Business growth is an objective for many small companies. Growth helps make your finances more diverse and sustainable, helps you to reach a broader customer base, offers more opportunities for employment and community support, and ultimately can grow your profits.

Many strategies can be employed to promote business growth, and what works for you may depend on factors unique to your company and industry. This said, the tactics below may be helpful as you work to grow your company.

Open a Second Location

A typical way for small businesses to grow is by opening a second physical location. The benefits are obvious: you can take pressure off of a congested storefront, introduce yourself to new customers, experiment with offering new products, and offer employment opportunities to additional workers. 

If opening a second storefront is beyond the capacity of your business — or if you are looking for a less intensive expansion — revamping your online presence can be a useful substitute. Building a better website, with a more effective and wide-reaching online store, can itself be a great way to encourage growth for your business.

Increase Marketing Efforts

Marketing and advertising are essential in reaching new customers, and varying your approach can be a simple and effective way to promote growth for your business.

Consider utilizing more online marketing if you have not previously. Sites like Facebook, Twitter, and Instagram allow you to easily reach large numbers of people for free, and allow even greater reach through promotions at low cost. 

Depending on your business, doubling down on more traditional advertising efforts — like radio, print, or television — can also yield substantial rewards.

Introduce a New Product

Diversifying your business is another effective way to help it grow. Offering a new product or service can bring new customers to your business who might otherwise have been unaware of your company. It can also keep current customers interested and engaged, and will demonstrate your adaptability to market forces.

These are only a few ways that you can have success in generating more business growth. Depending on your industry, other approaches — like shifting your design, hiring additional staff or consultants, relocating, or something else — might be even more useful in helping to grow your business. Ultimately, a well-designed strategy make take time to yield results, but with careful planning, you will be building a bigger and healthier business before long.