Growth Strategies

Growing your business is a vital part of ensuring its success. By increasing its customer base and revenue, the business is more likely to survive and even thrive. There are many strategies that you can use to increase your business, but a few basic ones were suggested by Igor Ansoff in 1957. In Ansoff's Product-Market Growth Matrix, he shows how using new or existing products and markets in order to grow a business.

Ansoff's Product Market Growth Matrix

As shown in his this chart, there are four main ways to grow a business: Market Penetration, Market Development, Product Development, and Diversification. Over the next few weeks, I will go further in depth into each of these strategies, and how you can implement them in your small business. Check back soon for more updates!