Once you start a business, you will notice rather quickly the need to grow. No one wants to have a company that remains at the same point over time. This is why you need to choose how you’ll grow your business early on.
There are two types of growth, organic growth and growth by acquisition/merging. From his rich experience in the world of business, Casper Ravn-Sørensen believes that organic growth is the way to go and here is why.
Growing your company through acquisitions may seem like an attractive deal, but beware. Acquisitions or mergers will provide you with more money in short period, but is it really right for you? When you choose organic growth, you will build a strong and steady business, unlike those who experience a sudden growth with acquisitions, which later turns out to be too much for the company to handle. Organic growth requires more time and energy on your part, but this slower pace will allow you to build a reliable team and get to know the ins and outs of your company. For this reason, I find this way a lot more efficient in the long run. Business requires patience, which is why you shouldn’t discard organic growth for its tempo.
By now, you may wonder how to attain organic growth. Here are some possibilities:
- Increasing sales. The number one thing that comes to mind when we discuss organic growth is an increase in your sales. To achieve it, you should target your existing customers, but also try to attract new ones. Increasing your sales is a great way to grow because the growth is the direct result of more success businesswise. This is why I prefer organic growth – your business grows through real success, not a forced one.
- Expanding your range. Another way to grow naturally is to expand your offer. With more products in your range, you should be able to attract more customers and ultimately perceive growth. Again, by doing this, you will slowly but surely achieve growth, which will prove to be a solid base for your business.
- Entering new markets. An exciting way to grow, which is possibly somewhat less certain, is to enter new markets. New markets, both on the national and international level, will increase your sales. This kind of organic growth requires most work, but being present on a new market is exciting and refreshing for you and your team.
Now that you are familiar with organic growth, it is sure you can see its benefits. Growing your company from within, slowly, but surely, will prove to be a great decision. Casper Ravn-Sørensen would however like to give you an important tip. Organic growth requires not only work on your part, but it’s also demanding for your team. You should make sure you have a trustworthy team that will help you grow your business. Arm yourself with patience, work hard and surround yourself with the best people, you’ll see growth in no time!
Looking for more business tips or need some further help? Feel free to contact Casper Ravn-Sørensen.