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Philosophy: 6 Rules for your Business Growth Strategy

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Philosophy

To everyone in WA, welcome back after the long weekend! I hope you are well rested and ready for the week ahead.

This month I wanted to talk about 6 rules that business owners should keep in mind when undertaking business growth strategies.

Thinking about business growth can be quite daunting for many business owners, due to fear of the unknown and the potential of failing.

This fear is only natural and I would say it somewhat works to our advantage, as it forces us to road test strategies before implementing them.

Keep your business growth strategy simple and follow these 6 simple rules:

  1. Listen to your clients and develop your products based on their needs

  2. When entering new markets or developing your products, always ensure you test, refine and optimise your core business

  3. Find out what your core business growth drivers are and focus on these

  4. When developing your product ensure it’s a logical extension of your core product

  5. Ensure you have sufficient working capital to enable you to implement growth strategies

  6. Remember – growing too fast can be detrimental to your business

That is all from me for now. If you’re ever available to catch up over a coffee, let me know! I am available anytime on 0418 912 889 or email phil@ledge.com.au.

That is all from me for now.

Cheers,

Phil.


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