{"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.io\/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\" 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\" 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\" 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\" 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\" 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\" 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\" 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 class=\"ub-styled-box ub-notification-box\" id=\"ub-styled-box-05f98894-08ff-407d-8a70-318e4f60a7f4\">\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\"><em>Myth 1<\/em> &#8211; <strong>\u201cBusinesses, other than healthcare,&nbsp;cannot grow during a recession.\u201d&nbsp;<\/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\" style=\"line-height:1.6\">This is what&nbsp;small business&nbsp;growth strategies are for.&nbsp;They can help-&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\">\n<li>Expand into new 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\">\n<li>Diversify offerings&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\">\n<li>Create strategic alliances&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\">\n<li>Work on business culture to improve productivity&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\">\n<li>Rework marketing strategies&nbsp;<\/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\">\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\">\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\">\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\">\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\">\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\">\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\">\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\" 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\" 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 decoding=\"async\" loading=\"lazy\" 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.io\/en\/wp-content\/uploads\/2023\/03\/Top-4-Small-Business-Growth-Strategies-3-1024x853.jpg 1024w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2023\/03\/Top-4-Small-Business-Growth-Strategies-3-300x250.jpg 300w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2023\/03\/Top-4-Small-Business-Growth-Strategies-3-768x640.jpg 768w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2023\/03\/Top-4-Small-Business-Growth-Strategies-3.jpg 1200w\" sizes=\"(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><\/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\" 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\" 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 decoding=\"async\" loading=\"lazy\" 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.io\/en\/wp-content\/uploads\/2023\/03\/Innovation-Development-and-Commercialization-Strategy-1-1024x853.jpg 1024w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2023\/03\/Innovation-Development-and-Commercialization-Strategy-1-300x250.jpg 300w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2023\/03\/Innovation-Development-and-Commercialization-Strategy-1-768x640.jpg 768w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2023\/03\/Innovation-Development-and-Commercialization-Strategy-1.jpg 1200w\" sizes=\"(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><\/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\" 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\"><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\" 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\"><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\" 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\"><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\" 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\"><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\" 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\" 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\" 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\">\n<li>Incorporating innovation into products, processes, and services<\/li>\n<\/ul>\n\n\n\n<p><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\">\n<li>License the innovation<\/li>\n<\/ul>\n\n\n\n<p><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\">\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\"><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\">\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\">\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\">\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\">\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\">\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\">\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\">\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 class=\"ub-styled-box ub-notification-box\" id=\"ub-styled-box-5095089d-2d11-41db-8de7-f5c5ce9d6020\">\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\"><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\" 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\">\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\">\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\">\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\">\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 decoding=\"async\" loading=\"lazy\" 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.io\/en\/wp-content\/uploads\/2023\/03\/Accessing-New-and-Unmet-Revenue-Generation-Pools-1-1024x853.jpg 1024w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2023\/03\/Accessing-New-and-Unmet-Revenue-Generation-Pools-1-300x250.jpg 300w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2023\/03\/Accessing-New-and-Unmet-Revenue-Generation-Pools-1-768x640.jpg 768w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2023\/03\/Accessing-New-and-Unmet-Revenue-Generation-Pools-1.jpg 1200w\" sizes=\"(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><\/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\" 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\" 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\" 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\" 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\" 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\"><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\" 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\" 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\"><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\" 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\"><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\" 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\"><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\" 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\"><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\" 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\" 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\" 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\"><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\" 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\"><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\" 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\"><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\" 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\">\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\">\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\">\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\">\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\">\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\">\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\">\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 class=\"ub-styled-box ub-notification-box\" id=\"ub-styled-box-f9df2a4e-bca9-4a91-8a6c-18eb5ccc1f27\">\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\"><strong><em>Myth 3 &#8211;<\/em> \u201cWe have no way to improve our cash flow situation.\u201d&nbsp;<\/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\" 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-&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\">\n<li>Change their pricing strategies&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\">\n<li>Offer&nbsp;promotions, discounts for upselling, cross-selling,&nbsp;and&nbsp;referral programs&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\">\n<li>Focus on multiple-level engagement for relationship development with digital marketing&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\">\n<li>Partner with other businesses (JV and M&amp;A)&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\">\n<li>Ask suppliers to extend credit&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\">\n<li>Be insured against a cashflow crisis (rarely used as it is an expensive undertaking)&nbsp;<\/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 decoding=\"async\" loading=\"lazy\" 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.io\/en\/wp-content\/uploads\/2023\/03\/Investing-in-Strategic-Partnerships-1-1024x853.jpg 1024w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2023\/03\/Investing-in-Strategic-Partnerships-1-300x250.jpg 300w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2023\/03\/Investing-in-Strategic-Partnerships-1-768x640.jpg 768w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2023\/03\/Investing-in-Strategic-Partnerships-1.jpg 1200w\" sizes=\"(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><\/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\" 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\" 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\" 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\" 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\" 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\" 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\">&#8211;<\/p>\n\n\n\n<p class=\"has-medium-font-size\" 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\"><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\" 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\"><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\" 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\" 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\" 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\"><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\" 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\"><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\" 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\">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\">\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\">\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\">\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\">\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 class=\"ub-styled-box ub-notification-box\" id=\"ub-styled-box-4df35d0e-d88a-46c0-9d4b-0db89371719c\">\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\"><em>Myth 4-<\/em> \u201cBanks have turned me down. I have run out of alternative funding options.\u201d&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\" 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&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\" style=\"line-height:1.6\">Funding alternatives 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\">\n<li>Choose to bootstrap&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\">\n<li>Resort to crowdfunding&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\">\n<li>Put the idea out there for seed funding&nbsp;<\/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 decoding=\"async\" loading=\"lazy\" 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.io\/en\/wp-content\/uploads\/2023\/03\/Market-Penetration-and-Expansion-1-1024x853.jpg 1024w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2023\/03\/Market-Penetration-and-Expansion-1-300x250.jpg 300w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2023\/03\/Market-Penetration-and-Expansion-1-768x640.jpg 768w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2023\/03\/Market-Penetration-and-Expansion-1.jpg 1200w\" sizes=\"(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><\/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\" 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\">&#8211;<\/p>\n\n\n\n<p class=\"has-medium-font-size\" 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\" 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\">\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\">\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\">\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\">\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\">\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\">\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\" 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\" 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\">&#8211;<\/p>\n\n\n\n<p class=\"has-medium-font-size\" 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\" 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\">\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\">\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\">\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\">\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\" 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\">\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\">\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\">\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\">\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 class=\"ub-styled-box ub-notification-box\" id=\"ub-styled-box-248412fc-69a7-42ab-ade8-70f2d7a115d3\">\n\n\n<p class=\"has-medium-font-size\" style=\"line-height:1.6\"><em>Myth <\/em>5 &#8211; My business doesn\u2019t need to restructure its management as it grows.&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\" 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.&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\" 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.&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\" style=\"line-height:1.6\">External facilitators can focus on-&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\">\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&nbsp;agile&nbsp;mindset<\/mark><\/span><\/a>&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\">\n<li>Improving existing business processes like employee feedback&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\">\n<li>Implementing new technology like sales CRM&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\">\n<li>Helping transition to new strategies like pricing&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\">\n<li>Create new departments like digital marketing&nbsp;<\/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 decoding=\"async\" loading=\"lazy\" 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.io\/en\/wp-content\/uploads\/2023\/03\/How-to-Grow-Your-Business-Quickly-1-1024x853.jpg 1024w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2023\/03\/How-to-Grow-Your-Business-Quickly-1-300x250.jpg 300w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2023\/03\/How-to-Grow-Your-Business-Quickly-1-768x640.jpg 768w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2023\/03\/How-to-Grow-Your-Business-Quickly-1.jpg 1200w\" sizes=\"(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><\/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\">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\">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\">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\">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\">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\">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\">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\">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\" 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\" 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\"><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.io\/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,"ub_ctt_via":"","footnotes":""},"categories":[12,14,16],"tags":[49,50,52,53],"acf":[],"featured_image_src":"https:\/\/kylas.io\/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.io\/en\/author\/shagun"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Top 4 Small Business Growth Strategies Need to Know<\/title>\n<meta name=\"description\" content=\"Here are the top 4 Small Business Growth Strategies that can help your small business react to changing market conditions &amp; grow sustainably.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kylas.io\/en\/sales-effectiveness\/top-small-business-growth-strategies\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top 4 Small Business Growth Strategies Need to Know\" \/>\n<meta property=\"og:description\" content=\"Here are the top 4 Small Business Growth Strategies that can help your small business react to changing market conditions &amp; grow sustainably.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/kylas.io\/en\/sales-effectiveness\/top-small-business-growth-strategies\" \/>\n<meta property=\"og:site_name\" content=\"Kylas Growth Engine | Sales CRM Software for Small businesses\" \/>\n<meta property=\"og:image\" content=\"https:\/\/kylas.io\/en\/wp-content\/uploads\/2021\/01\/Top-4-Small-Business-Growth-Strategies-Need-to-Know.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shagun Sharma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shagun Sharma\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"15 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Top 4 Small Business Growth Strategies Need to Know","description":"Here are the top 4 Small Business Growth Strategies that can help your small business react to changing market conditions & grow sustainably.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/kylas.io\/en\/sales-effectiveness\/top-small-business-growth-strategies","og_locale":"en_US","og_type":"article","og_title":"Top 4 Small Business Growth Strategies Need to Know","og_description":"Here are the top 4 Small Business Growth Strategies that can help your small business react to changing market conditions & grow sustainably.","og_url":"https:\/\/kylas.io\/en\/sales-effectiveness\/top-small-business-growth-strategies","og_site_name":"Kylas Growth Engine | Sales CRM Software for Small businesses","og_image":[{"width":1200,"height":675,"url":"https:\/\/kylas.io\/en\/wp-content\/uploads\/2021\/01\/Top-4-Small-Business-Growth-Strategies-Need-to-Know.jpg","type":"image\/jpeg"}],"author":"Shagun Sharma","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Shagun Sharma","Est. reading time":"15 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/kylas.io\/en\/sales-effectiveness\/top-small-business-growth-strategies","url":"https:\/\/kylas.io\/en\/sales-effectiveness\/top-small-business-growth-strategies","name":"Top 4 Small Business Growth Strategies Need to Know","isPartOf":{"@id":"https:\/\/kylas.io\/en\/#website"},"datePublished":"2021-01-26T09:30:00+00:00","dateModified":"2023-09-26T13:57:05+00:00","author":{"@id":"https:\/\/kylas.io\/en\/#\/schema\/person\/58914992bfe5c67716dfe2e8863250a3"},"description":"Here are the top 4 Small Business Growth Strategies that can help your small business react to changing market conditions & grow sustainably.","breadcrumb":{"@id":"https:\/\/kylas.io\/en\/sales-effectiveness\/top-small-business-growth-strategies#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/kylas.io\/en\/sales-effectiveness\/top-small-business-growth-strategies"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/kylas.io\/en\/sales-effectiveness\/top-small-business-growth-strategies#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/kylas.io\/en\/"},{"@type":"ListItem","position":2,"name":"Top 4 Small Business Growth Strategies Need to Know"}]},{"@type":"WebSite","@id":"https:\/\/kylas.io\/en\/#website","url":"https:\/\/kylas.io\/en\/","name":"Kylas Growth Engine | Sales CRM Software for Small businesses","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/kylas.io\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/kylas.io\/en\/#\/schema\/person\/58914992bfe5c67716dfe2e8863250a3","name":"Shagun Sharma","description":"Shagun is a content marketer at Kylas, extremely well-versed in all things Marketing. 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