7 Tested Growth Strategies for Business Using NetSuite

Despite economic uncertainty, now is a moment of opportunity for organizations looking to grow. Instead of focusing on external conditions, companies are looking internally to improve and expand.

Brands like Netflix, Airbnb, Lego, and Warby Parker saw significant business growth during the Great Recession by following intentional and strategic growth paths. Today, many executives remain optimistic, with a late 2023 Fortune/Deloitte survey finding that 37% of CEOs expect strong growth over the next year.

7 Tested Strategies for Your Next Growth Leap

When businesses reach a certain size or stage, they often plateau. Here are seven strategies to help them break through, with real-world examples to provide a potential roadmap to business growth using NetSuite.

1. Expanding Product and Service Offerings

Creating new products and services to meet current customer needs or attract new ones is a reliable growth engine. For example, Garmin offers satellite communicators paired with a subscription plan, while Ampere Computing expanded from two server processors to a range of cloud-native processors and software.

5 Questions to Ask:

1. What problem is this new offering solving for our customer?

2. What is the current market like for this offering?

3. Who are our competitors with this new product or service?

4. Can our current structure and finances support a new offering?

5. How will we measure the success of the product or service expansion?

2. Going International

Breaking into international markets is a logical next step after achieving product-market fit and success in the home market. Paysend, for example, expanded from the UK to 190 countries, managing the complexity of multiple currencies and operations with NetSuite OneWorld.

5 Questions to Ask:

1. Can our financial system automatically convert currencies in target countries?

2. How does our system consolidate transactions from different subsidiaries?

3. What options do we have for shipping products internationally?

4. What new taxes and regulations apply to international sales?

5. How will we comply with local regulations, such as GDPR?

3. Divesting to Reinvest

Divesting part of the company can drive long-term growth by allowing companies to focus on core competencies. Action Bag Co. divested its retail business to focus on healthcare packaging, improving core competencies and customer relationships.

5 Questions to Ask:

1. Is the business unit core to our strategic goals?

2. Will the divestiture contribute to financial health?

3. Is there a favorable market for the divestiture?

4. What specifically is included in the deal?

5. Can our data management processes handle buyer information requests during due diligence?

4. Building Processes That Scale

Rapid growth can break old processes. BirdRock Brands, for example, automated order management and connected sales, inventory, and financials using NetSuite, improving efficiency and insights.

5 Questions to Ask:

1. If sales increased by a factor of five, what processes would become unsustainable?

2. Can our existing technology help automate strained tasks?

3. Where can we automate steps or processes?

4. How will these changes affect employees?

5. What additional training or change management is needed?

5. Prioritizing Education Around Technology

Training employees on technology maximizes its benefits. NetSuite Learning Cloud Support (LCS) helped Fan-Brand manage and scale operations with limited IT staff, empowering employees to utilize new features effectively.

5 Questions to Ask:

1. How can we create a culture of continuous learning?

2. What are the training needs of our employees?

3. What are the best training methods and formats?

4. What metrics will measure the success of technology training?

5. Does our technology provider have the right learning solutions?

6. Tapping Private Equity or Venture Capital Investment

Private equity or venture capital investment prioritizes growth. A health and wellness company used NetSuite OneWorld to unify data and improve financial processes, supporting strategic and operational improvements.

5 Questions to Ask:

1. How trusted is the data that drives our KPIs?

2. Can our finance team deliver essential KPI data weekly?

3. How effective is our cash flow monitoring and forecasting?

4. How well do we understand the profitability of our products?

5. Could we double our revenue with a small increase in headcount?

7. Acquiring and Integrating Businesses

Acquisitions provide growth opportunities but require careful integration. Granite Partners uses NetSuite to manage its portfolio, balancing operational independence with portfolio-wide collaboration.

5 Questions to Ask:

1. What do we value most in the acquired company?

2. How much will we integrate operations and data?

3. How quickly can we achieve the desired level of integration?

4. What processes are essential for improvement?

5. Where can we learn from the acquired company?
   

Grow on NetSuite

The success of companies outlined here is a testament to their ingenuity and strategic use of NetSuite technology. By running financials, sales, supply chain, services, and commerce on a single platform, NetSuite helps eliminate daily headaches and provides crucial insights. Whether expanding products, going international, or acquiring businesses, NetSuite can support your growth strategy.

Reach out to our team for a personalized Demo.