Business Growth: 5 Strategies To Excel

Business Growth: 5 Strategies To Excel

Just 34.7% of businesses founded in 2013 were still operating in 2023. Those that collapsed struggled to sustain enough growth to justify their continued existence. That’s why learning how to keep a new business growing is an important part of succeeding as an entrepreneur. Here are five tips to get you started.

1. Set Growth Goals

First, you need to figure out what growth means to your business. It could involve selling more products, getting more subscribers, or increasing the average lifetime value of every customer.
Make sure that the goals you choose are measurable and time-bound. For example, don’t just try to get more subscribers. Try to increase your subscribers by 10% within the next three months. That way you can measure your progress and make adjustments when needed.

2. Research Your Customers

Next, spend some time learning about your target customers. Doing so can help you understand the factors that impact whether they buy from your company. You can take that information and use it to create a more personalized strategy for growth.
For example, you might ask recent customers to complete a short survey describing their motivations when buying from you. The information you get from that could reshape your marketing strategy and lead to more conversions from website visitors.
Your website and social media accounts can be great resources for this. They collect data you can use to learn more about your customer demographics and behavioral trends.

3. Invest in Digital Advertising

You should also consider investing in digital advertising. This type of marketing can be highly personalized based on factors like:

  • Age
  • Geographic location
  • Previous online engagements with your company
  • Almost any other metric you think will be relevant to your goals

This type of personalization helps you do more with your limited ad dollars. It ensures you only pay to get in front of the specific groups of people you believe the ads will be most effective with.

4. Diversify Your Product Line

Another way to revive a stagnant business is with new products. This is a good way to break into new demographics that your company may struggle with today.
For example, maybe you run a coffee company that does great with older adults but struggles with members of Gen Z. You could look to create a new product built specifically with Gen Z in mind to gain market share with that demographic.

5. Track Results and Adapt

Finally, track the performance of your new growth initiatives over time. This is the only way to figure out if the investments you’re making are paying off. If you don’t see the results you want, make a change and try again. Eventually, you’ll get it right.

How CFOs Drive Growth

Another way to grow your business is by bringing in the right leaders. A skilled CFO can help you come up with the money you need to fund growth and execute new strategies.
However, hiring a full-time CFO can be very expensive. That’s why CFO Hub exists. We offer outsourced CFO services with flexible pricing options so you can get the expertise you need for less. Get in touch for a free consultation to learn more about how we can help.

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