There are two primary growth strategies for business: internalgrowth and external growth. The type of business strategy you choose will depend on several factors, including the size of your business, the capital available to you, and your goals for the future.
Internal or organic growth strategies focus on expanding the capabilities of the business by using the company’s own resources. These are long-term strategies that require a personal investment of time and money. One survey showed that 75 percent of small-business owners want to grow their firms, although some expressed concern that expanding their business would increase their dependence on outsiders. Internal growth strategies allow business owners to maintain control and keep the quality of their products or services high, with less reliance on external forces.
External growth strategies typically involve mergers or acquisitions. Unlike internal growth strategies, in which funds are reinvested in the business to expand output or demand, external growth strategies use corporate funds to purchase other companies. This is, obviously, a much faster route to expand a business than an internal growth strategy, but it's also riskier.
A study comparing the growth strategies of several companies found that, while both internal and external growth strategies can positively affect returns, internal growth strategies offer higher cash flow returns.
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