When you founded your business, you certainly conducted plenty of research. You may have consulted with trusty advisers. You might have pored through books, magazines and other resources related to the specific industry you wished to join. Additionally, you invested plenty in terms of cash, time as well as sweat equity, and finally got your business off the ground. But now what is the next step you should take for the business grow?
By surviving startup and creating a successful business entity, you are now probably thinking of taking the next big leap and grow your business. You are faced with numerous choices, and depending on the kind of business you run, the resources you have, financial clout, time and sweat equity, you can be able to take it to the next level. Well, here are some tips on how to grow a business in a stress-free manner.
1. Open another branch
This may not always be the best strategy, but it is often the first that hits budding entrepreneurs. Physical business expansion can be the right decision when you make careful research and planning. Before venturing into such a strategy of how to build your business, make sure you do the following. First of all, ensure you have maintained consistent bottom-line profits, and your company has witnessed steady growth for several years. Secondly, examine the trends, both economically and also those in consumer behavior. This will allow you to determine your firm’s staying power. Thirdly, ensure that your administrative system and managerial team are exemplary as you will need them to get your new branch up and running. Finally, determine the financial means of getting your new branch off the ground. Finally, select the new location on the basis of what’s good for your company and not your wallet.
2. License your product or service
Another effective way of how to expand your business is getting the product or service you offer licensed. This is a failsafe and low-cost business growth avenue, especially if you have a branded product or service. Should your product prove to be highly successful, you will be able to receive upfront cash and royalties from its continued sales and utilization of you brand name. Licensing also decreases the risks that are rife in establishing your own firm to produce, market and sell your product. Finding the right licensing partner entails conducting extensive research on businesses, which offer products or services similar to your own. Nevertheless, prior to making contact with any company, enlist the services of a skilled and experienced attorney. Find one who specializes in intellectual property rights as this can be the surest means of decreasing the risks of eventually losing control of your product.
3. Diversify your business operations
This an excellent expansion business strategy because it lets you access multiple income streams. All of which can be able to fill voids and boost your sales and profits margins. It will also broaden your company’s target audience and enhance its visibility in the marketplace.
4. Win a government contract
One of the best ways of growing a business is by having the federal government as a client. The US government happens to be the biggest purchaser of goods and services on a global scale. Indeed, its overall procurement in the year 2002 stood at around $235 billion. To ascertain the right contract to bid for, consult with your local SBA and SBDC offices. You can also work with the services coups of retirement executives along with local/regional economic development agencies. Also, the US chamber of commerce and SBA run a business ‘matchmaking’ programs that link entrepreneurs with buyers. However, a lot of patience is necessary if you wish to secure government contracts. If you are not fully prepared to take the necessary time to comply with RFP terms and conditions, you cannot possible hope to win lucrative contracts. On the flip-side, once you win one, you won’t be subjected to the stiff competition that characterizes outside marketplaces.
5. Establish a solid online presence
Possessing a commanding web presence is an integral component of doing business, and is one of the types of business growth strategies you ought to employ. Landing your website on search engine results can be key as not less than 80% of online traffic originate there. As the number of websites is very large, enhancing the visibility of your own is vital. Design and programming are very important, but so is your content marketing strategy. The latter is the one that will attract visitors and retain them. Achieving top search engine rankings entails formulating a content strategy based on user behavior and visitor click streams analytics. More to the point, churning out content, which is based on research keywords.
6. Have an excellent scheduling and attendance application
Finally, having an intuitive scheduling and attendance software can also help in expanding your business. Applications like medical scheduling software, production scheduling or salon scheduling software will streamline your business operations and enable you to get more work done.