The key goals that are fixed for most of the
business owners and entrepreneurs are both the growth and expansion. So, in the
era of the slow-growth economy, how will you be able to expand your business in
this lackluster?
The following are six inspirational small
business expansion strategies that might help your business to expand and reach
to the next level:
1. Adding
new products and services to your niche.
Though this strategy might seem simple yet a
proper execution of this will be a challenging affair. You will have to figure
out what are the products and services your customers would want for the
starters.
You also need to find how much they will be
paying for them. You also need to determine whether or not you will be able to
sell these products and services and turn them into a profit.
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While you can conduct a thorough market
research prior to committing any other resources is the best way to accomplish
this.
This is the best way to acquire new products
or service expansion. You also need to ask from your current customers what
they are thinking about your new product and service ideas that include the
price points as well.
You will have to funnel down your market
research focusing only on the demand of customers for new products and services
and your cost, manufacture, their delivery as well as a sales point.
2. Growing
the number of sales for your products and services
If you are looking to the other side of the
above-mentioned strategy then this is the one. It penetrates deeper into the
client base. For identifying the customer segments that are more likely to buy
so that you can focus your sales and marketing efforts on these segments, you
need to start by performing a segmentation of the market.
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Based on the criteria that you choose so that
you can analyze the potential profitability when it comes to selling them new
products and services as this analysis will divide your customers into
segments. You can also allocate your sales and marketing dollar when you are
armed with this information.
3. Expanding
your territories
The idea that plays here is to sell your existing products and services to your new customers and market them.
The customers can belong to the different
segments or niches or different locations from where your company operates.
This manner of expansion will usually involve
opening of new locations in different geographic areas whether they are across
the town or the country if yours one is a retail or storefront business.
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You will need a significant investment of
both time and money so that you can perform thorough market research initially
to make sure that there is enough customer demand that is generated.
4. Targeting
new customer markets
It is noted that there are businesses that
targets their sales and marketing efforts to the specific customer markets that
are based on the demographics like the age, gender, and location or
psychographics that includes interests, activities, and values.
5. Tapping
in for the new sales and delivery channels
How a new sales and delivery channel will be
able to transform a smaller business is what the internet is best at.
There are innumerable numbers of companies
who has taken advantage of the online opportunities to reinvent themselves?
They can easily range from the brick and
mortars opening online stores to laying ground to professional rubbish removal Sydney services.
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Through the advertising online stores to the
service providers who are able to reach to a greater number of audience by
advertising them online and using the SEO techniques helping to rank highly in
web searches that are conducted by potential customers.
6. Acquiring
new businesses
To check in the fastest route for growth and
expansion, companies can choose the most efficient service.
It can usually double the size of your
business overnight to grow the number of sales and revenues exponentially when
you are merging with or acquiring any other business.
Prior to moving forward with a business
merger, you need to perform thorough due diligence on any potential acquisition
of the candidates.
The diligence and the efforts that you have
should focus mainly on the financial condition of the company, the depth and
the strength of the management team, the breadth of its client base, as well as
the soundness of the existing contracts all in particular.
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You also need to look for the synergies that
are between two businesses resulting in the combined entity being stronger than
any of the individual businesses that will be standing on their own grounds
when you are considering the companies that you want to possibly acquire.
Your business growth and expansion plans will
not have to be dictated by the condition of the economy today. Implement the
strategies that we have mentioned above and get your company on the fast track.
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