Business 101: Tried and tested methods from growth and expansion

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Company growth and expansion should be two of the main goals of every business owner. For today’s blog, Michael Saltzstein reviews four tried and tested methods and strategies for business growth and expansion.

1. Market development

Through market development, companies target previously unexplored markets. If the current market has become saturated or if a product or service emerges, it is a good time for this particular growth strategy.

2. Product expansion

While common, product expansion or product development is an effective growth strategy. The intention here is to launch new products and services in the existing markets of the business. Product expansion involves investing in research and development or acquiring rights to create and distribute another business or company’s products.

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3. Market penetration

Like market development, businesses looking to grow and expand can target additional market shares without completely changing their current products or services. According to Michael Saltzstein, this can be done by decreasing the unit price of the products or services, opening new retail locations, establishing a better online presence, or acquiring a competitor in the same market.

4. Diversification

Probably the riskiest among the types of growth strategies, Michael Saltzstein notes that diversification involves introducing new products or services in unknown, previously unexplored markets. Michael Saltzstein also notes that a huge amount of resources is needed to be invested in market research. If successful, the potential of this method is through the roof.

Michael Saltzstein specializes in risk management and corporate finance. His work focuses on areas like alternate risk financing, loss control, technology solutions, coverage evaluation, growth strategies, among many others. Follow this Twitter page for more discussions about these subjects.

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