What is the difference between internal and external growth strategies?

The main difference between internal and external growth strategies is that internal growth is done using a company's own resources, while external growth involves partnering with other organizations:

Internal growth

Also known as organic growth, this strategy involves a company expanding using its own resources. It can help a company maintain its culture, build competitive advantages, and minimize risk. Internal growth can also help a company's leadership develop a deeper understanding of the business. However, internal growth can be slow, and growth may be limited by sales forecasts.

External growth

Also known as inorganic growth, this strategy involves a company acquiring or merging with another company. External growth can help a company expand quickly, but it can also be expensive and risky. A company may need to find a company that complements its existing business, and it may need to be patient during the transition period.

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