The U.S. Small Business Association (SBA) recommends that you plan and prepare for new challenges. Research how you want to grow, determine which ideas work for your business, and then develop a marketing plan and implement the changes. You can make more money, engage more customers, and expand and grow your business. The following ideas will help you take your business to the next level. Put your money and resources to good use. Not all ideas will work for every business, so choose the strategies that make the most sense.
1. Expand Your Business Overseas
Expanding your business overseas is a great idea, but it will be a significant undertaking. You and other professionals in your company will need to learn the language, learn the laws, and learn the best practices to be successful. China and Mexico offer several government perks, such as reduced taxes on imports, to foreign businesses. Luckily, there are classes designed just for professionals. You can learn Chinese online in classes that are specifically tailored to business professionals.
Going global takes some effort, but has some real perks. Increased revenue, reduced labor costs, reduced manufacturing costs, and more are all benefits of expanding overseas. If you choose to, you can run a facet of your business in another country and take advantage of an all-new customer base. Or, you can take advantage of cheaper labor and manufacturing costs and have goods shipped back to the USA to be sold to your target demographic.
2. Open New Locations
Would your business make a great franchise? Add a new location or two to test its viability as a franchise. Who knows? You could be the next McDonald’s or GameStop. Entrepreneur.com reports that you’re ready for a new location when you’ve maintained consistent profits, proven your staying power, and prepared a complete business plan for the new location(s).
3. Diversify What You Offer
You have an established customer base, so upsell them. What complimentary products or services can you offer your customers? Is there a way to bundle services to increase profits and further satisfy your customers? SBA offers these diverse solutions:
· Offer corresponding products or services.
· Offer classes or adult education services that correspond to your products and services.
· Use your knowledge to become a paid speaker or writer.
· Export and import your products and services to emerging and established marketplaces.
4. Form Strategic Partnerships
Working with similar businesses can help you expand your business. If you merge with another business, you gain access to their established customer base and their funds. SBA says, “Two is always bigger than one. Investigate companies that are similar to yours, or that have offerings that are complementary to yours, and consider the benefits of combining forces or acquiring the company.”
5. Invest In Developing New Services or Products
You may already offer high-quality products and services, but isn’t there something else your customers need or want? If you don’t have them already, invest wisely in engineer and development staff. These idea people can help you determine exactly what products and services will grow your business. Market research will be necessary to be successful in this endeavor, such as researching what your current customers think about new products, new services, and their price points. If you need any assistance with market research, get in touch with Circle Research.
It’s important that when expanding your business, you do so carefully. You need to research every facet of the development, and determine how it will benefit your business and profits. Expansion shouldn’t cripple your business financially, and should pay off in a short amount of time. The best thing to do is to work with intelligent and ambitious people who understand your business and how to best expand it.
About Carson Derrow
