3 Business Models for Accelerated Growth

I have found that when it comes to business, there are many paths to success. I've talked about the importance of developing a great idea for your company in previous blog posts. But what do you do if you already have an established company? How can you grow even more quickly than before?

In this post, we'll talk about three ways to accelerate growth: acquisition, incubation and diversification. Let's take a look at each one in more detail.

Acquisition

When it comes to acquisition, I'm not talking about buying another company. Instead, consider strategic acquisitions or mergers with other companies that will give your business access to new customers and even better products. This can be done in a variety of ways. For example, let's say that you have an online academy and are looking for growth opportunities. One way to accelerate your growth would be to acquire an ecommerce company or one with complementary products. As this will give you access to new customers who may not have been able to find what they were looking for on your site.

Incubation

The idea of incubating a business is similar to when you hatch an egg in nature. You place the egg inside something that will protect it and allow it time to grow into maturity before being exposed to harsh elements. This is exactly what happens with new businesses within your company. Instead of exposing them immediately, you can incubate them in a safe environment until they are ready to be introduced into the real world.

For example. if you own an association, an example of a business incubator might be an association management software provider that offers education, support and training for your customers. This might provide you with the opportunity to create new associations in key markets all around the world before ever having to go out on your own.

Diversification

One of my favorite business models is diversification. Instead of focusing on one particular industry or market, you can broaden your horizons and open yourself up to new opportunities. The idea here is not only to develop products for other markets but also to enter them via acquisitions or partnerships.

For example, let's say that you own a restaurant chain in Texas with a strong presence throughout Austin, Houston, and Dallas. You might consider diversifying into other markets in the U.S., such as Florida or California, or even abroad by purchasing restaurants in Mexico or Canada. This not only allows you to expose your company to new customers but also gives it a competitive edge over its rivals because of the increased geographical presence and different market dynamics involved.

Although you want your core business to remain strong, diversifying your company allows for greater stability when it comes to growth and revenue streams. If one area of your market suddenly collapses or declines, having other areas that can support your company can allow you to weather any storms.

There are many guides out there on how to accelerate growth for new companies, so I wanted to take a look at how established businesses can expand their horizons and grow even faster than before. These methods work for small, medium-sized or large businesses alike.

The need to be creative is something that lives in every single human, but sometimes it’s so much easier to do something that works. Tweaking a solid, proven business model is one of the most creative things you can do.

Now that we have talked about three business models for accelerated growth, tell me in the comment section which one appeals to you the most?