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Growth Strategies

The practical side of growth is the actual strategies that businesses employ to grow their companies. It’s helpful for business owners to be acquainted with the breadth of growth-related strategies that are available, so they can select the strategy or strategies that make the most sense at a certain point in time in light of their individual situations.

This section discusses the most common strategies for growth utilized by expanding businesses. The strategies are divided into internal growth strategies and external growth strategies, as shown in Figure 9.2 and discussed here.

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Figure 9.2. Internal and external growth strategies

Internal Growth Strategies

Internal growth strategies involve efforts taken within the firm itself, such as new product development, other product-related strategies, and international expansion. Almost all firms start by featuring internal growth, and many firms, such as Flavorx, Proactiv, and Daisy Rock Guitar, stick with this strategy as they grow. A firm that features internal growth relies on its own strengths and capabilities to spur its growth, rather than going into the marketplace and creating growth through an acquisition or a strategic alliance. The full range of internal growth strategies available to businesses is shown in Table 9.1.


  

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