Did you know that only half of startups last more than five years and many don’t make it beyond ten? When considering business expansion, growth should always be top of mind – we offer useful guidance when expanding…
Add additional products or services
If your customers consistently request items or services you don’t offer, this could be a telltale sign that there’s potential to expand your services and grow the size of your business. Customers typically want a comprehensive solution that can make their lives simpler, so take the time to ensure you can provide it to them. Communicate with customers to determine any items or services they’d prefer from you. This can provide an understanding of how much income you may generate from current clients while also notifying them that your services have expanded to them in advance. If they were pleased with what was already provided to them, there’s no doubt they will purchase more products from you when available.
Look for investment to grow
There are entrepreneurs seeking business professionals such as you to offer them investment opportunities. Many are skilled business people and can provide funds that you can invest in marketing or hiring skilled employees – essential components of company growth that may otherwise go undone due to financial restrictions. Investors provide your business with opportunities by giving it money you need for growth; whether that means increasing clientele numbers, increasing brand recognition or hiring more employees to provide additional services.
Franchise Your Business
If your business model is sound and proven, franchising can offer someone else the chance to create an affiliate version in another location without incurring extra expenses for new employees or offices. Sales generated through franchise fees could boost revenue earned and provide the option for growth down the road; plus franchises provide excellent branding opportunities by spreading brand recognition further afield.
Reduce your costs
Spending less can increase your investment capital. While cutting expenses might require cutting your salary or downsizing the office space or trading products and services for less, every penny saved could be put towards advertising to attract new customers or employees for your business. Every dollar spent should be an investment necessary for growth.
Consider strategic partnerships
If your business can’t offer all of the products or services your clients need, why not partner with another business who offer what you don’t? That way you can come to an agreement on terms for this partnership business arrangement while still providing full services to clients?
An ideal strategic partner must accept customer referrals even if there’s no apparent benefit for themselves, and be willing to do the same when tasks require both sets of abilities. Your customers will appreciate knowing you conducted quality control on them and provided them with reliable services from an organization you can count on.
Web developers often enlist writers when developing new websites, while advertising agencies collaborate with SEO marketing specialists and digital marketing specialists for an all-inclusive package that includes digital promotion. Thus, even though two distinct teams work toward one goal.