The fifth and final pathway to growth is external growth. Here, expansion is achieved by engaging with entities outside your company. There are many forms of engagement, of which acquisition is but one. External growth can be one of the most exciting paths to growth and in many cases, it should top your list of potential strategies. However, I want to ensure that you see external growth within the context of the other four alternatives we’ve been looking at in recent posts, so you can make an informed decision. Once you have considered each of the five pathways to growth, you can carefully assess which pathway would best serve your company.
This post is part of a series on considering your options for growth. Read the introduction here. The five pathways to growth are: