Introduction
In the early days of your entrepreneurship, you focused on forming a lucrative business idea and thinking about how to get your business off the ground. Now that your business is operational and relatively stable, it’s time to take the next step.
Business growth, while a significant endeavor, is vital and can be rewarding when done right. More importantly, it requires careful thought, meaning you need to increase your knowledge of growth strategies and techniques.
Not to worry, though, as you’re in the right place. In this blog, Cebuana Lhuillier Kanegosyo Center, an online platform offering products for business growth in the Philippines, will discuss six practical steps you can follow to help you grow your business.
Sustaining Success: Why Business Growth Is Essential
Growing your business is essential to maintaining success and ensuring sustainable operations. Below are other reasons showing the importance of business growth:
Risk Mitigation
It’s normal to face multiple risks in business. For instance, offering just one or a few products leaves you at risk of losing loyal customers who desire variety and more options. Naturally, these buyers will start looking for other businesses that can offer them the products they want. However, when you grow your business by expanding your offerings, you can reduce or eliminate this risk.
Competitive Advantage
Business growth can be done in various ways. This includes expanding your product or services, investing in research to enhance your offerings, or purchasing new equipment to minimize human error and streamline processes. All these efforts help you gain a competitive edge over other businesses, resulting in better customer experiences, improved products, and more efficient services.
Increased Revenue
You wouldn’t want to earn the same profits as when you first launched your business, right? Growth must happen to increase your revenue. For example, you can consider opening another branch to reach people in new locations. You can also hire more employees to increase your workforce and serve more customers. While these strategies may require you to obtain startup business funding in the Philippines, they can lead to more revenue for your business in the long run.
Steps for Growing Your Business
Now that we’ve established the value of business growth, it’s time to discuss the practical steps to expand your business.
Evaluate the Status of Your Business
The first step you should do is to assess how your business stands. Look at your financial statements and determine how stable you are in generating income. Check which of your products or services are succeeding, which of your offerings are underperforming, and so on. This is crucial in determining the right timing for carrying out growth strategies. It will also help you identify what actions you should implement to grow.
Identify Areas for Growth
You should also determine the areas in your business where you should focus on expanding. Perhaps you lack enough staff to cater to your increasing customer base. You can also consider offering new products and services, especially if your competitors are doing the same. Meanwhile, you could increase your production by updating your equipment or technology.
Invest in Yourself
Your personal growth will positively impact your business. By now, you already have significant experiences and lessons learned from when you started your entrepreneurial journey. However, it is still beneficial to expand your knowledge in other ways, such as through coaching. Cebuana Lhuillier Kanegosyo Center’s products for business growth in the Philippines include coaching resources, which you can access anytime and anywhere on our platform.
Obtain Small Business Expansion Financing
Many growth strategies, such as hiring more workers, opening a new branch, or launching a marketing campaign, require extra funds. As these plans will generate more income eventually, it’s strategic to take out a business loan for them. Before you apply for a loan, it’s essential that you research your loan options and prepare the necessary documents. Take a look at your credit report, as well.
Establish Goals
Establish specific goals. It’s not enough for your goal to simply be “expand the business.” Identify what it is exactly you want to grow in your business. Also, while it’s good to set ambitious goals, they should be achievable within the given timeframe you set for yourself. Moreover, set key performance indicators to help you track your progress and see if you’re getting closer to your goals.
Create a Growth Plan
Once you’ve established your goals and what business growth strategies you want to implement, you must create a plan for how you’ll carry them out. This will serve as your guide that will help keep you on track. If you’re having trouble mapping out your plan for the next year or two, try breaking it down into months first. You should also involve key people you manage the business with to refine your plan further.
Business Growth Strategies To Consider
No single growth strategy fits all; it depends on your business status, budget, and other factors. Below are several examples of business growth strategies you can apply to give you some ideas:
Increase Market Share
When you increase your market share, your focus is on generating more sales within your existing market. Some of the ways you can achieve this are by launching a marketing campaign, offering promotions, partnering with resellers and wholesalers, or offering a better customer experience to encourage people to purchase your product repeatedly.
Develop or Expand Product Line
If your goal is to attract new customers and retain loyal ones at the same time, consider expanding your offerings. Having more options for customers helps to keep your buyers interested in your brand. Moreover, people’s requirements and preferences often change. As such, having other products and services can help meet this need.
Enter New Markets
Expanding into other markets allows you to reach other buyer segments you have not been able to before. Consequently, you’ll be able to increase the number of your customers and minimize your dependence on a single market. However, keep in mind that you may have to alter your offerings to fit the new market you’re targeting.
Invest in Digital Marketing Services
Investing in professional digital marketing services is one way to take your business to the next level. Agencies have experts who can craft an effective marketing campaign to help you establish a stronger online presence, reach more customers, and engage with followers. This can further improve the awareness and credibility of your brand.
Cebuana Lhuillier Kanegosyo Center: Your Business Growth Partner
It’s normal to feel intimidated or overwhelmed at the prospect of implementing growth strategies to expand your business. This is no easy feat, after all! Fortunately, online business platforms like Cebuana Lhuillier Kanegosyo Center now exist to offer support and assistance in many aspects of expansion.
Our Paglago Bundle includes growth finance loans in the Philippines, which you can use to fund whatever growth plan you wish to carry out. It also includes other financial products to scale your operations and stay competitive in your industry.
Moreover, if you need help with compliance with business regulations, we provide assistance through Kanegosyo Assist. This service offers all the information, forms, and links you need to register your business.
Sign up to become a Cebuana Lhuillier Kanegosyo Center member today to access our services and products. The process is easy, and membership is free!
FAQs About the Different Products for Business Growth in the Philippines
What Kinds of Businesses Are Booming in the Philippines?
Food businesses, like cafes and bakeries, continue to thrive in the country because many are encouraged to use their cooking skills to earn money. There are also a lot of people who made a business out of selling clothes and other goods through live selling or e-commerce platforms.
What Are Good Ideas To Start a Business?
If you are a skilled cook, starting a food business would be a good idea. If you are knowledgeable in English, Mathematics, and other subjects, consider opening a tutoring center. At the end of the day, a good business idea will depend on various factors, such as your location, budget, knowledge, and so on.
What Business Can I Start With ₱50,000 in the Philippines?
There are many kinds of small- and medium-sized businesses you can start if you have ₱50,000 as capital. You can start a sari-sari store or a food stall. If you love make-up, you can buy new tools and materials and start a career as a professional make-up artist for weddings, parties, and other events. You can also use the ₱50,000 to buy equipment for a photography or video editing studio.
Conclusion
Business growth, while daunting, is essential to sustain success and remain competitive in an ever-changing world. It takes a lot of effort and hard work, but the results are often worthwhile.
Through Cebuana Lhuillier Kanegosyo Center’s startup growth financing services, achieving growth is possible for all. If you need more information about becoming a member or our services and products, we’re ready to help you. Contact us today!