Just like a trapeze artist must take a risk when letting go of one swinging bar to catch the next, growing your business year after year involves risk. This month I want to focus on the trust involved in taking those risks – much like that trapeze artist trusts that the next bar will appear just as he lets go of the one he is already clinging to in mid-air. Some risks are easy to execute but take a decent sized bank account while others are hard to execute but don’t take much money at all. I am going to rattle off a list of these options, and then you can decide which one to choose so you don’t need the net.
1. Carve out a new corner of your market
Expanding into new markets provides the advantage of building a larger customer base.
2. Partner with other businesses who are growing in your market
By forming strategic partnerships with other growing businesses that offer complementary products and services, you can cultivate a mutually beneficial relationship that will help both of your businesses grow.
3. Diversify your product offerings
A diversification strategy opens up new possibilities. You can diversify your product offering or your target markets. Think about the things that go along with the items you sell: boots, apparel, shavings and nutrition services for example.
4. Leverage a strong position with your existing core customers
The ability to leverage your existing customer base should be core to better engagement with new prospects and how you funnel them through the sales process more quickly. Don’t take them for granted—your existing customer base can be the key to advancing both marketing and sales activities that lead to significant growth.
5. Acquire or merge with other businesses in your market
Perhaps the most aggressive growth strategy is to buy a company that makes products related to yours. We’ve seen that a lot lately with tech companies like Facebook, Google and Amazon that continue to acquire smaller businesses. If you cannot acquire another business perhaps you can arrange to merge with it.
Choosing the best option for your business is hard work that involves risk. It is no different than the trapeze artists high above the crowd gracefully letting go of their swinging bar flying through the air being caught and then letting go again.
Author Henri Nouwen once had the opportunity to travel with the Flying Rodleighs, a troupe of trapeze artists. Their conversation inevitably turned to flying and how they could possibly do what they did. Nouwen summarizes risk: ͞
A flyer must fly, and a catcher must catch, and the flyer must trust that his catcher will be there for him.
So outstretch your arms; let go, and trust the option you select to grow your business.