ways to grow your business quickly in south africa

Once you’ve already done the initial work and a business is off the ground and stable, it’s time to make it grow. This is a stage that the majority of entrepreneurs neglect.

Keeping a business afloat takes work, but it’s a mistake to settle into the status quo. Instead, find the right strategies to grow your business in South Africa.

These 10 expansion strategies can accelerate business growth.

1. Expand into new markets   

Global expansion creates new and exciting growth opportunities. It increases market diversification, revenue streams and provides access to a pool of unique skills and talents.

By expanding into new markets, your business can quickly gain a competitive advantage and greater brand recognition.

2. Build strategic partnerships   

Forming strategic relationships with entities with complementary products or services can immediately add value to your business.

Synergistic partnerships provide access to a wealth of new resources, markets, revenue streams and skills. Collaboration can spur innovation, giving both partners a head start over the competition.

3. Adopt a franchise model    

Franchising your business can drive incomparable growth, at speed. Capital requirements are lower, risks and liabilities are reduced and fewer workers are required to operate the franchise network.

By leveraging the assets of the franchisees, your business can rapidly boost its brand equity and market share.

4. Acquire or merge with other businesses   

When businesses pool their resources, they can lower costs, maximise capabilities and implement strategies, systems and processes more quickly. Mergers and acquisitions (M&A) provide economies of scope and scale.

Provided there is a strategic alignment between the entities, M&A can increase market share, unlock higher levels of competition and enable access to the best talent.

5. Develop alternative channels   

A quick, low-cost way to expand the consumer network, and diversify your customer base, is to develop alternative business channels.

Pop-up stores, webinars, an e-commerce site and social media presence can extend the reach of your business far beyond the traditional storefront.

6. Focus on a niche market

A niche business, which focuses on a narrow, specialist market, can become highly profitable over a short period of time. There’s less competition, marketing and advertising costs are nominal and customer retention is traditionally high.

7. Create a sales funnel    

A sales funnel can help startups and SMEs generate leads and convert prospective clients into repeat customers. It’s an effective sales and marketing tool that can have a significant impact on the bottom line.

8. Outsource non-core activities   

Outsourcing non-core business tasks and functions improves in-house efficiencies, cuts operational costs and increases the competitive edge. It allows your business to focus on fundamentals, deliver better results and enhance the value of the brand.

9. Extend the product line   

Extending your existing product or service line is an effective way of driving business growth. It helps attract a larger audience, increase profits and enhance brand visibility.

Multiple product lines diversify the business, reduce risk and boost the overall customer lifetime value.

10. Expand business funding opportunities    

A business with access to financing can capitalise on growth opportunities. When several sources of funds are readily available, there’s less risk of losing out on a “deal of a lifetime”.

Partnering with BizFunding to fulfil projects and tenders   

BizFunding provides working capital against invoices, purchase orders and tenders.

Financing options are designed to fill the gap between income and cash flow, enabling startups and SMEs to leap-frog business growth in South Africa.

An easy online application, same-day funding approval and discreet “no-credit check” business funding transaction ensures capital is available within 72 hours.

If you are a business owner on the road to success, or need funding to help start new projects or purchase orders, we can help you!

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