Getting a business up and running is hard work. But once you’ve achieved initial success and stability, reliable business growth is an asset — even a necessity — for any healthy business. Growth ensures sustainable and diverse sources of revenue, as well as greater resilience during downturns. Below are three techniques to help your business expand and thrive.

Invest in Digital Marketing

Digital advertising, promotion, and other forms of online marketing are a staple of most healthy businesses today. Given the widespread use of social media and the broader web for work and recreation, digital marketing presents effective, tailored means to reach new and existing customers.

If you haven’t already, developing an active social media presence is a simple and affordable way to spur business growth. Utilizing multiple platforms — and varied forms of content — is particularly effective. For added effect, you might consider investing in paid promotion on one or several social media platforms.

For an added boost, if you have the funds, consider hiring a digital marketing consultant. A specialist will be able to comb through and utilize market research to design a personalized digital marketing plan for your business, aimed at target demographics and particular corners of the web, to make the most effective use of your digital outreach. 

Diversify Your Business

If your business is established and running well, consider branching out! Entering into adjacent or novel industries will help to diversify your revenue stream, allowing you to more effectively weather market downturns. You may also find that one business or industry complements another, allowing distinct components of your business to support each other.

If this seems too complex or risky, consider expanding within your existing field. Growing your physical space, establishing a loyalty program, and holding events or seminars all offer unique ways of building your business without stepping too far outside your comfort zone.

Form Partnerships

There are many effective avenues for individual business growth that will benefit other companies as well. Consider how you might form a partnership with a complementary business to promote each others’ products or services or offer discounts between your two companies. 

This sort of collaboration also offers networking possibilities, allowing you to connect with professionals in your industry, and related industries, who may be able to offer advice or serve as conduits for future growth.

There is no shortage of ways to grow and expand a thriving business. A few simple endeavors can ultimately have a substantial impact on your bottom line.