What does it mean to grow your business?
Business growth happens when the business is growing, producing more income or product/service by receiving help internally like employees, shareholders, or even by outside factors that are not within the actual business like financial institutions, also dictated by social and market trends.

We collected some information that can help you understand the importance and strategies needed to grow your business.

New geographies
Investing in new marketing and expansion for services or offices is also a growth strategy since you are showing your products/services to a whole new market.

Diversification
Grow and make new products, new locations, and new staff, no need for re-branding this is considered a large-scale expansion, funding companies will always be interested in helping a business grow. Investing in new marketing campaigns and sharing the new changes is also good for diversification.

Market attack
When a business recurs to keeping the same market but decreases prices and increases marketing, having ambassadors and implementing brand awareness also helps concrete this strategy.

Acquisitions
Buying out the competition sounds harsh but is really a great strategy because it encourages immediate growth not only in the market of the clients they already had but the ones you can acquire by offering another franchise and more supplies.

Vertical combination
Businesses and companies start producing their own packaging materials instead of having an external source provide them.

Product change
This happens when a business stays in the same market but changes or makes new products in order to look New and Fresh, some companies may choose to add new features to their products and strengthen their design and creation team.

Market increase
It functions as an expansion method by reaching customer markets they have not before. For example, a salsa company would try to gain market share by selling directly to restaurants and having store stands instead of going only with groceries.

Recurrent case
If the business is a Service provider focus only company, start with recommendations and discounts for comeback clients, this will improve your loyal customer base.