
Broadly speaking, if you want to grow your business there are only three strategies which can be used either separately or in combination. They are as follows.
We specialise in replication which is a highly effective method that is sometimes overlooked or neglected but before we get into that let’s briefly cover the other two.
Organic Growth
This is usually number one priority when a business is new. It requires effective branding and marketing techniques but relies on the ability to deliver on the promises made about the products and services that are on offer.
It pays to get organic growth working fairly well before introducing the other two strategies. If the aim is to create a “lifestyle business” in which the owner attains a work-life balance and an income they are happy with there may be no need to go any further than that.
However, if the aim is to continue with business growth the other two strategies may be needed.
Growth by merger or acquisition
This is essentially a financial strategy and is most often seen in larger businesses. It can be a rapid way to expand and also can eliminate competition.
It requires specialist help but can be applied at relatively small scale and applied repeatedly.
Replication
This normally relies on having a "winning formula" that is not only tried, tested and proven but sufficiently well understood and systematised that it can be re-created and run by different people in other locations. The most common mechanisms for replication are licensing and franchising.
One of the key features of replication is that it is "scalable". In other words the business can be made larger and larger almost endlessly just by creating more and more replicas. This gives it an advantage over other business growth strategies when it comes to finding a way to achieve on-going long-term sustained growth.
Applying this to your business
We would always recommend first looking at how well the methods of organic growth are being applied before starting on either of the other two strategies. However, if you already have a well branded offering and effective processes for marketing, selling and delivery then we can help you apply the replication strategy to good effect.
It typically take from 3 to 6 months to get a licensing scheme or franchise set up but you could double your profits within 2 years.
So why not contact to discuss your options?