Find your competitive advantage.
- Analyze yourself and your competitors thoroughly.
- Pinpoint where you are in the business lifecycle.
- Look for market gaps your competitors aren’t filling.
Observe what drives growth in your industry.
- Understand the dynamics that influence how you grow.
- Stay on top of emerging trends and seize opportunities.
- Work with a financial partner immersed in your industry.
Lock down your balance sheet.
- Build cash reserves and optimize your conversion cycle.
- Maintain inventory and diversify revenue streams.
- Control expenses and set a growth budget.
Make your operations scalable.
- Plan to balance growth opportunities with needed capabilities.
- Use internal processes to measure your success.
- Cross-train teams to strengthen customer service.
What type of growth matches your risk tolerance?
Some types of organic growth carry more risk than others. Here are four common growth strategies, ranked by risk.
Market penetration
Low risk
Selling more existing products in current markets.
Product development
Medium risk
Creating new products for existing markets.
Market development
Medium risk
Taking existing products into new markets.
Diversification
Medium risk
Developing new products for new markets.
“Growth means generating revenue. Being able to accept payments and get paid for what you’re doing is a key part of that.”
Chris Ward
Head of Enterprise Payments, Truist
