15 Strategies for Quickly Expanding Your Business (2022)

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Let's face it. Scaling your business is hard. It takes considerable effort. In the beginning, it means wearing different hats. It means dealing with sales and marketing. It means understanding taxes and corporate compliance. It involves having to interact with customers on a daily basis. And so much more. At the end of the day, it takes its toll on you.

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If you're struggling to grow your business, there is light at the end of the tunnel. Sure, it's hard. But, what's the alternative? A life-sucking 9-to-5 job? Surely not. Okay, maybe you're longing for the security of a guaranteed paycheck. But, at what mental or emotional price will that come?

The truth? If you buckle down, clear your mind, and just look at things in perspective, you can easily identify ways you can grow your business and make more money quickly. While hundreds of business growth strategies likely exists, the following 15 will take your business to the next level quickly and efficiently.

Roland Frasier, a business growth strategist, has a unique approach to scaling businesses. As a principal of Digital Marketer and Native Commerce Media, and CEO of War Room Mastermind, he knows a thing or two about the online marketing world.

Frasier, who builds and scales seven, eight and nine-figure businesses tells me that there are loads of ways to grow a business quickly. But, only 15 core strategies that will truly make a real impact on your bottom line. Some are time intensive at the outset. That much should be expected. But, the benefits and profits will ultimately make them well worthwhile.

(Video) 15 Strategies for Quickly Expanding Your Business

Like anything else in life or in business, you have to put in the time if you're looking to reap the benefits. Don't focus on the short-term outcome of your work. Look to the long term. Build sincere value and look to help your customers. Genuinely care. That should be the foundation. After that, it's simply a matter of taking action and putting in the work to scale.

Related: 7 Mental Shifts That Allowed Me to Become a Millionaire at 22

1. Build a sales funnel.

The first way to quickly grow your business is by building a sales funnel. If you don't have a sales funnel, you're making a monumental mistake. Sales funnels can help to automate your business. It helps you to scale and grow quickly and easily. Sure, there's some front-end work involved. Obviously. But, once those processes are in place, it's smooth sailing from there.

Frasier says that every sales funnel needs to be carefully conceptualized before it's created. Consider the different funnels first and foremost. Whether it's a free-plus-shipping offer or a high-ticket coaching funnel, it's important to build your automated selling machine to quickly scale and grow your business.

2. Utilize a customer management system.

Manually tracking transactions is hard. No one wants to do that. It gets too cumbersome as the business grows. If you want to scale quickly, use a customer management system. There are plenty to choose from. But, it really depends on your line of work. Of course, cloud-based software like SalesForce is always a viable option.

Quickbooks can help you with the accounting. InfusionSoft can also assist with sales and marketing. There are plenty of CMS systems, most of which integrate with other cloud-based services. Find what works for you and utilize it.

(Video) 15 Strategies to Start and Grow Your Small Business

Related: How to Become a Millionaire by Age 30

3. Research the competition.

When going to market, and you're really looking to get your offer to the masses, you need to research the competition. Frasier says he uses two platforms to conduct his research. The first is Similar Web. The other, AdBeat. Both provide competitive intelligence. It's your chance for x-ray lenses into all landing pages, ad copy, and other stages of the funnel.

This allows you to uncover any advertiser's online strategy. Find the ads that have been running for the longest and emulate those. That's the quickest way you scale any business. If it's proven and it's working for your competitors, it's likely it'll work for you.

4. Create a customer loyalty program.

Loyalty programs are great ways to increase sales. It costs up to three times more money to acquire new customers than it does to sell something to an existing customer. Other resources pin this number anywhere from four to 10 times more. However, any way that you slice it, acquiring new customers is expensive.

Frasier says that building a customer loyalty program will help you retain customers. It might also help you attract new ones as well. If there's a clear incentive to spend more money with you, it'll pay off in the long run. Build an attractive loyalty program and make it accessible to your existing customers and watch sales skyrocket over time.

5. Identify new opportunities.

Analyze new opportunities in your business by understanding your demographic better. Understand everything from distribution channels to your direct competitors, and even an analysis of foreign markets and other potential industries. There are likely dozens of new opportunities you could pursue immediately with the proper amount of analysis.

(Video) Strategies For Quickly Expanding Your Business

Related: 25 Common Characteristics of Successful Entrepreneurs

6. Build an email list.

One of the most best and most effective ways to grow a business quickly is to build an email list. Clearly, that means you need to have a lead magnet. Why else would people subscribe to your list? And, with a lead magnet, comes the necessity for a sales funnel. Look into companies like Aweber, ConstantContact, ConvertKit, Drip, GetResponse and others for building and managing your list.

7. Form strategic partnerships.

Strategic partnerships with the right companies can truly make a world of difference. It could allow you to reach a wide swath of customers quickly. Identifying those partnerships might be easier said than done. But, look out for companies that are complementary to your own. Contact them and propose opportunities for working together.

8. Leverage global platforms.

In the ecommerce business selling products? Why not use Amazon's FBA service? In the business of selling services? Why not use Upwork? In the business of renting vacation homes? Why not leverage AirBnB, InvitedHome, HomeAway or other global platforms? Find a platform that's reached saturation and use it to grow your business quickly.

9. Licensing deals

Doing licensing deals is a great way to grow your business without too much added effort. If you have a product that you can license to others and share a revenue of, that's an ideal way to grow quickly. Taking a popular or successful product and bringing it to a company with a large footprint can help you achieve market saturation quicker.

Related: I Started Saying 'No' to These 6 Things. My Life and My Business Got a Lot Better.

(Video) Strategies for Quickly Expanding Your Business

10. Consider a franchise model.

If you have a successful business, and you're really looking to grow quickly, consider franchising it. Although franchise costs are high and moving to a franchise model is complex and takes a lot of marketing know-how, it could make all the difference if you're truly looking for quick growth.

11. Diversify your offer lineup.

Look into diversifying your offers. What complementary products or services or information can you offer in your business? In order to grow, you need to think about expansion. Identify new opportunities within your niche. Uncover the pain points. What else can you sell to your clients. Where else can you add value in the exchange?

Related: 9 Steps to Increase the Value of Your Business

12. Build passive income streams.

Growing a business takes significant effort. If you're dealing with razor-thin margins, consider building passive income streams. This way, you don't have to worry so much about keeping the lights on, so to speak. Passive income will afford you the opportunity to make mistakes and not have to lose your shirt. It'll keep you in business and provide a basis to grow and market and scale quickly by giving you ample resources.

13. Acquire other businesses.

Sometimes, acquiring other businesses is a very quick way to grow your own business. If you can find competitors or businesses in other industries that would complement your own, you could use them as platforms to scale fast. Take a look within your industry and even outside of it to find potential for potential opportunities.

14. International expansion.

Can you expand internationally? Can you take your existing offers and scale them internationally? What would it take to do business in Canada or Mexico or Europe? If you have a converting offer, international expansion could be a quick way to grow. You'll incur some costs. Sure. But, the potential for profits could be massive.

(Video) GARYVEE WINNER HLT MND|how to make your business grow|Strategies for Quickly Expanding Your Business

15. Create a webinar.

Webinars are a great way to promote any product or service. It can also help you grow any business relatively fast. Webinars provide an automated selling tool for literally taking any product or service to market and reaching a wide audience quickly. The webinar medium is great for captivating audiences to clinch sale after sale, automatically.

FAQs

What are the 8 ways to grow your business? ›

8 ways to grow your business
  • Get to know your customers. ...
  • Offer excellent customer service. ...
  • Nurture existing customers and look for new opportunities. ...
  • Use social media. ...
  • Attend networking events. ...
  • Host events. ...
  • Give back to your community. ...
  • Measure what works and refine your approach as you go.

What is the fastest way for growth of a business? ›

Although growing your small business will take time and energy, there are 10 strategies you can use to help accelerate business growth.
  • Do Your Research. ...
  • Build a Sales Funnel. ...
  • Increase Customer Retention. ...
  • Participate in Networking Events. ...
  • Practice Corporate Social Responsibility. ...
  • Form Strategic Partnerships.

What is the first step you should take to expand a business? ›

Market Research

This should be your first step once you start considering business expansion. Market research can help you identify areas you could expand into. It can also give you a clearer picture of what your audience needs or wants in relation to your target product or industry.

What are the 4 types of business growth? ›

The four growth strategies
  • Market penetration. The aim of this strategy is to increase sales of existing products or services on existing markets, and thus to increase your market share. ...
  • Market development. ...
  • Product development. ...
  • Diversification.

What makes a small business successful? ›

Successful small businesses are customer-focused, which means they understand the needs of their current customer bases. Satisfied customers can drive profits through repeat business and referrals.

What is business expansion strategy? ›

Business expansion is a strategy that can be used by companies to continue developing their business. It will assist companies to find new opportunities and optimize the use of resources. A business will continue to grow up to a point. After that, companies need to find a way to gain more profit.

What are the 4 growth strategies? ›

The four growth strategies

These are Product, Placement, Promotion and Price. Where the Four Ps focus on audiences, channels & pricing, the Ansoff Matrix is more effective for a broader view of markets and uses the older Four P framework within each of the 4 Ansoff quadrants.

How can I expand my opportunities? ›

Here are steps to grow in your career:
  1. Set clear goals about your expectations. ...
  2. Approach your goal with a step-by-step plan. ...
  3. Actively search for new opportunities. ...
  4. Discuss your career goals with a supervisor or colleague. ...
  5. Keep track of your progress.

How can I expand my local business? ›

  1. Build a sales funnel. The first way to quickly grow your business is by building a sales funnel. ...
  2. Utilize a customer management system. ...
  3. Research the competition. ...
  4. Create a customer loyalty program. ...
  5. Identify new opportunities. ...
  6. Build an email list. ...
  7. Form strategic partnerships. ...
  8. Leverage global platforms.
19 Dec 2017

What are the types of expansion in business? ›

Different types of business expansion include purchasing new assets, opening new units, adding sales personnel, increasing advertising, adding franchises, entering new markets, providing new products or services, etc.

Why is business expansion important? ›

However, expansion is crucial to increase profits and reach new customers. Expansion could involve increasing physical locations or offering more products or services. For example, you may want to diversify your revenue stream so that you aren't reliant on selling just one core product or service.

How do you manage rapid business growth? ›

It is essential that, even in a boom period, you keep control of the situation.
  1. Define your growth objectives. ...
  2. Do a growth diagnosis of your company. ...
  3. Ensure your growth is sustainable. ...
  4. Prepare a growth strategy. ...
  5. Forecast your cash requirements. ...
  6. Analyze receivables and payables. ...
  7. Control costs. ...
  8. Control debt.

What are the top 10 successful businesses? ›

Top 10 most successful businesses to start
  • Social media management. ...
  • Cleaning service. ...
  • Business consulting. ...
  • Copywriting. ...
  • Graphic design. ...
  • Real estate brokers. ...
  • Online courses. ...
  • Pet services. For those who love our furry friends, starting a pet service business may sound like a dream job.
4 Mar 2022

What is business strategy with example? ›

Examples of business strategy

A business strategy is a plan that outlines how a company will achieve its goals. There are many different business strategies, but some common examples include cost leadership, differentiation, and focus.

How can I be a good strategy? ›

5 tips for thinking strategically at work
  1. Look forward. Strategic thinkers are accustomed to looking towards the future. ...
  2. Continue learning. ...
  3. Talk to others. ...
  4. Take risks. ...
  5. Consider the other side.
30 Nov 2021

What are the 7 business life cycle stages? ›

A map of the road to success as a business owner does exist, and it is called the Predictable Success Model. The seven stages are Early Struggle, Fun, Whitewater, Predictable Success, Treadmill, The Big Rut, and finally, Death Rattle.

What are the 5 stages of business growth? ›

Every new business and start-up, big or small, goes through the five stages of business growth. These phases include existence, survival, success, take-off, and resource maturity. All stages of small business growth come with challenges that every company will have to overcome.

What is an example of a growth strategy? ›

Strategic growth involves developing initiatives that will help your business grow long term. An example of strategic growth could be coming up with a new product or developing a market strategy to target a new audience.

How do you succeed in business without really trying? ›

How to Succeed in Business Without Really Trying is a 1967 American romantic musical comedy-drama film based on the 1961 stage musical of the same name, which in turn was based on Shepherd Mead's 1952 book. The film was produced by United Artists and directed by David Swift, with original staging by Bob Fosse.

What is a business expansion example? ›

Different forms of business expansion include opening in another location, adding sales employees, increased marketing, adding franchisees, forming an alliance, offering new products or services, entering new markets, merging with or acquiring another business, expanding globally and expanding through the internet.

How do you create an expansion strategy? ›

How to Develop a Successful Market Expansion Strategy
  1. Create an Overview. ...
  2. Develop a Financial Plan. ...
  3. Expand into new channels. ...
  4. Engage new audiences. ...
  5. Focus on brand growth. ...
  6. Increase sales on existing products. ...
  7. Introduce a line of new products.
30 Sept 2020

What makes a good growth idea? ›

Learning to become more responsible. Developing new skills and learning new things. Changing your mindset. Adopting a more positive attitude.

What are growth opportunities in business? ›

It involves you developing new markets with new products. This means that you would have no experience with the product or with the customers that are likely to purchase it. While the risks are there, this strategy can give you an important first mover advantage, provided no one else has catered for this need before.

How would you want to grow in the company? ›

6 Ways to Grow in Your Job for a Rewarding Career
  1. Create your own opportunities. First things first, when you want to develop yourself, you must look forward to creating opportunities — on your own. ...
  2. Take up allied projects. ...
  3. Strategize your job. ...
  4. Build your personal branding. ...
  5. Delegation enhances efficiency.
30 Jun 2018

How do you say you want to grow professionally? ›

For example: "One of the goals I have set for myself is to improve my data management and analytical skills. I am excited that this job will provide me with the opportunity to further develop these skills and allow me to grow my contribution to the company by utilizing these skills."

What are 3 ways in which a business can grow? ›

So, What Are The 3 Ways To Grow Your Business?
  • Acquire New Customers.
  • Increase Your Average Transaction Value.
  • Increase Your Customer's Frequency of Purchase.
22 Feb 2022

How can a business increase profits? ›

10 Tips to Increase Profits in Your Business
  1. 1) Lead generation. ...
  2. 2) Lead conversion. ...
  3. 3) Number of transactions. ...
  4. 4) Size of transaction. ...
  5. 5) Profit margin per sale. ...
  6. 6) Cost of customer acquisition. ...
  7. 7) Increasing customer referrals. ...
  8. 8) Eliminate costly services and activities.

How do entrepreneur expand their business? ›

Common routes of small business expansion include: Growth through acquisition of another existing business (almost always smaller in size) Offering franchise ownership to other entrepreneurs. Licensing of intellectual property to third parties.

What are your expansion goals? ›

A core general goal during business expansion is to experience dramatic revenue growth. Typically, you enter the expansion phase after some initial success as a start-up. A company that generates $2 million in its first year or two of operations is potentially primed for expansion.

What is growth strategy? ›

A growth strategy is an organization's plan for overcoming current and future challenges to realize its goals for expansion. Examples of growth strategy goals include increasing market share and revenue, acquiring assets, and improving the organization's products or services.

› small › Bo-Co ›

On the one hand, business growth often carries with it a corresponding increase in financial fortunes for owners and employees alike. In addition, expansion is ...
Businesses often face the dilemma of whether they should expand their business for the benefit of their company or not. This is because of the many benefits tha...

What are the 10 ways to improve business practices? ›

10 THINGS YOU CAN DO TO IMPROVE YOUR BUSINESS RIGHT NOW
  1. Identify your critical success factors. ...
  2. Keep score. ...
  3. Learn from the best. ...
  4. Create the future. ...
  5. Involve your people. ...
  6. Set goals. ...
  7. Make a plan.
  8. Develop systems.

What are 3 ways in which a business can grow? ›

So, What Are The 3 Ways To Grow Your Business?
  • Acquire New Customers.
  • Increase Your Average Transaction Value.
  • Increase Your Customer's Frequency of Purchase.
22 Feb 2022

What are the 4 growth strategies? ›

The four growth strategies

These are Product, Placement, Promotion and Price. Where the Four Ps focus on audiences, channels & pricing, the Ansoff Matrix is more effective for a broader view of markets and uses the older Four P framework within each of the 4 Ansoff quadrants.

How can I grow my business in 2022? ›

How to Grow Your Business in 2022?
  1. Build a Strategy for Success. ...
  2. Boost the Online Presence of Your Business. ...
  3. Focus on Educating, Not Hard-Selling. ...
  4. Create High-Quality Content, but Keep It Simple and Clear. ...
  5. Organize Online Events. ...
  6. Focus on Personalization. ...
  7. Prioritize Customer Service.

How do I expand my business? ›

There are two primary ways you could expand your business with franchising. The first way is to buy an existing business or franchise. This option tends to cost more upfront, but can be less risky than trying to start from scratch. The second way is to build your own franchise.

What makes a small business successful? ›

Successful small businesses are customer-focused, which means they understand the needs of their current customer bases. Satisfied customers can drive profits through repeat business and referrals.

How can I improve my business skills? ›

How to improve business skills
  1. Research. Take some time to read up on the most valuable business skills needed in your industry. ...
  2. Find a mentor. Having a mentor who has extensive business experience can provide you with the guidance you may need to develop professionally. ...
  3. Take a business skills course or class.
27 Sept 2021

What are the seven levels of business growth? ›

The seed, startup, growth, established, expansion, maturity, and exit stages. Each stage of growth in business is important because businesses are known to face different challenges at each stage. They also require different financial management practices at each stage to survive.

How do you manage rapid business growth? ›

It is essential that, even in a boom period, you keep control of the situation.
  1. Define your growth objectives. ...
  2. Do a growth diagnosis of your company. ...
  3. Ensure your growth is sustainable. ...
  4. Prepare a growth strategy. ...
  5. Forecast your cash requirements. ...
  6. Analyze receivables and payables. ...
  7. Control costs. ...
  8. Control debt.

What are the key growth strategies? ›

Some common growth strategies in business include market penetration, market expansion, product expansion, diversification and acquisition.

What is expansion strategy with example? ›

What is an Expansion Strategy? An expansion strategy is synonymous with a growth strategy. A firm seeks to achieve faster growth, compete, achieve higher profits, grow a brand, capitalize on economies of scale, have greater impact, or occupy a larger market share.

What are types of growth strategies? ›

There are four core strategies that make up organic growth. These strategies are known as market penetration, market development, product development, and diversification. Market Penetration: This growth strategy involves selling more of a company's existing products or services to its current customer base.

What are business strategies examples? ›

10 Examples of effective business strategies
  • Technological advantage. ...
  • Improve customer retention. ...
  • Improve customer service. ...
  • Cross-selling products. ...
  • Increase sales from new products. ...
  • Innovation and pushing boundaries. ...
  • Product diversity. ...
  • Price point strategising.
8 Feb 2022

How can I make my business productive and profitable? ›

Four ways to increase business profitability

There are four key areas that can help drive profitability. These are reducing costs, increasing turnover, increasing productivity, and increasing efficiency. You can also expand into new market sectors, or develop new products or services.

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