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Key Strategies For Business Growth in 2024

Let’s begin by understanding the concept of business growth strategy. In simple words, it is a plan of action designed to help a business increase profits, revenue, and market share.

It’s a detailed process influenced by multiple factors, such as identifying opportunities, making product or service adjustments, investing in more than one marketing channel, and reaching new markets.

So, whether you’re a small business or an international brand, aiming for business growth is essential to staying relevant.

In this article, we will explore the crucial business growth strategies you should consider in 2024.

Preparation To Implement Business Growth Strategies

Before you start coming up with strategies to implement, it’s important to organize your company’s tasks and team to accommodate these changes.

These are some key areas you should start preparing:

Get Your Staff On Board

The professionals on your team are the primary driving force of your company’s basic functions. If you want to implement a business growth strategy, it’s important to ask for their input by asking some questions.

Start by identifying better ways to communicate as a team, streamlining internal processes, and familiarizing yourself with common growth strategies. Once you’ve established this connection, it’s time to start developing ideas together.


We know that regular business activities are the first priority for keeping the company running. Still, it’s also important to set aside some time for you, your management, and your sales team to exchange ideas about understanding your niche’s marketplace, finding opportunities, identifying challenges, and executing strategies.

This is a crucial stage for agreeing on specific actions and monitoring what works and what doesn’t. It’s also important to consistently update and involve the team even after the discussions because it shows that you appreciate their input and keeps everyone aligned about the business growth expectations.

Market Forces Affecting Your Growth

Analyze what the market looks like for you and your customer base. You can start by identifying social demographic trends in your region and the economic or political factors affecting their purchasing preferences.

Similarly, people spend most of their time online, and assessing patterns and data from social media platforms can give you detailed insight into buying habits and changing processes. For example, it’s becoming common for businesses to open an online store to reach a larger customer base.

Customer Base

Study your current customer base and identify the demographic concentration by age or sex and the industry sectors they operate in. This will give you an idea of potential customers, and you can start targeting them with revised strategies. Plus, improving your current offerings will also help with customer retention.

Similarly, communicate with your customers; ask them what they like, dislike, or face challenges when dealing with your company. Take their suggestions on what they’d like to expect from you in the future and work on it.

Profit Concentration

Take a look at your different revenue streams and total sales revenue to review which product line or service offerings are bringing in the most profits to your company, deliver the highest gross margins, and cover costs. Try to gauge what factors are affecting these differences; for example, outsourced and in-house labor would have created different prices.

Once you’ve identified these, highlight products or services that generate higher margins, so you know which ones you must promote and sell more. The ones that don’t generate enough profits reevaluate their prices to see if there’s something you can change; if not, save your resources on promoting them if it’s to obtain better opportunities.

Sales Forecast

For each trading month, set a realistic sales target based on your products or services and generate separate invoice codes to help you track what’s affecting your overall sales.

Analyse key customers’ purchase trends to predict what other products or services they could buy in the future; use this to plot sales revenue but also keep a record of these monthly sales.

Key Strategies For Business Growth In 2024

Referral programs, customer rewards, digital advertising, etc., have been part of business growth strategies for quite a while, and there’s no doubt that these tried and tested methods work.

However, with 2024 already here, it’s time to up your game and explore more effective and up-to-date ways to grow your business.

So, how what should you consider? Let’s find out.

Market Penetration

The market penetration strategy involves “growing” your business by increasing your supply of your product line or services. You can achieve this by encouraging current customers to buy more, grabbing the attention of your competitor’s customers, and converting non-buyers in the same market space into buying customers.

The aim is to focus on markets in which you already have a presence so you can leverage that presence as a foundation for cost-effective business growth. Common tactics for market penetration include increasing the marketing budget, making price adjustments, offering promotions or rewards, and improving products.

Online Presence

Start by optimizing your website to improve its visibility among search engine results so you can reach a relevant target audience with queries similar to what you offer. While hiring an SEO professional to guide you is best, the process usually starts with keyword research to find terms used by potential customers.

After assessing the keywords’ search volume and difficulty, you can start creating content about those topics to appeal to users who are looking for them. Similarly, building your website’s backlink profile indicates that you’re a trustworthy source since other websites are linking to your site. While building links is a long process, it’s worthwhile once you start seeing the results.

Social Media

It may sound cliche, but the power of social media platforms like Instagram, Facebook, TikTok, LinkedIn, etc., is truly unmatched; it’s because you don’t just get to share your products or services but also educate your audience about its USPs, communicate with your customers and answer their queries, and also stay connected with other leading brands in your industry.

Similarly, you can launch marketing campaigns and track their effectiveness based on engagement, conversion, audience growth, and click-through rates. It’s all about finding the right balance between attractive content, audience engagement through quizzes, polls, etc., contacting influencers, cross-promoting collaborations, and maintaining consistent branding across different platforms.

Market Segmentation

Market segmentation involves identifying small groups within a broad market based on specific characteristics, needs, and behavior patterns; this allows you to take a personalized approach and make the right offers to specific customer types.

You can also adjust your marketing efforts to appeal to these subgroups based on location, media preference, demographics, and psychographics. Therefore, segmenting is an effective growth strategy for your sales, product, and marketing development because it helps you capitalize on strategic growth opportunities.

Product Development

The oldest trick in marketing efforts has been creating new products or innovating existing offerings to better fulfill customers’ needs. These developments ensure customer satisfaction and help your company stay relevant to changing trends.

For example, the emerging awareness about animal cruelty led to many people choosing the vegan path. While many others may not support it, major franchises like Starbucks, Burger King, Dairy Queen, Subway, and many more have included vegan menu options to cater to these new trends even though they already have a devoted customer base for their non-vegan products.

Business Expansion

A central part of any growth strategy is business expansion; the goal is to go beyond your business’s current market capacity by targeting new markets or tapping into different demographics with potential customers. This also includes expanding internationally, especially if you’re looking for large-scale growth opportunities.

It’s important to note that this process is more challenging than it sounds. You must conduct market research to understand and adapt to customer preferences while also complying with the quality standards and regulations of the country or state you’re expanding to. You will also have to develop strategic partnerships in the region to understand the local audience better. After launching your plans, it’s crucial to monitor the response of market trends to cultivate a local presence online as well as offline.


Branching into other industries and markets while creating new products and services to serve them is part of the diversification strategy. It involves exploring opportunities beyond your existing market and entering industries with fewer competitors but higher growth potential.

Apart from the opportunity to capitalize on new markets, diversifying also improves your company’s resilience by teaching it how to adapt to different industry settings, changes, and consumer preferences. For all you know, this new business vertical might prove to be a more successful business growth strategy than any of your previous ones.

New Sales And Distribution Channels

Finding new distribution and sales channels is solely to improve your business’s reach and revenue and, eventually, increase sales. This also teaches you how to cater to changing preferences; for example, some people prefer online shopping while others enjoy shopping in person.

You can explore other distribution channels by launching pop-up stores, creating online marketplaces like Etsy or Amazon, forming partnerships with retailers, and participating in industry-relevant workshops, trade shows, events, etc. Using these methods will also create opportunities for word-of-mouth promotion.

To Conclude

In 2024, business growth strategy is more than just having a great product or service—it requires a multifaceted, strategic approach that considers the demands of changing times and adapts to new markets or preferences.

From utilizing data analytics to taking constructive criticism from customers, it’s a lengthy process but one that will amplify the business you worked so hard to build.

How To Prepare For A Small Business Loan

While well-off businesses don’t need extra cash, some find themselves in between money-related struggles that could use a boost, and that’s when they turn to business loans.

Whether you want to expand your operations, clear outstanding invoices, purchase inventory, or require some quick cash for miscellaneous expenses, you can turn to lenders to help you out.

If this is your first time taking a loan, it’s no surprise that some things will confuse you. Here’s our detailed guide on preparing for a loan and key factors to consider before taking one.

When To Get A Small Business Loan

Since there are so many types of loans, you must decide why you need any financing to begin with. Doing so will help you make the right decision and choose what works best for you.

As surprising as it may sound, you should take a loan when you have a good credit score and when the business cash flow is strong so you aren’t desperate for money; this is so you meet the eligibility criteria set by lenders. If you qualify for lower interest rates, you’ll have more loan options, and this won’t happen if you are neck deep in bills.

Plan ahead by going through your financial reports and making decisions based on your needs. For example, if you’re not in immediate need of a lump sum of money, don’t choose a term loan for working capital; instead, a line of credit will be a better option since it allows the borrower to take money from the line as and when needed.

When Not To Get A Small Business Loan

If you’re struggling to meet your financial goals according to the business plan, then don’t take out a loan. The main reason you shouldn’t wait until there is an extreme cash crunch is that you might struggle to afford to pay back the loan, making you a risk to potential lenders.

If your business or personal credit scores are dwindling, avoid getting a loan. Considering your personal credit history plays a vital role in determining whether or not you’re eligible for a loan, you’re better off trying to rectify it first so you qualify for these financing options. Pay your bills on time, watch out for your credit report, and reduce your debt.

Even if you do qualify for a loan with online lenders despite having bad credit, you may not get an unsecured loan with a low annual percentage rate. Consider a short-term loan or merchant cash advance if you really need the money. You must ensure they’re credible sources, so when questions like “is 5k funds legit?” pop into your head, go ahead and check their reviews to know for sure.

Applying For Small Business Loans

Get Your Documentation In Order

Once you decide you need a loan, gather the important documents before going to the lenders, or just contact them if you’re unsure. Usually, these are the items your lender will require:

  • Business License
  • Personal and business tax returns
  • Personal and business bank statements
  • Business plan
  • Building lease
  • Financial statements
  • Articles of incorporation
  • Profit and loss statements

Submitting Your Loan Application

With all the documents ready, it’s time to get started on your loan application process for your small business. You have the option to do this online or in person based on which lender you decide to work with.

These are details lenders commonly ask for:

  • Your name
  • Social security number
  • Business name
  • Business tax ID
  • Loan purpose
  • Desired loan amount
  • Annual revenue

Best Types of Small Business Loans

SBA Loans

The U.S. Small Business Administration (SBA) guarantees these business loans because the federal government guarantees a repayment of up to 85% of the loan in case the borrower defaults. SBA-approved lenders choose their own annual percentage rate (APR), and the interest rates can range between 2.8%-13%. These are the most popular SBA loans: 7(A) loans, 504 loans, and SBA microloans.

Line Of Credit

These business loans work like a credit card; financing with a business line of credit allows you to borrow money as you require it and pay interest accordingly. After approval, you’re given a credit limit, and you repay what you owe as you use it. You can access this credit anytime during the draw period (usually 12-24 months), but after it expires, you no longer have access to the credit line.

Term Loan

Terms loans are a common search for small business loan options; businesses borrow money from traditional sources like banks, online lenders, or credit unions and repay the funds over time, often at a fixed interest rate. Although the terms and conditions vary, qualified businesses can borrow $500,000 or more, with an APR starting at 9% and repayment terms of up to 10 years.

Personal Loan For Business

Small businesses usually opt for personal loans because it relies on the business owner’s personal credit score and not the business credit score. These loan amounts are generally small, and the maximum borrowable quantity depends on the individual’s debt-to-income ratio, personal finances, and assets, so you must have strong personal credit.

Equipment Loan

Small businesses usually need financing for new equipment, and these loans help you do just that. The equipment you purchase using this loan serves as collateral. In the case of a default, the lender can claim the equipment to resell it and recuperate the losses. Since there is an inevitable collateral involved, the lender’s investment risk is low, which means you may get competitive interest rates ranging from 8% to 30%.


Compared to other business loans, microloans offer small amounts of money with short repayment terms. The eligibility criteria are less stringent, and businesses can usually borrow up to $50,000. Microlenders typically involve nonprofit organizations and focus on underprivileged small business owners like women and minorities. Interest rates are quite low and sometimes non-existent.


With that said, every smart business owner knows when they need extra financing, but it’s all about planning ahead to ensure you don’t have to make hasty decisions that leave you in a downward spiral.