15 Strategies for Quickly Expanding Your Business (2023)

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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) 7 Strategies to Grow Your Business | Brian Tracy

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) 15 Strategies to Start and Grow Your Small Business

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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) 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

How can I make my business grow faster? ›

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

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.

Why is expanding a business important? ›

Overall, the benefits of expanding a business include reducing external risks (such as those posed by competition, the market, or technology changes). Expansion can also enhance the impression of greater financial viability: larger businesses often look more appealing to investors and lenders.

What are the 4 growth strategies? ›

There are four basic growth strategies you can employ to expand your business: market penetration, product development, market expansion and diversification.

What are the top 10 successful businesses? ›

This can lower or even outweigh potential returns.
  • #1 Apple Inc. (AAPL)
  • #2 Microsoft Corp. (MSFT)
  • #3 Industrial And Commercial Bank Of China Ltd. (IDCBY)
  • #4 China Construction Bank Corp. (CICHY)
  • #5 Alphabet Inc. (GOOGL)
  • #6 Agricultural Bank of China Ltd. (ACGBY)
  • #7 JPMorgan Chase & Co. ...
  • #8 Alibaba Group Holding Ltd.

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.

Why is strategy important in business? ›

When leaders formulate a strategy, it helps them understand their strengths and weaknesses. This way, they can capitalize on what they are good at and improve on their weaker aspects. It ensures that every aspect of a business is planned. This means more efficiency and better and more effective plans.

What are the 4 types of business growth? ›

4 types of business growth include organic, strategic, internal, and lastly- acquisition, merger, or partnership. 4 strategies include product development, market development, diversification, and market penetration.

When should you expand your business? ›

Take a look at these 9 signs and decide if it's time for you to expand.
  • Your Customers Demand It. ...
  • Space Is Getting Tight. ...
  • You Have Too Much Business to Handle. ...
  • An Opportunity Surfaces That's Too Good to Pass Up. ...
  • You Don't Have the Skills to Get the Job Done. ...
  • You Find a Golden Product-Market Fit. ...
  • You've Gotten Too Comfortable.
31 Jan 2019

What 3 things make a business successful? ›

Start with these strategies now.
  • Pursuing a mission. A company's mission is essential to running all aspects of the business. ...
  • Focusing on customers. ...
  • Employing a great management team. ...
  • Retaining employee talent. ...
  • Keeping detailed financial records. ...
  • Continuing to innovate. ...
  • Pursuing long-term goals. ...
  • Adapting to new technology.
8 Jun 2017

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 do you develop a growth strategy? ›

How to create a growth strategy
  1. Identify your value proposition. ...
  2. Identify your target audience. ...
  3. Understand your current revenue streams. ...
  4. Look at your competition. ...
  5. Choose an area of growth. ...
  6. Conduct market research. ...
  7. Set goals. ...
  8. Create a plan.

What is business expansion plan? ›

Whether you accompany your proposal with an elaborate presentation or keep it minimal, a business expansion plan should outline steps that you'll take to facilitate and support the growth of your business, from securing capital to an updated marketing strategy in a new territory.

What are the types of expansion in business? ›

These are 1) introduction of a new product, 2) taking existing product to a new market, 3) licensing the product for others to make, 4) starting a chain, 5) turning the business into a franchise, 6) growing through acquisition or merger, and 7) seeking foreign markets.

What does it mean to expand your business? ›

Business expansion is a stage when the company seeks out more solutions to reach more customers, increase brand awareness, and increase profits.

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 is a high 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.

What is growth and expansion strategy? ›

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 the 5 successful entrepreneurs? ›

Henry Ford

Andrew Carnegie, Henry Ford, Oprah Winfrey, Bill Gates, and Larry Page are among the most celebrated American entrepreneurs in history.

What are types of strategies? ›

Following are 12 different strategy types that can help a business reach its unique goals:
  • Structuralist. ...
  • Differentiation. ...
  • Price-skimming. ...
  • Acquisition. ...
  • Growth. ...
  • Focus. ...
  • Cross-selling. ...
  • Operational.
30 Nov 2021

How many strategies should a company have? ›

Given the science, it makes sense that companies to not exceed seven strategic goals, and popular goal setting approaches such as the OKR (Objectives and Key Results) aim to stay within that limit.

What is business strategy and planning? ›

Business planning and strategy—Business planning, leading to the formulation of business strategy, is the process of determining the scope of a division's activities that will satisfy a broad consumer need, of deciding on the division's objectives in its defined area of operations, and of establishing the policies ...

What are business strategies? ›

Put simply, Business strategy is a clear set of plans, actions and goals that outlines how a business will compete in a particular market, or markets, with a product or number of products or services.

What should be in a strategic plan? ›

A strategic plan is a dynamic document or presentation that details your company's present situation, outlines your future plans, and shows you how the company can get there. You can take many approaches to the process and consider differing ideas about what needs to go into it, but some general concepts stand.

What is business strategy essay? ›

Strategy has been defined as the direction and scope which an organization has over a long-term period and which helps it in achieving the best using the available resources within a highly competitive environment without hurting its customer base.

What words attract customers? ›

So here you go, here are 10 words customers love to hear when making a decision:
  • Free.
  • Exclusive.
  • Easy.
  • Limited.
  • Get.
  • Guaranteed.
  • You.
  • Because.
2 Aug 2016

What is the best marketing strategy? ›

If you are looking for the overall most effective marketing strategy for small business, content marketing is the winner. Content marketing encompasses blogs, videos, social media posts, podcasts, webinars, and more – basically, any type of content you can distribute online falls into this category.

How can you improve marketing? ›

7 Marketing Strategies to Grow Your Audience
  1. Start with what you know. ...
  2. Use social media to engage audiences. ...
  3. Focus on audience preferences. ...
  4. Use postcards to stand out. ...
  5. Expand your landing page traffic. ...
  6. Team up with complementary businesses. ...
  7. Create an omnichannel marketing strategy.

What are the 4 types of 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 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.

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.

What are the tips for future expansion? ›

Our CEO Randy Nicolau shares his best tips.
  • 1: Understand Your Customer. “The first step in understanding where you want to expand is understanding your customer.” ...
  • 2: Align on Strategy. ...
  • 3: Assess Internal Capabilities. ...
  • 4: Identify Resource Needs. ...
  • 5: Space Plan and Design.

How long does it take to expand your business? ›

Although every business is different, most can expect to start seeing success after about seven to 10 years. In fact, the first three years are just about finding your direction and establishing your business as a real company.

What Makes a good business Plan? ›

Good plans are usually highly detailed and include information on all aspects of the business, including the industry, marketing, finance, personnel and various operating procedures. They are specific, communicate to all company employees and require commitment from everyone.

What makes a strong business? ›

“One thing successful businesses have in common is … a strong customer focus,” said John Stevenson, marketing specialist at My GRE Exam Preparation. “They create a culture that is centered around their customers and focus their processes, products and services around their services needs.

What is your plan to grow your business in future? ›

A growth plan is a granular, systematic record of ambitions for your business' future. It sets out your business goals and targets, and clear strategies and tactics for reaching them. A growth plan considers: the current state of your business - including strengths, weaknesses and opportunities.

How can I expand my business online? ›

Do not worry, we do not spam.
  1. Specify Your Niche And Develop A Unique Brand. ...
  2. Know Your Audience Well. ...
  3. Focus On Content Marketing. ...
  4. Invest in Video Marketing. ...
  5. Use Paid Media To Increase Your Reach. ...
  6. Establish Partnerships. ...
  7. Count On Online Solutions To Achieve Scalability.
16 Oct 2020

How can I expand my business in another city? ›

How to expand business in other cities?
  1. Preparing a plan.
  2. Evaluating current finances.
  3. Market research.
  4. Adding new products and services.
  5. Implementing innovative marketing strategies.
  6. Establishing goals for a new location.
  7. Identifying territories that have great potential.
  8. Allocating funds.
13 Oct 2020

When should you expand your business? ›

Take a look at these 9 signs and decide if it's time for you to expand.
  • Your Customers Demand It. ...
  • Space Is Getting Tight. ...
  • You Have Too Much Business to Handle. ...
  • An Opportunity Surfaces That's Too Good to Pass Up. ...
  • You Don't Have the Skills to Get the Job Done. ...
  • You Find a Golden Product-Market Fit. ...
  • You've Gotten Too Comfortable.
31 Jan 2019

How can I expand my business internationally? ›

  1. Looking At TAM And SAM. ...
  2. Customizing Your Offer To The Market. ...
  3. Considering Cultural Differences. ...
  4. Hiring An International Team. ...
  5. Researching The Country's Language Knowledge. ...
  6. Being Available Across Time Zones. ...
  7. Knowing The Product Value To International Countries. ...
  8. Understanding Customs, Culture And Desires.
10 May 2022

How do small businesses grow marketing? ›

How to Grow Your Small Business with Marketing: 6 Quick Tips
  1. Define your small business growth goals. ...
  2. Identify your ideal audience or target market. ...
  3. Get serious about your website. ...
  4. Focus on the marketing tactics you have time for. ...
  5. Be consistent. ...
  6. How to grow your small business with marketing: try new things.
26 Jan 2021

What are the tips for future expansion? ›

Our CEO Randy Nicolau shares his best tips.
  • 1: Understand Your Customer. “The first step in understanding where you want to expand is understanding your customer.” ...
  • 2: Align on Strategy. ...
  • 3: Assess Internal Capabilities. ...
  • 4: Identify Resource Needs. ...
  • 5: Space Plan and Design.

What is a business expansion? ›

Expansion is the phase of the business cycle where real gross domestic product (GDP) grows for two or more consecutive quarters, moving from a trough to a peak. Expansion is typically accompanied by a rise in employment, consumer confidence, and equity markets and is also referred to as an economic recovery.

How do you increase market reach? ›

7 Simple Marketing Techniques That Will Increase Your Customer...
  1. Increase your network and partnerships. ...
  2. Offer a newsletter. ...
  3. Use social media. ...
  4. Master referral marketing. ...
  5. Target multiple audiences. ...
  6. Incorporate visual marketing into your marketing strategy. ...
  7. Give free trials.
18 Oct 2017

How long does it take to expand your business? ›

Although every business is different, most can expect to start seeing success after about seven to 10 years. In fact, the first three years are just about finding your direction and establishing your business as a real company.

What are the types of expansion in business? ›

These are 1) introduction of a new product, 2) taking existing product to a new market, 3) licensing the product for others to make, 4) starting a chain, 5) turning the business into a franchise, 6) growing through acquisition or merger, and 7) seeking foreign markets.

What are the methods of expansion? ›

Methods of expansion
  • Internal (organic) growth - the business grows by hiring more staff and equipment to increase its output .
  • External growth - where a business merges with or takes over another organisation. ...
  • Franchising - where a business leases its idea to franchisees.

What are the 3 strategies for international expansion? ›

3 Types of International Expansion Strategies to Consider
  • Licensing Arrangements.
  • Mergers and Acquisitions.
  • Entity Set-up, PEO and EOR.
24 Aug 2020

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