Business Growth

Introduction Businesses are known to grow when they increase their trade volumes in the market. This includes selling of the existing products or services to existing customers. It can also include selling new products or services to new customers. It is therefore important to acknowledge the role of growth to a business organization.Advertising We will write a custom critical writing sample on Business Growth specifically for you for only $16.05 $11/page Learn More Business owners are therefore supposed to identify the options available for business growth. Managers and other leaders should also seek more specific information that will guide them in making decisive decisions in order to achieve particular goals. There is actually more specific information that guides in various achievements. This information includes diagnostic questionnaire that helps the leadership of the business organization to identify the best decision that will drive the business to higher heights of growth. There must also be more detailed information and practical steps to the option the leadership of the organization has chosen for the purpose of growth. This paper describes how Tod, a business organization owned by an Italian entrepreneur can grow and expand its operations in a nutshell. The paper also describes the strategies for growth of small businesses that aim at globalizing their operations. Growth of business The problems that are commonly faced by small business organizations include stalling in the business growth. These problems are mainly faced by entrepreneurs who operate single units or multiple units like chain stores. Most of the time, the owners of the business premises do not have the professional know how since most of them are operating inherited property or are operating the business as a family unit like Tod. For this reason, the owner does not know how to rejuvenate the business organization since they have become complacent with mediocrity and the status quo. Partnership businesses also face similar problems (More business 2011).Advertising Looking for critical writing on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More For instance the partners in a business organization may want to expand their business. Since they are not experts in this field, they don’t know whether to invest the extra resources into the product or into expanding the market. Also, their lack of knowhow may lead them to try both without enough research into the market (Cim 2001). Business strategies Business growth requires strategies that will enable it reach it goals. One of the ways in which a business organization can grow is by extending the market reach (Business Growth a. 2011). The business organization can use the existing products to reach to more people. This can be done by employing different marketing approaches that will enable the business to penetrate th e current market and increase its market share. Since we are living in a knowledge era, creativity and innovation is important to the growth of this business. Tod’s luxury shoes must understand current industrial organization economics in order to strategize on how to grow (Guru 2011). Tod will be more competitive in the market if it positions itself well in the industry by understanding the structure of this industry. Diego Della must therefore understand that strategy is the creation of knowledge concerned with knowledge absences, not knowledge assets. Another way in which this business organization can grow is by developing a new product or service. This is also another form of growth strategy which can rejuvenate a plateau phase in a business organization (Business Growth b. 2003). The leadership of the business organization may consider exploring products that complement the current ones. This also forms part of the industrial organizations economics (Honorati 2007). Tod should therefore consider the horizontal scope which results into core competence. Complementary products will also increase the scope of Tod by creating a bigger pie in the market that increases the volume of sales. This will allow the organization to generate more sales from the existing and new customers (Little 2005). Also, the business organization can use the principle of having more and diversifying its products to increase its sales.Advertising We will write a custom critical writing sample on Business Growth specifically for you for only $16.05 $11/page Learn More Another strategy is by joint ventures. The business organization can consider the possibility of expanding by joining forces with other businesses. This can be done through mergers and/ or buying shares. It is important to note that this strategy is important in maintaining the autonomy of the business organization while still giving a hand in reaching out to new customers. It is als o important to note that this is a way of finding new opportunities for a new business model. Tod should consider more investments in technology that makes solutions faster and cheaper. New business opportunities can also help in responding to shifting market forces (Business Link a. 2011). The other strategy is by finding partners. This strategy is important mainly in small businesses because in some situations, the vision of growth of the business may be too big for the business (Nieman Pretorius 2004). Finding partners is a way of incorporating profession into the business without losing autonomy. It is also a way in which the business organization establishes networks, gains the ability to outsource and insource. A business organization can also enhance its productivity by acquiring additional financial capital to expand its operations. Thus, loans, grants and investors can help to expand the business organization through this strategy. In addition to this, Della must understan d that for his business to grow, he must change the rules by increasing professionalism, spend less on manufacturing products, and consider the possibility of merging. Dell should also understand the vital role of risk taking in expanding his business (Ericson 2007). This means that he can take risks and enter the Chinese market to enhance the growth of this company. It is also important for the organization to move from an entrepreneurial to a managerial company in order for it to globalize its operations.Advertising Looking for critical writing on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Professionalism in the business takes care of many aspects of the business operation. These aspects include effective marketing strategies that increase the value of the brands (Business Link b. 2011). For instance, a brand manager can add value to the products by reducing customer’s resources. This action may not be as easy as it is read by an entrepreneur who is not practicing professionalism in his business. All these strategies can make Tod experience significant growth if they are structured appropriately (Bermont 2006). Conclusion Businesses are known to grow when they increase their trade volumes in the market. This includes selling of the existing products or services to the existing customers. It can also include selling new products or services to new customers. It is therefore important to acknowledge the role of growth to a business organization. Business growth requires strategies that will enable it to reach it goals. One of the ways in which a business organiza tion can grow is by extending the market reach. A business organization can also enhance its productivity by acquiring additional financial capital to expand its operations. Thus, loans, grants and investors can help to expand the business organization through this strategy. All these strategies can make Tod experience significant growth if they are structured appropriately. Reference List Bermont, D. (2006). Outrageous Business Growth: The Fast Track to Explosive Sales in any economy. NY: Morgan James Publishing, LLC. Business Growth., 2011. Business Growth Acceleration Specialists. [Online]  Available from  http://www.thecxogroup.com/intro-business-growth.htm   Business Growth., 2003. Business Growth strategies. [Online]  Available from  http://www.businessgrowthstrategies.org/   Business Link., 2011a. Assess yout Options for Growth. [Online]  Available from  http://www.businesslink.gov.uk/bdotg/action/layer?r.l1=1074404796r.l2=1074446322r.s=tltopicId=1074457193   Business Link., 2011b. Create an Action Plan to Successfully Grow Your Business. [Online]  Available from  http://www.businesslink.gov.uk/bdotg/action/layer?r.l1=1074404796r.l2=1074446322r.s=tltopicId=1080465278   Cim., 2001. Approaches to Business Growth. [Online]  Available from  http://www.cim.co.uk/filestore/resources/canons/growthapproaches.pdf   Ericson, M., 2007, Business Growth: Activities, Themes and Voices. Cheltenham: Edward Elgar Publishing Limited. Guru., 2011. Strategies for Business growth. [Online]  Available at http://www.gurusoftware.com/gurunet/business/topics/Strategies.htm   Honorati, M., 2007. Corruption, the Business Environment, and Small Business Growth in India. The World Bank Development Group, August 2007. Little, S., 2005, Seven Irrefutable Rules of Small Business Growth. Hoboken: John Wiley Sons Inc. More business., 2011. 5 Small Business Growth Strategy Tips. [Online]  Available from   http://www.morebusiness.com/business-develop ment-strategies   Nieman, G., Pretorius, M., 2004, Managing Growth: A Guide for Entrepreneurs. Cape Town: Juta and co. Ltd. This critical writing on Business Growth was written and submitted by user Deegan Lawson to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.