Growing your business
Growing your business is necessary for the survival and economic well-being of your business. When we talk about growing your business, we’re actually talking about increasing your business’s bottom line. While you probably won’t experience growth right away, if you work at it, expanding your business can transform your business into a great success. What can you do to help grow your business? Many strategies have been applied by other businesses with great success. With strategic planning and investment, here are a few ways to grow your business:
1. Maximize existing market
The customers you already have are your best bet for increasing sales. It’s a cost-effective and easier way to get customers to buy more than to find new customers.
Ask current customers for referrals. Having a good product and great customer service can increase your customer base but you have to continually seek referrals. Ask your satisfied customer if anyone else would be interested in your products or services.
Discovering and promoting new uses for your products or services is a great way to both get existing customers to buy more and attract new customers.
4. Extend market reach
Making your business’s products and services available to a new customer base is a great way to grow your business. Open in new locations or go virtual, such as a website or online store. Also, extend your reach through advertising. You might advertise in media that targets your said market and you may use social media for advertising and create a social media plan.
5. Trade shows
Trade shows can be a great way to draw new customers who are already interested in your type of business and help your bottom line.
6. Enter niche market
A niche market is a narrowly defined group of customers whose needs are not being met and concentrate on meeting those niche market needs.
7. Contain your costs
There are two main approaches to cutting costs; eliminating your non profitable products and improving your inventory turnover.
8. Diversify products or services
Growth through diversification takes advantage of the knowledge and similarity of your products and services. Focus on the related needs of your current market or market segments with similar needs.
If you have a successful business, developing a system that ensures that others can copy your success, franchising may be a great way to growing your business. 10. Exporting Expanding into international markets can give a big boost to your business’s profits. Similar to franchising, this option requires quite a commitment of time and resources, but can be extremely rewarding.