When you see your own growth as a business, pass your expectations you feel elated. It's a clear sign that your ideas work, your products are desired and your services are meeting the needs and wants of customers.

How should you pounce on that growth? Should you expand? Should you grow your product line? Should you increase the funding for your services and business as a whole? There are so many options, not all of them seem obvious, so let’s explore what you can do to seize your own growth.

Setting up a subsidiary

One of the main ideas that business owners get when they want to pounce on their growth is to set up a subsidiary company. This might be because you want to create a specific type of branch for your company. Take a look at how Adidas has ventured into making fitness watches, and how BMW has it's M-sport and M-performance divisions. This can be done easily thanks to companies such as 1st Company Formations.

They will register the company, set up the bank account for the business, register your trading name, logo, your VAT account and tax account etc. it's a great way to make new products that you might deem exciting but risky. You can also use it as a research foundation where you can experiment with different projects and use the technology and research to help your primary company.

Expand into new territories

Every business will eventually want to expand. You can use this opportunity of growth to expand into new territories. This might be in a different part of the world for example. You can take your business abroad. This is done by working with importers. You can do your own market research in these countries or you can issue a commissioned market report from a think tank in your own country, the client country or with the client themselves.

Once you know how viable your operations could be in a new country, you can decide which risks and opportunities make sense. Then you should find a distributor, a wholesaler preferably, and a storage service company. Not to mention, the logistics that are involved, such as the cargo transport.

Grow in talent

Some companies decide that they should expand in terms of their talent. This is because you might want to expand your business through new products and services but you just don’t have the new fresh minds needed to achieve such heights. This is why you should try to hire more talent with the specific desire to create a brand new team or department. Maybe you would like to grow your research and development department or you would like a special projects team.

Hiring talent that can think outside the box, be creative and take on new challenges is a long-term investment. You may find that if you choose to expand into new territories, talent comes at a cheaper price. The new territory might have a weaker currency, it may have a large talent pool with competitive salaries that aren’t as rewarding as in your country, etc. 

Find a partner

The other and perhaps more complex way to grow is to find a partner. They do come with strings attached but you may find that you can do all of the things above, without needing to do them yourself. You will be able to utilize the talent of the partnering company, grow into their territory and be able to find more funding for your products.

The catch is, you will have obligations towards each other. So this can result in feeling impeded but if your goals align, then it might not be an issue. You will need to agree to what kind of partnership you want. Usually, there will always be a party that has a bigger say, and this often means you will need to design your objectives in line with their strategy. However, as mentioned, you have the support of their talent, funding and expertise. 

How should you seize growth? There are any number of ways. But don’t blow your growth away by going down speculative roads. Invest in your people, products and processes first. On the other hand, you may wish to use your newfound growth to entice a partnership that can open the doors for you in many areas.