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Why business growth is important

In order for your business to survive long-term, you must focus on growth. Business growth strategies can help in the following ways:

• Attracting new customers
• Increasing your sales and profits
• Growing your product/service range
• Increasing market share
• Expanding your team by employing new staff members
• Acquiring assets
• Attracting investors that will accelerate your growth further

Growing your business will help you grow your brand so you can meet the needs of your customers and match the demand for your product/service.

Types Of Business Growth

Here are three types of business expansion guides to help you decide how best to grow your own business.

1. Organic/Internal growth

Organic/Internal growth is the most effective form of business growth as it focuses on manufacturing and selling more products or services to increase revenue. The aim is to analyse your current resources and see how they could be used better to increase your profits.

Example: If you sell products, this might mean moving to a larger factory so you can produce more products and increase profits through increased sales. Or, if you provide a service, this might mean expanding your team to provide services to more customers to increase profits.

2.  Strategic growth

Strategic growth happens when you have exhausted all organic business growth options. The idea is to focus on long-term business growth strategies to open new revenue streams and use stored up capital to reach new business goals.

Example: You could start selling your product/service in a different market by advertising to a new target audience. Or you could expand your business by creating new products or services to sell to a new target audience and your existing customers.

3. Merger/Partnership/Acquisition

Business growth through acquisition, partnership or a merger with another business allows your business to expand outside its current market. 

Example: A merger is where two companies become one to become a single joint venture. The acquisition is where your business is bought partially or entirely by another corporation so that the purchaser gains control of your business. A partnership is where you and another company agree to cooperate together to help each other grow.

How Can Mentorship Help With Growth?

We know how daunting it can be to grow and scale your business when you simply don’t know where to start. That’s where mentorship comes in. Over The Rainbow’s Golden Circle Mentorship Program brings together two amazing mentors, Dawn Nathan Jones and Lesley Waterkeyn, who will be there to guide you through the next phase of your business.

Importance of mentorship for expanding your business:

• Helps you set and achieve goals: We can show you which business growth strategies to adopt in order to grow and scale your business. Our mentors can provide a small growth plan and offer you advice on measuring business expansion.
• Increases your self-confidence: Join a group of like-minded entrepreneurs and receive unwavering support from your mentors. We will help you overcome the obstacles to business growth and provide you with first-hand experience on how to solve common problems.
• Develops your leadership skills: Receive valuable business tips while working on your personal development to transform you into an influential and respected leader. 
• Increases your network: Networking is critical for all businesses, especially when you want to connect with potential investors. Our mentorship program can show you how to network in order to make the right connections to boost business growth.
• Helps you develop strong communication skills: Our 90-minute sessions offer you the opportunity to discuss, learn and share information with the group and receive valuable feedback in return. 
• Become a mentee wherever you are: Over The Rainbow offers Mentorship in Cape Town and all over South Africa.

“Our mentorship program offers the opportunity to network with other entrepreneurs and to collectively share learnings and experiences.  Connecting mentors gives greater support through challenging times and helps overcome similar obstacles we all face in business.  The impact of peer to peer learning, and sharing collective insights, is a powerful way to unlock the full potential that lies within all of us” Dawn Nathan Jones 

Now that you understand why business growth is crucial for all businesses, the benefits, and how mentorship can help take your business to the next level, why not sign up for the Golden Circle Mentorship Program? 

Invest in your future; sign up now to Golden Circle today!