Title: Importance of business growth | nibusinessinfo.co.uk
Headings: Assess your options for business growth
Assess your options for business growth
Importance of business growth
Why is growth in business important?
Reasons for business growth
Deciding how to grow
In this guide:
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Content: Importance of business growth | nibusinessinfo.co.uk
Assess your options for business growth
Importance of business growth
Guide
Growth is crucial to the long-term survival of a business. It makes it easier to acquire assets, attract new talent and fund investments. It also drives business performance and profit. Why is growth in business important? Growth can be good for business for many different reasons. For example, it may allow you to: take advantage of new opportunities
expand your products or services
attract more customers
increase sales
employ more staff
It may also help you to respond to market demand, allowing you to increase your market share and capitalise on your growing brand. It often spurs innovation, helping you to differentiate in the market and stave off competition. Growth can also boost your business' credibility, allow you to broaden your supply base and increase stability and profits. However, to be successful and sustainable, growth has to be strategic and has to happen for the right reasons.