Prepping for growth
Developing internal and external strategies
By Owen Rock, business strategist, Fond du Lac County Economic Development Corporation
A company that does not grow or is not looking to grow has a greater chance of failing than one who is poised for growth. It is important for a company, before embarking on a growth strategy, to have a good understanding of the current state of the business and its current market position. When a company is in expansion mode or is growth oriented it is important to develop a growth strategy plan. The plan can focus on internal or external growth strategies or a combination of both.
Internal strategies focus on the capabilities of the business itself, which can include hiring new staff; improving manufacturing techniques or functionality; product and service development; or improving marketing techniques. These strategies can assist in expanding a market and customer base. Internal strategies generally require some investment into the business and do not produce immediately recognizable revenue but can produce new markets and customers over time.
External growth strategies focus on increasing your market and customer base. External growth includes selling more products to more customers and producing more revenue. External strategies improve the net worth of the company and increase its profitability. The strategies may include market research to identify potential markets and customers, geographic expansion, capacity building or acquisition of another business.
FCEDC can assist growing businesses achieve their internal and external growth goals. With funding available through our Revolving Loan Fund we can assist with the purchase of new machinery, working capital and business expansion. We can also identify state incentives available for business expansion, new machinery, workforce development, and new employees. Our Economic Gardening Program can assist in identifying potential new customers and markets. We can generate focused lists for marketing, generate maps of existing or potential customers by industry, and generate maps for analysis of supply chains along with reports on competitors. FCEDC is here to assist the growing businesses in Fond du Lac County.
