{"id":4565,"date":"2021-01-26T09:30:00","date_gmt":"2021-01-26T09:30:00","guid":{"rendered":"https:\/\/blog.kylas.io\/?p=4565"},"modified":"2023-09-26T19:27:05","modified_gmt":"2023-09-26T13:57:05","slug":"top-small-business-growth-strategies","status":"publish","type":"post","link":"https:\/\/kylas-v2.staging2.amura.in\/en\/sales-effectiveness\/top-small-business-growth-strategies","title":{"rendered":"Top 4 Small Business Growth Strategies Need to Know"},"content":{"rendered":"\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">According to the <a href=\"https:\/\/www.worldbank.org\/en\/topic\/smefinance\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\">World Bank<\/span><\/a>, small businesses represent about 90 percent of all global businesses and more than 50 percent of the global workforce. In addition, SMEs in emerging and formal markets create 7 out of 10 jobs.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Although their cumulative contribution is small compared to larger global enterprises, they help create new work opportunities, contribute to increasing the tax base and development, improve local and national economies, and are a powerhouse for <a href=\"https:\/\/kylas.io\/business-growth\/innovation-budget-possible-small-business-growth\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">innovation<\/mark><\/span><\/a>.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">In essence, small businesses keep economies running.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading has-medium-font-size\" id=\"htoc-so-is-it-not-strange-that-we-rarely-come-across-incredible-small-business-growth-stories-what-s-holding-them-back\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">So, is it not strange that we rarely come across incredible small business growth stories? What\u2019s holding them back?<\/span><\/strong><\/h4>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Multiple research studies on <a href=\"https:\/\/kylas.io\/business-growth\/the-complete-guide-to-market-segmentation-for-small-business-growth\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">small business growth<\/mark><\/span><\/a> (and failure) over the last three decades have attributed these to factors such as regulations, economic conditions, technology, and access to business expertise.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">However, one common theme among these is that<em> most small businesses lack growth strategies to ensure sustained performance over a long period.<\/em><\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Growth strategies are crucial for all businesses, small and large.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Without a growth strategy, your business and <a href=\"https:\/\/kylas.io\/sales-effectiveness\/sales-crm-to-avoid-sales-team-micromanagement\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">sales team<\/mark><\/span><\/a> will, in all probability, only react to changing market conditions and not be prepared to ride the wave or grow sustainably.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-ht-block-toc  is-style-outline htoc htoc--position-wide toc-list-style-plain\" data-htoc-state=\"expanded\"><span class=\"htoc__title\"><span class=\"ht_toc_title\">Table of Contents<\/span><span class=\"htoc__toggle\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"16\"><g fill=\"#444\"><path d=\"M15 7H1c-.6 0-1 .4-1 1s.4 1 1 1h14c.6 0 1-.4 1-1s-.4-1-1-1z\"><\/path><path d=\"M15 1H1c-.6 0-1 .4-1 1s.4 1 1 1h14c.6 0 1-.4 1-1s-.4-1-1-1zM15 13H1c-.6 0-1 .4-1 1s.4 1 1 1h14c.6 0 1-.4 1-1s-.4-1-1-1z\"><\/path><\/g><\/svg><\/span><\/span><div class=\"htoc__itemswrap\"><ul class=\"ht_toc_list\"><li class=\"\"><a href=\"#htoc-the-benefits-of-growth-strategies-for-small-businesses\">The Benefits of Growth Strategies for Small Businesses&nbsp;<\/a><\/li><li class=\"\"><a href=\"#htoc-top-4-small-business-growth-strategies\">Top 4 Small Business Growth Strategies<\/a><\/li><li class=\"\"><a href=\"#htoc-how-to-grow-your-business-quickly\">How to Grow Your Business Quickly?<\/a><\/li><li class=\"\"><a href=\"#htoc-fostering-small-business-growth\">Fostering Small Business Growth&nbsp;<\/a><\/li><\/ul><\/div><\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div style=\"background-color: #d9edf7;color: #31708f;border-left-color: #31708f\" class=\"ub-styled-box ub-notification-box wp-block-ub-styled-box\" id=\"ub-styled-box-05f98894-08ff-407d-8a70-318e4f60a7f4\">\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\" id=\"ub-styled-box-notification-content-\"><em>Myth 1<\/em> &#8211; <strong>\u201cBusinesses, other than healthcare,\u00a0cannot grow during a recession.\u201d\u00a0<\/strong><\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">This is what\u00a0small business\u00a0growth strategies are for.\u00a0They can help-\u00a0<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Expand into new markets\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Diversify offerings\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Create strategic alliances\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Work on business culture to improve productivity\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Rework marketing strategies\u00a0<\/li>\n<\/ul>\n\n\n<\/div>\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"htoc-the-benefits-of-growth-strategies-for-small-businesses\">The Benefits of Growth Strategies for Small Businesses&nbsp;<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Survive external risks like market volatility and inflation&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Become more sustainable in the long-run&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Increase revenue generation&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Gain a greater competitive advantage&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>More leeway in&nbsp;capital&nbsp;strength for reinvestment&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Reach new customers and markets&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Grow your brand and influence&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">While small businesses do face deeper resource constraints in comparison to large enterprises, they possess agility which helps in implementing growth strategies easily.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">To this end, this article will focus on the top 4 growth strategies to help small businesses commit to ambitious growth.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"htoc-top-4-small-business-growth-strategies\">Top 4 Small Business Growth Strategies<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/kylas.io\/wp-content\/uploads\/2023\/03\/Top-4-Small-Business-Growth-Strategies-3-1024x853.jpg\" alt=\"Top 4 Small Business Growth Strategies\" class=\"wp-image-16210\" style=\"width:768px;height:640px\" width=\"768\" height=\"640\" title=\"Top 4 Small Business Growth Strategies\" srcset=\"https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Top-4-Small-Business-Growth-Strategies-3-1024x853.jpg 1024w, https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Top-4-Small-Business-Growth-Strategies-3-300x250.jpg 300w, https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Top-4-Small-Business-Growth-Strategies-3-768x640.jpg 768w, https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Top-4-Small-Business-Growth-Strategies-3.jpg 1200w\" sizes=\"auto, (max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><figcaption class=\"wp-element-caption\">Top 4 Small Business Growth Strategies<\/figcaption><\/figure>\n<\/div>\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-1-innovation-development-and-commercialization-strategy\" style=\"font-size:22px;line-height:1.6\">1. Innovation, Development, and Commercialization Strategy<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Innovation is where your business ideates and converts them into innovative solutions to deliver value to your target audience.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Hence, innovation comes in many shapes and sizes such as-<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/kylas.io\/wp-content\/uploads\/2023\/03\/Innovation-Development-and-Commercialization-Strategy-1-1024x853.jpg\" alt=\"Innovation, Development, and Commercialization Strategy\" class=\"wp-image-16211\" style=\"width:768px;height:640px\" width=\"768\" height=\"640\" title=\"Innovation, Development, and Commercialization Strategy\" srcset=\"https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Innovation-Development-and-Commercialization-Strategy-1-1024x853.jpg 1024w, https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Innovation-Development-and-Commercialization-Strategy-1-300x250.jpg 300w, https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Innovation-Development-and-Commercialization-Strategy-1-768x640.jpg 768w, https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Innovation-Development-and-Commercialization-Strategy-1.jpg 1200w\" sizes=\"auto, (max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><figcaption class=\"wp-element-caption\">Innovation, Development, and Commercialization Strategy<\/figcaption><\/figure>\n<\/div>\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading has-vivid-cyan-blue-color has-text-color has-medium-font-size\" id=\"htoc-radical-innovation\" style=\"line-height:1.6\">a) Radical Innovation<\/h4>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Radical innovation involves the application of new ideas to a new market, sometimes even leading to the birth of new industries.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-black-color has-luminous-vivid-amber-background-color has-text-color has-background has-medium-font-size wp-block-paragraph\"><em><strong>Famous examples<\/strong><\/em> &#8211; John Deere with tractors, Netflix with online-only entertainment<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading has-vivid-cyan-blue-color has-text-color has-medium-font-size\" id=\"htoc-architectural-innovation\" style=\"line-height:1.6\">b) Architectural Innovation<\/h4>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Architectural innovation involves taking existing ideas, strategies, or solutions from one field and applying it to a new market.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size wp-block-paragraph\"><em><strong>Famous examples<\/strong> <\/em>&#8211; IBM with multi-core processor, Benz with an internal combustion engine<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading has-vivid-cyan-blue-color has-text-color has-medium-font-size\" id=\"htoc-incremental-innovation\" style=\"line-height:1.6\">c) Incremental Innovation<\/h4>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Incremental innovation involves a culture where continuous improvement significantly impacts a wide range of areas.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size wp-block-paragraph\"><em><strong>Famous examples<\/strong> <\/em>&#8211; KLM Airlines with commercial aviation, Proctor and Gamble with a synthetic detergent<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading has-vivid-cyan-blue-color has-text-color has-medium-font-size\" id=\"htoc-disruptive-innovation\" style=\"line-height:1.6\">d) Disruptive Innovation<\/h4>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Disruptive innovation involves the creation of new solutions to serve existing markets. As the markets already exist, practical solutions can be better tested for scalability.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size wp-block-paragraph\"><em><strong>Famous examples<\/strong> <\/em>&#8211; Airbnb with collaborative revenue generation, Aldi with discount stores<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">In essence, ideation is the generation and communication of the originality of thought and innovation is the selection of the right business ideas, refining them, and exercising their implementation into the business.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Regardless, small businesses must commercialize innovation to realize profits.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\"><strong>Commercialization <\/strong>is an attempt by a business to gain profit from innovation. They can do so by-<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Incorporating innovation into products, processes, and services<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">.<\/mark><\/p>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>License the innovation<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">.<\/mark><\/p>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Sell the innovation and\/or patent to a third party<\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>To be successful, businesses must-<\/strong><\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Run ideation sessions and finalize a list<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Identify the right innovation and do market research<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Built and test a prototype or a blueprint<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Identify the value chain and scalability probabilities<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Determine investments and risks involved<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Identify and setup product\/service development process<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Find the right commercialization strategy<\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div style=\"background-color: #d9edf7;color: #31708f;border-left-color: #31708f\" class=\"ub-styled-box ub-notification-box wp-block-ub-styled-box\" id=\"ub-styled-box-5095089d-2d11-41db-8de7-f5c5ce9d6020\">\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\" id=\"ub-styled-box-notification-content-\"><em>Myth 2<\/em> &#8211; \u201cInnovation development is too expensive, difficult, and risky for a small business.\u201d<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Innovation is the cornerstone of industry progress. Small businesses can work on ideation and innovation within the organization to keep R&amp;D costs low. They can-<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Improve existing offerings<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Add new features or services to existing offerings<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Diversify offerings<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Partner with a business entity for innovation development<\/li>\n<\/ul>\n\n\n<\/div>\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-2-accessing-new-and-unmet-revenue-generation-pools\" style=\"font-size:22px;line-height:1.6\">2. Accessing New and Unmet Revenue Generation Pools&nbsp;<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/kylas.io\/wp-content\/uploads\/2023\/03\/Accessing-New-and-Unmet-Revenue-Generation-Pools-1-1024x853.jpg\" alt=\"Accessing New and Unmet Revenue Generation Pools\" class=\"wp-image-16212\" style=\"width:768px;height:640px\" width=\"768\" height=\"640\" title=\"Accessing New and Unmet Revenue Generation Pools\" srcset=\"https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Accessing-New-and-Unmet-Revenue-Generation-Pools-1-1024x853.jpg 1024w, https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Accessing-New-and-Unmet-Revenue-Generation-Pools-1-300x250.jpg 300w, https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Accessing-New-and-Unmet-Revenue-Generation-Pools-1-768x640.jpg 768w, https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Accessing-New-and-Unmet-Revenue-Generation-Pools-1.jpg 1200w\" sizes=\"auto, (max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><figcaption class=\"wp-element-caption\">Accessing New and Unmet Revenue Generation Pools<\/figcaption><\/figure>\n<\/div>\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Revenue generation is the successful&nbsp;conversion&nbsp;of value offered by a business to its customers into money.&nbsp;Accessing new and unmet revenue generation pools can be done by reconfiguring existing revenue models&nbsp;or implementing new ones.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">The focus&nbsp;then&nbsp;moves to&nbsp;revenue&nbsp;streams&nbsp;(sources&nbsp;of income).&nbsp;A business may have one or more sources of income.&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">It is common that businesses to stay put in current markets and focus on improving or amending existing revenue generation strategies to keep things simple.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Types&nbsp;of revenue generation strategies include-&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading has-vivid-cyan-blue-color has-text-color has-medium-font-size\" id=\"htoc-direct-revenue-generation\" style=\"line-height:1.6\">a) Direct&nbsp;Revenue&nbsp;Generation&nbsp;<\/h4>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">This&nbsp;is where a business handles&nbsp;all&nbsp;sales&nbsp;aspects&nbsp;whereby revenue streams flow directly&nbsp;from the source&nbsp;to them.&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size wp-block-paragraph\"><strong><em>Famous examples<\/em><\/strong><em>&nbsp;\u2013&nbsp;<\/em>Microsoft with Windows operating system,&nbsp;AT &amp; T with post-paid mobile network&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\"><span style=\"text-decoration: underline;\"><strong>Subtypes&nbsp;include-&nbsp;&nbsp;<\/strong><\/span><\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\"><strong>The&nbsp;Subscription&nbsp;Model&nbsp;<\/strong>is where customers pay a recurring price at regular intervals, like month to month&nbsp;or quarter to quarter,&nbsp;for products&nbsp;or services.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size wp-block-paragraph\"><em><strong>Famous examples<\/strong>&nbsp;\u2013&nbsp;<\/em>Microsoft with Windows operating system,&nbsp;AT &amp; T with post-paid mobile network<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\"><strong>The Usage Charges Model<\/strong> or transaction-based revenue generation is where customers pay per use or pay for bulk or time-limited use.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size wp-block-paragraph\"><em><strong>Famous examples<\/strong> \u2013&nbsp;<\/em>Viacom with&nbsp;a&nbsp;pay-per-view pricing&nbsp;model for&nbsp;boxing exhibitions,&nbsp;McAfee, and Intel with Anti-virus security for Windows<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\"><strong>The&nbsp;Retail&nbsp;Sales&nbsp;Model<\/strong><em>&nbsp;<\/em>is where the business sets up retail stores where&nbsp;the&nbsp;products are kept&nbsp;for sales&nbsp;or services&nbsp;rendered.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size wp-block-paragraph\"><em><strong>Famous examples<\/strong> \u2013&nbsp;<\/em>Starbucks&nbsp;chain of&nbsp;coffeehouses, Barnes &amp; Noble for&nbsp;a&nbsp;bookstore chain<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\"><strong>The&nbsp;Freemium Model&nbsp;<\/strong>is where the basic&nbsp;products are free, but users must pay for additional features and functions,&nbsp;customization,&nbsp;etc.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size wp-block-paragraph\"><em><strong>Famous examples<\/strong> \u2013&nbsp;<\/em>Trello&nbsp;with online&nbsp;project management,&nbsp;Spotify with online music.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading has-vivid-cyan-blue-color has-text-color has-medium-font-size\" id=\"htoc-revenue-sharing-strategy\" style=\"line-height:1.6\">b) Revenue-sharing&nbsp;Strategy&nbsp;<\/h4>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">This&nbsp;is where a business outsources, fully or partially,&nbsp;its&nbsp;revenue generation&nbsp;to a third party.&nbsp;In effect, the third party is compensated from the revenue generated, predefined as a business agreement partnership.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Subtypes&nbsp;include-&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\"><strong>The&nbsp;Licensing&nbsp;Model<\/strong><em>&nbsp;<\/em>is&nbsp;where&nbsp;users are&nbsp;permitted&nbsp;to use products, services, patents, or brands&nbsp;in exchange for licensing fees.&nbsp;This is usually per-use or time-based.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size wp-block-paragraph\"><em><strong>Famous examples<\/strong> &#8211; <\/em>Nestle licenses Starbucks products, Marvel licensed Spider-Man to Sony Picture Entertainment<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\"><strong>The&nbsp;Franchise&nbsp;Model<\/strong><em> <\/em>is similar to licensing but the difference is that entities can use the parent company\u2019s branding and marketing strategies. The parent company earns revenue by allowing multiple entities to offer its product or service to customers.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size wp-block-paragraph\"><em><strong>Famous examples<\/strong> \u2013&nbsp;<\/em>KFC restaurants, Hilton hotels &amp; resorts&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\"><strong>Channel&nbsp;Partner&nbsp;Sales<\/strong><em>&nbsp;<\/em>or&nbsp;the&nbsp;affiliate revenue model, is where partners or resellers sell your product&nbsp;or render&nbsp;services on your behalf.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size wp-block-paragraph\"><em><strong>Famous examples<\/strong> \u2013&nbsp;<\/em>Cisco Channel Partner Sales for telecommunications and more,&nbsp;PayPal\u2019s partner program for payments<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">To be successful, businesses must-&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Gather market and customer data&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Establish pricing goals&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Make a list of revenue models best suited to your business&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Map an implementation plan&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Aligning sales and marketing with a new\/ reworked <a href=\"https:\/\/kylas.io\/business-growth\/small-business-growth-pricing-strategy\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">pricing strategy<\/mark><\/span><\/a>&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Ensure you communicate the change in revenue streams to your existing customers&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Use metrics to measure progress and make changes accordingly&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div style=\"background-color: #d9edf7;color: #31708f;border-left-color: #31708f\" class=\"ub-styled-box ub-notification-box wp-block-ub-styled-box\" id=\"ub-styled-box-f9df2a4e-bca9-4a91-8a6c-18eb5ccc1f27\">\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\" id=\"ub-styled-box-notification-content-\"><strong><em>Myth 3 &#8211;<\/em> \u201cWe have no way to improve our cash flow situation.\u201d\u00a0<\/strong><\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">The preservation of business stability is paramount. However, in volatile markets, it is more important to invest in growth than trying to conserve depleting reserves. They can-\u00a0<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Change their pricing strategies\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Offer\u00a0promotions, discounts for upselling, cross-selling,\u00a0and\u00a0referral programs\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Focus on multiple-level engagement for relationship development with digital marketing\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Partner with other businesses (JV and M&amp;A)\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Ask suppliers to extend credit\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Be insured against a cashflow crisis (rarely used as it is an expensive undertaking)\u00a0<\/li>\n<\/ul>\n\n\n<\/div>\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-3-invest-in-strategic-partnerships-including-funding\" style=\"font-size:22px;line-height:1.6\">3. Investing in Strategic Partnerships (Including Funding)<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/kylas.io\/wp-content\/uploads\/2023\/03\/Investing-in-Strategic-Partnerships-1-1024x853.jpg\" alt=\"Investing in Strategic Partnerships (Including Funding)\" class=\"wp-image-16213\" style=\"width:768px;height:640px\" width=\"768\" height=\"640\" title=\"Investing in Strategic Partnerships (Including Funding)\" srcset=\"https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Investing-in-Strategic-Partnerships-1-1024x853.jpg 1024w, https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Investing-in-Strategic-Partnerships-1-300x250.jpg 300w, https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Investing-in-Strategic-Partnerships-1-768x640.jpg 768w, https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Investing-in-Strategic-Partnerships-1.jpg 1200w\" sizes=\"auto, (max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><figcaption class=\"wp-element-caption\">Investing in Strategic Partnerships (Including Funding)<\/figcaption><\/figure>\n<\/div>\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">A commonly used growth strategy, strategic partnerships can help expand capabilities without the hassles of investing in in-house talent and assets. In addition, businesses can reduce risks, perform efficiently, and adapt faster to changing market scenarios.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Strategic partnerships can come in many shapes and sizes. Here\u2019s a breakdown of the 2 broad models:<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading has-vivid-cyan-blue-color has-text-color has-medium-font-size\" id=\"htoc-business-agreement-partnership\" style=\"line-height:1.6\">a) Business Agreement Partnership<\/h4>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Business agreements are where two or more entities come to a legally binding agreement to create an independent business entity that will work towards a collective set of goals.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">They may agree to share resources, assets, technology, and profits to extend their capabilities.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Common types of strategic partnerships include-<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\"><span style=\"text-decoration: underline;\"><strong>Partnerships and Joint Ventures (JV)<\/strong><\/span><em> <\/em>&#8211; Joint ventures are structured partnerships set up for contractual agreements to pool resources, assets, talent, and products\/services towards a specific goal. <\/p>\n\n\n\n<p class=\"has-white-color has-text-color wp-block-paragraph\">&#8211;<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">In a JV, a small business can partner with another business entity to create a completely new business entity to expand its capabilities.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size wp-block-paragraph\"><em><strong>Famous examples<\/strong> <\/em>\u2013 Sony and Ericsson for telecommunications, Microsoft healthcare intelligence products with General Electric GE health-related technologies to form Caradigm<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\"><span style=\"text-decoration: underline;\"><strong>Mergers and Acquisitions (M&amp;A)<\/strong><\/span> &#8211; is where two businesses come together to form a single company. While mergers, also known as &#8216;mergers of equals, are where two companies come together as one, acquisitions are where one company takes over another into its fold.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size wp-block-paragraph\"><em><strong>Famous examples<\/strong> <\/em>\u2013 Google&#8217;s acquisition of Android, the merger between Exxon and Mobile<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading has-vivid-cyan-blue-color has-text-color has-medium-font-size\" id=\"htoc-business-funding\" style=\"line-height:1.6\">b) Business Funding<\/h4>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Small businesses are often low on capital and their growth plans are contingent on their financial situation. Today, small businesses have access to multiple options to fund their business plans and growth strategies.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Common funding and investment types include-<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\"><span style=\"text-decoration: underline;\"><strong>Bootstrapping <\/strong><\/span>\u2013 Scrape together capital by selling personal assets, applying for low-interest government loans, or borrowing from family and friends to fund your plans.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size wp-block-paragraph\"><em><strong>Famous examples<\/strong> <\/em>\u2013 Amazon Studios TV and film production, Pebble Technology Corp. with consumer electronics like smartwatches<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\"><span style=\"text-decoration: underline;\"><strong>Seed Funding<\/strong><\/span> \u2013 The trend of the decade, seed funding is where an enterprise looks for investors by selling equity or getting into business ventures. Seed funding is categorized based on the required capital and track records.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size wp-block-paragraph\"><em><strong>Famous examples<\/strong> <\/em>\u2013 GGV Capital invested in Airbnb and Slack, Sequoia Capital invests in Indigo Paints, SoftBank invested in OlaCabs and WeWork<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\"><span style=\"text-decoration: underline;\"><strong>Bank Loan<\/strong><\/span> \u2013 Probably the preferred model in this list, bank loans are offered on revenue generation capacity, helping small businesses overcome hurdles such as time to generate investments and credits.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">To be successful, businesses must-&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Identify gaps in access to the partner\u2019s resources&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Conduct research into markets, customer segments, and requirements, and an analysis of their competitors.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Identify expansion areas, geographies, and other related values that the strategic partner can bring to the table<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Define a plan with the partner including responsibilities and make it legal Monitor their performance<\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div style=\"background-color: #d9edf7;color: #31708f;border-left-color: #31708f\" class=\"ub-styled-box ub-notification-box wp-block-ub-styled-box\" id=\"ub-styled-box-4df35d0e-d88a-46c0-9d4b-0db89371719c\">\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\" id=\"ub-styled-box-notification-content-\"><em>Myth 4-<\/em> \u201cBanks have turned me down. I have run out of alternative funding options.\u201d\u00a0<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Opting for investments and funding is the new norm. The reasoning behind this is \u201cAs long as my innovation and revenue generation strategy is sound, I will find any investor. This is a better option than taking out a bank loan or selling my assets.\u201d\u00a0<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Funding alternatives include-\u00a0<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Choose to bootstrap\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Resort to crowdfunding\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Put the idea out there for seed funding\u00a0<\/li>\n<\/ul>\n\n\n<\/div>\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-4-market-penetration-and-expansion\" style=\"font-size:22px;line-height:1.6\">4. Market Penetration&nbsp;and Expansion&nbsp;<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/kylas.io\/wp-content\/uploads\/2023\/03\/Market-Penetration-and-Expansion-1-1024x853.jpg\" alt=\"Market Penetration\u00a0and Expansion\" class=\"wp-image-16214\" style=\"width:768px;height:640px\" width=\"768\" height=\"640\" title=\"Market Penetration\u00a0and Expansion\" srcset=\"https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Market-Penetration-and-Expansion-1-1024x853.jpg 1024w, https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Market-Penetration-and-Expansion-1-300x250.jpg 300w, https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Market-Penetration-and-Expansion-1-768x640.jpg 768w, https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/Market-Penetration-and-Expansion-1.jpg 1200w\" sizes=\"auto, (max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><figcaption class=\"wp-element-caption\">Market Penetration&nbsp;and Expansion<\/figcaption><\/figure>\n<\/div>\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading has-vivid-cyan-blue-color has-text-color has-medium-font-size\" id=\"htoc-market-penetration\" style=\"line-height:1.6\">Market Penetration<\/h4>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">This strategy focuses on existing products or services&nbsp;and growing the business&nbsp;in the current market.&nbsp;What makes this strategy different from point 2 is its approach of taking on competitors head-on.<\/p>\n\n\n\n<p class=\"has-white-color has-text-color wp-block-paragraph\">&#8211;<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">In other words, the&nbsp;focus shifts to&nbsp;attracting customers by implementing strategies relative to strategies employed by&nbsp;the&nbsp;competition.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Common&nbsp;market penetration&nbsp;strategies include-&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Offer products\/services at a lower rate&nbsp;than your competition.&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Offer&nbsp;better&nbsp;promotions, discounts,&nbsp;and&nbsp;referral&nbsp;incentives&nbsp;than your competition.&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Improve existing product\/service features&nbsp;to attract attention.&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Approach your competition\u2019s distributors&nbsp;with better offers.&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Advertise aggressively&nbsp;\u2013 online and traditional.&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Expand your distribution channels&nbsp;into your competitor&#8217;s territory.&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\"><em>Famous examples \u2013&nbsp;<\/em>Reliance Jio with telecommunications,&nbsp;Dollar Shave Club with grooming products&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading has-vivid-cyan-blue-color has-text-color has-medium-font-size\" id=\"htoc-market-expansion\" style=\"line-height:1.6\"><strong>Market Expansion&nbsp;<\/strong><\/h4>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Here, businesses&nbsp;expand into new geographies&nbsp;and target new customer segments to sell current products\/services.&nbsp;They do so&nbsp;with innovation or foraying into&nbsp;markets where direct competition&nbsp;for their existing products\/services&nbsp;is not high.&nbsp;<\/p>\n\n\n\n<p class=\"has-white-color has-text-color wp-block-paragraph\">&#8211;<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\"><em>Famous examples &#8211;&nbsp;<\/em>Facebook with social media applications, Under Armour with apparel and sports equipment&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Common market expansion strategies include-&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Adding more distribution channels in new geographies.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Opening new retail stores in new locations and territories.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Acquisitions are where the business acquires another business entity. Thereby, instantly increasing marketability and their customer base.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Diversification is where new features are added to existing offerings or new products\/services are introduced to new markets. Diversification can be an offshoot of innovation or an acquisition of a business entity.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">To be successful,&nbsp;businesses&nbsp;must-&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Identify and research the markets&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Take cognizance of their stock and production\/service capacity&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Finance their plans and accept all risks&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Address marketing strategies per target audience&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div style=\"background-color: #d9edf7;color: #31708f;border-left-color: #31708f\" class=\"ub-styled-box ub-notification-box wp-block-ub-styled-box\" id=\"ub-styled-box-248412fc-69a7-42ab-ade8-70f2d7a115d3\">\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\" id=\"ub-styled-box-notification-content-\"><em>Myth <\/em>5 &#8211; My business doesn\u2019t need to restructure its management as it grows.\u00a0<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">As such, an orientation towards growth dictates that management be restructured not just to improve planning and operations, but also to try to address difficulties that its employees face.\u00a0<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Essentially, a restructuring exercise means facilitating change by bringing in talent who are unbiased. While hiring consultation firms or individual consultants can be an expensive affair, it is not a standard.\u00a0\u00a0<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">External facilitators can focus on-\u00a0<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Developing business cultures like <a href=\"https:\/\/kylas.io\/sales-effectiveness\/agile-mindset-small-business-growth#:~:text=The%20Role%20of%20the%20Agile%20Mindset%20in%20Boosting%20Small%20Business%20Growth,-Published%20On%3A%2011&amp;text=An%20Agile%20Mindset%20lies%20at,ability%20to%20innovate%20at%20scale\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">an\u00a0agile\u00a0mindset<\/mark><\/span><\/a>\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Improving existing business processes like employee feedback\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Implementing new technology like sales CRM\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Helping transition to new strategies like pricing\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size wp-block-list\">\n<li>Create new departments like digital marketing\u00a0<\/li>\n<\/ul>\n\n\n<\/div>\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"htoc-how-to-grow-your-business-quickly\"><strong>How to Grow Your Business Quickly?<\/strong><\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/kylas.io\/wp-content\/uploads\/2023\/03\/How-to-Grow-Your-Business-Quickly-1-1024x853.jpg\" alt=\"How to Grow Your Business Quickly?\" class=\"wp-image-16215\" style=\"width:768px;height:640px\" width=\"768\" height=\"640\" title=\"How to Grow Your Business Quickly?\" srcset=\"https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/How-to-Grow-Your-Business-Quickly-1-1024x853.jpg 1024w, https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/How-to-Grow-Your-Business-Quickly-1-300x250.jpg 300w, https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/How-to-Grow-Your-Business-Quickly-1-768x640.jpg 768w, https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2023\/03\/How-to-Grow-Your-Business-Quickly-1.jpg 1200w\" sizes=\"auto, (max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><figcaption class=\"wp-element-caption\"><strong>How to Grow Your Business Quickly?<\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">Regardless of what business you run, you want to make sure that your business keeps flourishing. But it is not a matter of a short while. Growing a business is an ongoing process and asks for hard work, patience, and a smart approach that keeps your business running. So, let\u2019s take a look at a few tips that you can use to give your business the best chance at growing.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-do-your-research\" style=\"font-size:22px\">1. <strong>Do your Research<\/strong><\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">Market research doesn\u2019t only help you understand your existing customers but also your potential customers. It\u2019s necessary to gain insight into your target market and get well-versed in their needs. This will help you determine how you can grow your business and make changes to meet those needs. In addition to this, research your competitors, their strengths, and their weaknesses to drive your decisions on how you can scale your business.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-hire-the-right-people\" style=\"font-size:22px\">2. <strong>Hire the Right People<\/strong><\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">Before you expect your business to grow, you must make sure that you have the right team to achieve your business goals. When your employees are dedicated and work towards the common goal, your business stays on track and continues growing. Moreover, by assigning the tasks to be done to the right people, you can free up your time and energy, and focus on tasks that help you take your business to new boundaries.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-build-a-sales-funnel\" style=\"font-size:22px\">3. <strong>Build a Sales Funnel<\/strong><\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">The sales funnel is the customer\u2019s journey with your business. When they make an entry into your business, they are at the top of the funnel. When they buy something or sign up for a service, they have successfully gone through the funnel. As a business, it\u2019s your responsibility to move your customers through the funnel to make a sale. You can get send them updates on your business, offer discounts, or contact them often to fuel their interest in your business.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-focus-on-customer-experience\" style=\"font-size:22px\">4. <strong>Focus on Customer Experience<\/strong><\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">What your customers talk about your business can make or break your business. While working on delivering the best services\/ products to your business, you must also focus on delivering quality experiences to make them praise your business on social media and other websites. If you mess it up, they will tell the world even faster. Both your current and potential customers must be happy. Improving your ways of customer retention can work wonders for you.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-participate-in-networking-events\" style=\"font-size:22px\">5. <strong>Participate in Networking Events<\/strong><\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">Networking events are a great way of connecting with people in your industry and increasing your brand visibility. Such events give you a chance of being spotted by new customers and grow your business. Such relationships can be beneficial for you for years to come. So, check local professional organizations to know about upcoming events and spread the word about your business. Make use of the opportunity to meet other business owners, speak as an industry expert, or promote your business through a booth setup.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-practice-corporate-social-responsibility\" style=\"font-size:22px\">6. <strong>Practice Corporate Social Responsibility<\/strong><\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">A lot of customers these days are more interested in brands that match their own values. Corporate social responsibility (CSR) means you know how your business impacts the community. When you show people what your business is doing to positively impact the community, you automatically win customers. For instance, running a green business shows the public that you don\u2019t want your business to harm the environment.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-diversify-your-products-services\" style=\"font-size:22px\">7. <strong>Diversify your Products\/Services<\/strong> <\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">Undoubtedly, you want to sell your main product or service to your customers. But offering different products and services can help you get new customers for your business. You can do this by researching the market and finding out if there is something that you can offer your customers to buy or you can find ways of offering your existing products.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"htoc-fostering-small-business-growth\">Fostering Small Business Growth&nbsp;<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Small businesses are vital for the global economy and deliver bottom lines of employment, contribute to increasing the tax base and development, and are a key source of innovation.&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\" style=\"line-height:1.6\">Growth strategies for small businesses can help them overcome their lack of access to resources and create long-time value generation for their customers.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong><em>All of this,<\/em><\/strong> <strong><em>coupled with the right Sales CRM, can help small businesses compete with bigger businesses and thrive even in bullish markets. We hope this article can help you foster the necessary growth for your small and growing business. <\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to the World Bank, small businesses represent about 90 percent of all global businesses and more than 50 percent of the global workforce. In addition, SMEs in emerging and formal markets create 7 out of 10 jobs. Although their cumulative contribution is small compared to larger global enterprises, they help create new work opportunities, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/kylas-v2.staging2.amura.in\/en\/sales-effectiveness\/top-small-business-growth-strategies\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Top 4 Small Business Growth Strategies Need to Know&#8221;<\/span><\/a><\/p>\n","protected":false},"author":23,"featured_media":16194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[12,14,16],"tags":[49,50,52,53],"class_list":["post-4565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sales-effectiveness","category-business-growth","category-small-business-hub","tag-entrepreneurship","tag-small-business-challenges-2","tag-pricing-strategy","tag-small-business-strategies"],"acf":[],"featured_image_src":"https:\/\/kylas-v2.staging2.amura.in\/en\/wp-content\/uploads\/2021\/01\/Top-4-Small-Business-Growth-Strategies-Need-to-Know.jpg","author_info":{"display_name":"Shagun Sharma","author_link":"https:\/\/kylas-v2.staging2.amura.in\/en\/author\/shagun"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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