We've all been to meetings when growth-boosting ideas are discussed. Before you know it, a whole new growth plan has emerged, and everyone is racing to show results as fast as possible. There's just one problem: companies are usually too thrilled to analyze risks and determine the likelihood that a new growth strategy will be actually effective.

However, there are a few business growth strategies that have been proven to work time and time again. While every approach carries some risk, these techniques can assist you in growing your organization without making substantial adjustments.

The following are five of the most common growth techniques:

Increase Your Market Share

Providing more services to the same client is part of this strategy. Because it doesn't need the introduction of anything new, it's a low-risk strategy that can be deployed rapidly.
Consider the following scenario: your accounting firm offers auditing services, but only a few of your clients are aware of this. By making your present clients aware of your other offerings, your company may increase its relevance and revenue from a market you've already conquered.

Develop New Markets

Another low-risk strategy is to find new markets for your existing services. This is a common growth strategy in the professional services sector since many companies strive to reach as many people as possible.

Open up new distribution channels

While this strategy is less common in professional services, it can nevertheless be effective. Working with similar — but non-competitive — service providers can help your organization increase its reach by utilizing other distribution channels. For example, a corporation can develop a relationship with a trade association to gain access to its membership. Alternatively, a law firm and an accounting firm could collaborate to share referrals and even sell jointly.

Development of new services

In this strategy, your organization develops a whole new service to fill a need in the market. Most professional consulting businesses already do this in some ways. They personalize their services to the circumstances of each client's scenario because no two clients have the same needs. A company's market strategy, on the other hand, must think bigger. For example, an accounting firm might offer new services such as internet security or financial planning in addition to its traditional tax services.

New Services and Markets

In addition to the task of creating new services, this strategy necessitates the cultivation of a new market. To justify the associated risks, the potential opportunity must be large.

It's all too easy to feel overwhelmed. As a result, you'll need the assistance of specialists likeJ. LaSalle, who can ensure the greatest marketing consulting services, fractional CMO services for you and your company. He has vast experience in this field and has helped a lot of businesses to grow.