The development of strategies to generate growth can encompass a variety of options. The most natural and most common route is the development of new products that complement the current portfolio. Growth often encompasses expanding market reach for the products offered; this can include expanding the customer base by invading competitive bases or by expanding into new geographic territories.
Another option for growth may involve establishing a joint venture with a current competitor. Often synergies can be found between organizations that create growth for both parties by capitalizing on the strength of each partner.Funding for growth often is the key restraining factor. New investment may be available from government agencies that have targeted certain industry segments for investment. Financing from private investors may also provide an option.
Growth should include a major focus on the bottom line. Too often owners are preoccupied with increasing sales and often new business can provide only marginal benefits in contribution to profitability. The bottom line is the key measure of any growth strategy.