Business Growth
Question One- Three strategies for growing a business
Value proposition- for your business to have long term growth, then it appropriate to establish value propositions (Eisman et al., 2020). This is where the proprietor comprehends what is setting the business apart from the competitors. It is essential to note the reasons why customers come to your business.
Market expansion- this strategy is similarly known as market development. It entails selling your products to new marketplaces. This strategy assists outcomes in entering new markets.
Diversification- this is where a firm sells its new products to the new marketplaces. The strategy calls for the company to do appropriate market research to establish whether a new market shall augur well with the company’s products (Gray, 2019).
All the strategies described above could improve efficiency in the company as it increases sales of the products. These strategies are useful since they increase sales and profits of the businesses which use them appropriately upon doing through market research.
Question 2-Internal and an external barrier to the growth of the business
Poor management- this is an internal barrier (Al-Maskari et al., 2019). For instance, poor management leads to poor communication and morale problems amongst workers. This makes the firm have inefficient marketing strategies, leading to low or no growth for the business. When the business plan lacks no tangible idea, then such business is likely to flop
The struggling economy is an example of an external barrier (Toppinen et al., 2019). For example, uncertainties, recessions, and slowdowns are some of the limiting factors for business growth. These factors reduce the profit levels of the business, and this might lead to its collapse.
References
Al-Maskari, A., Al-Maskari, M., Alqanoobi, M., & Kunjumuhammed, S. (2019). Internal and external obstacles are facing medium and large enterprises in Rusayl Industrial Estates in the Sultanate of Oman. Journal of Global Entrepreneurship Research, 9(1), 1.
Eisman, A. B., Kilbourne, A. M., Dopp, A. R., Saldana, L., & Eisenberg, D. (2020). Economic evaluation in implementation science: Making the business case for implementation strategies. Psychiatry Research, 283.
Gray, D. E. (2019). Researching the business world. Sage Publications Limited.
Toppinen, A., Sauru, M., Pätäri, S., Lähtinen, K., & Tuppura, A. (2019). Internal and external factors of competitiveness shaping the future of multistory wooden construction in Finland and Sweden. Construction Management and Economics, 37(4), 201-216.