Tips for Expanding Your Business
Expanding your business isn’t a one-size-fits-all proposition. How you choose to grow depends on many factors, including what you do and how you do it. One approach might not work for another, which is why experts offer different suggestions to boost your profit margins. Here are four approaches recommended by those who know.
- Rethink Your Marketing Plan
This approach is somewhat of a catchall admittedly, because no matter how you choose to grow your business you must market your new game plan. You will be investing more money and time into your expansion, and having a comprehensive marketing plan is part of ensuring that none of those precious resources is wasted. Segment your demographic into digestible chunks and then determine the best way to market to them for increased revenue.
- Fund Your Expansion
Expanding your business costs money and you may find that extra financial resource internally or externally. You’ll need extra personnel and new locations or expanded current facilities to accommodate your growth plans, and you’ll need to get the money for these things from your own operating capital or investors. If you do not have the cash yourself, several lenders, including those working through the SBA, finance business growth.
- Merge With Your Competitors
This might seem odd, but expanding your business doesn’t have to be limited to you. Some small business owners take advantage of their competition by merging with them. This benefits both of you and grows your company instantaneously. There’s a reason why mergers and acquisitions are such a big deal in the corporate world. With one quick legal transaction, you increase your resources and customer base right away.
- Get Into the 21st Century
If you aren’t taking advantage of all technology has to offer, you’re stalling your own growth. Both the first and second approach utilizes technology. When marketing your business, one way to reach a wider audience is to establish a brand online. Use all of the tools, including your own website, social media applications and video sharing sites. You can also fund your business expansion with crowdfunding, which is done online. If you aren’t using 21st-century technology to the fullest, you won’t grow.
Expanding your business isn’t cookie cutter. You must use the approach or combination of approaches that work best for you. You might find that the only thing you need to do to grow is revamp your marketing strategy to increase your online presence and get people “talking” about your company.