time comes.
The two sure-fire ways to scale your business—mergers and marketing—can be used separately or simultaneously to achieve your growth goals.
Merging to grow your business
Acquiring another established company will allow you to scale quickly with the huge perk of bringing on immediate revenue that will positively impact your revenue stream and bottom line. It also might mean bringing on additional assets and employees you didn’t have before. Successful mergers happen when a business owner buys an existing company that allows them to expand their company within the same industry or grow and expand into new markets to reach new audiences and create additional revenue streams.
Marketing to scale your business
Marketing is a momentum game that should be played consistently and in tandem with sales to influence growth and ultimately lead to ROI. Marketing initiatives are not the fastest route to immediate results, but over time, every interaction, conversation and communication with or to prospects and customers is an opportunity to make an impression that leads to sales.
Business owners are tasked with wearing so many different hats, marketing can get lost in the shuffle, become less of a priority compared with sales or a list of other reasons. While not a new concept, business owners must make this part of their growth plan, whether via an internal hire, contractor or consultant.
Need guidance on applying these two strategies? Reach out to one of our team members and we’ll help answer your questions.