When you’re a business owner, it’s never a bad time to start thinking about what you’d like to achieve and how you’d like to grow your company. But simply saying you’d like to grow and actually accomplishing it are two entirely different things. It takes action to turn a goal into reality, but the last thing you want is to be shooting in the dark. 

If you’re interested in taking your business to the next level but aren’t quite sure just how to do so, here are five proven growth strategies to help get you where you want to be.

1. Tap Into Your Existing Market

Many business owners think the best way to expand is to gain more new customers. While this certainly isn’t a bad objective, tapping into the customers you already have might be a wiser (and more cost-effective) method for growth. Focus on getting repeat business from people who have already bought from you, whether through a loyalty program, upselling, or something else.

2. Improve Your Products or Services

You may be able to get existing customers to purchase more and attract new clientele by simply improving the products or services you already offer. Whether it’s tweaking to get something to work better, finding new uses for your top-selling item, bringing your service from good to outstanding, improvements to your existing business line can do wonders for your future success.

3. Expand Your Reach

Another effective way to achieve business growth is to make your product or service available to an entirely new prospective customer pool. This can be accomplished in a number of ways, from opening a second location in a new city or state to starting a virtual store on the web. It could also be as simple as targeting a new demographic in your existing locale.

4. Ask For Referrals

Who better to sing your praises than your already-satisfied customers? Don’t be afraid to ask your happy clients to share their positive experiences with others and recommend your products or services to their network. You might also consider sweetening the pot a little by offering a referral program that rewards customers for spreading the word.

5. Diversify

You may already be known for selling one product, but adding a new one into the mix can breathe new life into your business and help you capture sales from new and existing clientele. Brush up on the product lifecycle, and do some market research to identify new needs or pain points you may be able to address with a new product or service. You may also be successful in expanding your offering to include products that complement one another. This can increase your upselling opportunity and subsequently improve your bottom line.

The opportunities for growth are there, you just need to put the pieces in place to make that growth a reality. By implementing one or more of the above strategies, you should make great progress over the coming months and finish 2020 a stronger, more successful business than you are today.