Member Article

The 3 basics of business growth

No matter how you look at it, there are just three basic ways to grow your business writes business coach, Malcolm Gallagher.

You can choose between being the cheapest, being the best or being different.

But; it isn’t just knowing about these three that makes the difference, its understanding the impact behind each and determining the right choice for your organisation. Leaders consider carefully their “growth strategy” and select wisely.

Being the cheapest is all too often the default approach by new businesses who mistakenly think that customers will be loyal if they keep their prices low. All too often though, the types of customers attracted by low prices are the ones that hate to pay and who moan the most. On top of that, it’s likely that you will be moaning yourself at the amount of hours you are working for little profit.

Being the best can be a sensible approach if you can find a big enough niche with a market that’s big enough for you but not big enough to attract your bigger competitors. Being the best can be a sensible approach if you are selling a service but be cautious if you are selling a product which could be beaten by a competitor.

And the third strategy for growth, being different, means you are differentiated from something else other than just price or quality. The challenge is in finding your difference which is where a little outside experienced advice can be valuable. You can gain such help by using the free advice available through the Leadership and Management Advisory Service offer, contact NBSL for further details.

Malcolm Gallagher is the keynote speaker at the NBSL sponsored Leadership & Management seminar at Newcastle United on Monday 28th November. There is no charge to attend but places are limited so contact Rachel Frazer on 01670 813322 or apply via www.nbsl.org.uk

This free event is open to business leaders of B2B businesses who employ between 2 and 249 employees

This was posted in Bdaily's Members' News section by Phil Langton .