Achieving meaningful levels of growth is one of the key goals for any business, regardless of the type of work it undertakes or which sector of the economy it is based in. Businesses need to look for a range of strategies to achieve this, as a multi-faceted approach is often the best option. 

Today, the world economy is characterized by uncertainty which can make planning for growth more challenging as a range of external factors can impact a business’s operations and profitability. The ongoing conflict in Ukraine has led to increases in energy costs for large parts of Europe, and rising inflation levels make it harder for businesses to grow as they must eventually pass on higher prices to the end consumer. However, even in these challenging times there is a range of intelligent strategies that can be adopted to cultivate long-term business growth. 

In this article, three key strategies that a range of businesses can adopt to cultivate meaningful growth will be explored in detail. 

Consider franchise opportunities

One of the quickest ways to secure growth in a business is to investigate franchise opportunities. Businesses use this model of expansion when they have a product or service that can easily be replicated in other locations and premises. The fast food industry operates a franchise model to great success as it allows the organization to open new restaurants all over the world with reduced costs and increased speed. This can be an effective way to scale up many different types of businesses. The only clear downside to the model of growth is that the franchisee will take a proportion of the profits of the business unit in return for running the location. However, for businesses that seek to enter new markets and expand their operations internationally, this remains one of the most effective ways to achieve long-term growth.

Offer your customers benefits cards

In recent years, a wide range of businesses have started to understand the value of giving their customers benefits cards. These can be used to make purchases for certain products or services and can be used to offer the customer incentives to shop at your company. When a benefits card program is rolled out by a business and proves to be popular with its target market, it can be used to encourage repeat purchases from an organization or preferred partner companies. You can click here to find out more about benefits cards and how they may be beneficial to your organization when looking to achieve market growth.

Undertake market research

As a final point, it should be recognized that a key way to achieve growth in business is by having a comprehensive knowledge of your target market and existing customer base. Undertaking ongoing market research is a vital strategy to achieve business growth as it can provide high-quality information and insights on buyer behavior and the impact of key competitors in the marketplace. With this knowledge, new business strategies can be adopted that foster growth and are based on empirical data from consumer or market insights. A common way to undertake market research is to offer existing customers a small incentive (such as money off a next purchase) to complete an online survey. This information can then be compiled to drive future decision-making plans and strategies that allow a company to achieve growth.