Most small business start small and stay there, but it doesn’t have to be that way, says Darren Dahl. He summarizes an interview with Keith McFarland, author of The Breakthrough Company.
Small businesses have the option to select growth strategies that are lower risk and probably slower to produce results or higher risk but may show results more quickly. Intensive growth strategies include market penetration, market development, alternative channels, new product development, and new products for new customers (breakthrough product development). Integrative growth strategies involving acquisitions involve more risk.
Perhaps even more important than the type of strategy selected is the speed of implementation. Many companies take so long to develop and implement strategies, that by the time they do, the market has changed on them. Would you rather just survive or thrive in this fast-paced business world?