Now that your business has made it through the survival phase, it’s time to begin the growth phase and take your company to a new level of profitability. Your business plan should have included your ideas for growth when you first founded the company. However, times have changed, and the business landscape may have changed since you last looked at it. Your business plan could do with some adjustment, bring it up to date with the latest growth opportunities you have available to you.

Your business is unique and not all growth strategies will suit your business plan. However, if you are struggling to think of growth ideas for your firm, then here are five strategies for you to consider, pick the option that resonates with your company and investigate it further.

#1 Are You Online?

Is your business online? In today’s information era, this is the easiest, most cost-effective means of expanding the reach of your business. Search Engine Optimization (SEO) techniques can improve the visibility of your website in the search engine rankings. Creating social media profiles and collaborating with industry influencers in your niche will gain your exposure to large audiences.

Launching these sort of online campaigns offers tremendous value for your marketing dollar. When compared to traditional forms of media advertising such as radio, billboard, and TV adverts, take a fraction of that budget and apply it to your social campaigns; you will be astounded with the results.

#2 Licensing Your Product

This strategy works well for companies that sell an information-based product. Offering your product to other people on a licensing agreement effectively gains you a sales force that you don’t have to pay any costs to maintain. In fact, licensing agreements often come with up-front retainer fees as well as royalties or commissions on all sales made by licensees.

#3 Grow Stronger Through Partnership

If your business is weak in certain areas, then consider partnering with other firms to strengthen those weaknesses. Partnering with companies does not mean that you have to give equity up to take advantage of the partnership.