Do you want to take your business to the next level? Do you want to open another location?
When you started your business, you wrote a plan, did some research and possibly worked with a specialist to help get you up and running. Additionally you made an investment of time, money and sweat equity.
All of your hard work paid off and you’ve achieved success. So what’s next?
For most business owners and entrepreneurs their key goals are growth and expansion. But you might wonder how this can be done in a down economy.
To help you along in this process we are listing some strategies that might help you take your business to the next level and be ready for expansion;
1. Add new products and services to your mix – This might sound simple but it’s challenging – You must figure out which products and services your customers want and how much they will pay. Then determine if you can make a profit.
2. Sell more products and services to your existing customers/clients.
3. Expand into new territories – When you are thinking about expanding into a new area, you must determine how to direct your promotions, advertising and marketing dollars to this new market.
4. Target new customer markets – Seek out new markets that are viable for your products and services – choose a specific market based on demographics – age, gender, locations, interests and activities.
5. Tap into new sales and delivery channels – The internet is the best example of how a new sales and delivery channel can transform a small business.
6. Acquire another business – This might be the fastest way to grow and expand. Merging with or acquiring another business can increase the size of your business, grow your sales and revenue exponentially.
A slow moving economy doesn’t have to be a reason not to expand. Consider how you can implement a couple of the above strategies that will put your business on a fast track to expansion.
If you want to grow your business and are ready to expand we can help. Contact Arthur@theroartgroup.com today and schedule a complimentary consultation to discuss your ideas on taking your business to the next level.