10 Home Service Business Growth Strategies

Growth is critical to business survival and long-term success. As James Cash Penney, founder of the JCPenney Company, stated, “No company can afford to not move forward. It may be at the top of the heap but at the bottom of the heap tomorrow if it doesn’t.” He also said, “Growth is never by chance.” Clearly, solid and sustained growth requires smart business growth strategies. 

Why Small Business Growth is Critical 

Growth means selling more products or services, serving more customers, and increasing company profits. It can include expanding the enterprise’s business territory and adding auxiliary or complementary businesses.  

Growth enables a business to more effectively meet market demand, build brand recognition and loyalty, stay competitive, increase market share, reduce operating costs through economies of scale, improve the quality of the company’s staffing, increase its financial and operating stability, and develop new and better opportunities. Achieving the benefits of growth requires the application of smart business growth strategies.

Growth and the Business Life Cycle 

The business life cycle describes the stages that a business can go through from start to finish. The first stage is startup, which is the initial phase of a business. Second is growth when the business increases profits and expands. Third, maturity is when the business has achieved a stable revenue stream and a comfortable market position. Fourth is decline, when the business faces challenges like increased competition, market saturation, and reduced sales or customer counts. Fifth, exit, or succession, is when the original owners decide to sell the business or pass it on to a succeeding generation.        

Understanding the business life cycle can help a business owner create smart goals, plans, and business growth strategies for each stage, including the financial strategies and funding options needed to sustain continuing growth. 

10 Home Service Business Growth Strategies 

Growth requires smart business growth strategies. As actor and humorist Will Rogers once said, “Even if you are on the right track, you’ll get run over if you just sit there.” Consider these business growth strategies: 

1.    Know your competitors. Study and learn from them. 
2.    Understand your existing and potential customers. Track current customer activity and gather market research data on your potential customers. Apply the data to your business growth strategies and plans. 
3.    Understand the risks and rewards of actions before you take them. Elements to consider are the timing of launching new services, changing pricing, expanding into new territories, and changing marketing approaches. 
4.    Be creative in looking for ways to improve your business and stand out from your competition. Look for opportunities to expand your current business or develop related enterprises that will increase overall revenues and achieve the advantages of diversification. 
5.    Always seek ways to improve customer service. 
6.    Examine all aspects of your operation to improve operating consistency at a high level, including team training to improve your operating processes. 
7.    Remove unprofitable services. 
8.    Create a sales funnel, then work to increase your conversion rate. 
9.    Strengthen your marketing. That can include developing a revamped website, investing in paid search, adding smart content marketing, and utilizing social media and email marketing.   
10.  Seek professional assistance with your growth planning and strategy development. 

Seek Professional Business Coaching Assistance 

Contact Blue Diamond Consultants for home service business coaching. Our coaching services are based on extensive experience through previous success for home service provider businesses.