Excerpt from the book, The 5 Kick-Ass Strategies (Every Business Needs)

You run a successful business, and like scores of entrepreneurs before you, you want to see it grow and prosper. And ultimately achieve the level of success to which you aspire.

These aspirations can be measured in many different ways:

• Wealth beyond all avarice
• An organization of which you can be proud
• An organization that will outlive you and continue to prosper for generations
• All of the above

It is at this point that many entrepreneurs find themselves stumped. They have a thorough knowledge of their industry. They have defined their target markets and written their sales objectives. They just aren’t sure how to reach the lofty goals they have set.

Amazingly, even with all the blood, tears, toil, and sweat you’ve endured to create a successful company, there are still only five strategies for growing your business, only five ways to increase your sales. These are:

1. Sell more of the same stuff to the same people
2. Sell more of the same stuff to different people
3. Sell different stuff to the same people
4. Invent and introduce new stuff
5. Merge with or acquire another company

1. Sell more of the same stuff to the same people
Selling more of the same products or services to your current target market is often called Buying Market Share. And for good reason. To sell more stuff to the same people, you need to buy customers from your competition.

This can be costly. It may require you to drop your price. Or you may need to devote resources to advertising or promotions that induce more people to abandon their current loyalties and try your brand.

2. Sell more of the same stuff to different people
Selling more of your products or services to different markets can also be expensive. Any time you Hunt new customers, you need to create awareness and credibility for your company and your products in the new market.

If you are currently offering your services in North Dakota but want to start selling in South Dakota, too, you will need to let all those South Dakotans know who you are, what you stand for, the features and benefits of your product line. You will need to educate them as to the myriad reasons why all your North Dakota customers are so smart that they have made you the leading brand in the state.

3. Sell different stuff to the same people
This is the easiest and most cost-effective strategy.

While hunting new customers is important to maintaining a healthy sales picture long-term, Farming your existing customers is more efficient.

Statistics show that the cost of selling to new customers is more than 12 times as expensive as selling to current customers. Your current customers already know you. You don't need to create awareness and credibility with them. They already trust you.

4. Invent and introduce new stuff
New Products are absolutely necessary for the health of your company. They replace your products that are in decline; they provide fresh revenue from new markets; and they position your firm as an innovator in the industry.

But they can be risky. Statistics indicate more than 10,000 new products are introduced every year. A majority fail in the first year, more than 80% in the first three.

5. Join forces with another company
A Merger or Acquisition may offer a multitude of opportunities to increase your revenue. By merging or acquiring another company, you actually may carry out all of the other strategies at once.

Acquiring a competitor may indeed gain you market share, selling more of the same stuff to the same people. It may allow you to expand your markets, selling more of the same stuff to different people. Or it could be an opportunity to sell different products to your existing customers.

Using these 5 Kick-Ass Strategies, you can take your organization to the Next Level. They are the conceptual blueprints for your company's success.

But before you can grow, you must prepare your infrastructure (Operations, Finance, and Human Resources). Simply executing the 5 Kick-Ass Strategies could bury you if your company is not prepared to grow.

Learn how to prepare your company’s infrastructure for rapid growth. Pick up a copy of the book, 5 Kick-Ass Strategies (Every Business Needs) at your bookstore.

Robert Grede, best-selling author of The 5 Kick-Ass Strategies (Every Business Needs) is a teacher, speaker, and consultant. He has helped clients large and small achieve substantial growth by executing the 5 Kick-Ass Strategies outlined in his book.