Introduction Small business growth is the process through which small market enterprises transform to huge enterprises with high revenues. A business growth strategy is applied to transform a small business into a big one according to the organization`s goals. Transforming a business requires a change of organization structure and sometimes a change of business form. Additional financing is also necessary to increase the level of operation of a business. Customers have to be wooed through promotions to enable the business to maximize its profits.
Growth Strategy Strategy is a purposeful choice to be different. Business growth strategy involves selecting alternatives and tradeoffs that will give the business competitive advantage. There are several growth strategies available to a business. They include market penetration, market development, alternative channels and product development. Currently Jayne has been using market development strategy to grow her business. This is where an organization seeks to sell more of its existing products in the adjacent markets (Dahl, 2010). She has acquired three bicycle towed concessions to distribute her products to neighboring areas. Jayne’s expansion plan will require a change of growth strategy to market development growth strategy. This is where a business creates a new product to sell to new consumers and existing customers (Dahl, 2010). Jayne’s short term goals include becoming a more profitable enterprise offering a wide variety of food products and services. Product development helps a business become more diverse. To implement this strategy, Jayne should first plan for the growth strategy (Mazzarol, 2005). The purpose of planning is to spot a growth path. After planning she should design the growth strategy then implement it. The final step will be to monitor and control the implementation of the growth strategy.