I’m trying to learn for my Business class and I’m stuck. Can you help?
Turning a small business into a big one is never easy. The statistics are grim. Research suggests that only one-tenth of 1 percent of companies will ever reach $250 million in annual revenue. An even more microscopic group, just 0.036 percent, will reach $1 billion in annual sales.
In other words, most businesses start small and stay there.
In light of this, most small companies have plans to grow their business and increase sales and profits. However, there are certain methods companies must use for implementing a successful growth strategy. The method a company uses to expand its business is largely contingent upon the market in which it exists, its financial situation, and its competition. Some common growth strategies in business include market penetration, market expansion, product expansion, diversification and acquisition.
Your (final) task of the semester is to brainstorm ideas for how your firm can achieve growth.
Following what you’ve written so far, answer the following questions as they relate to your developing organization:
1. Given your product and market, what would be the most feasible type of growth strategy to grow your business?
2. And how can you alter your value proposition to promote this increase in growth?
Use what you have learned on growth strategies to answer this question in narrative form. Again, your response to the above questions should be between a total of 400-600 words. You will be graded on accuracy of content/concepts used, feasibility, and finally the organization and presentation of the writing. Please refer to the rubric posted on Canvas for more detail on grading.