Grow Your Business in 2019
Starting a small business takes a lot of time. You may be working 15-hour days when you are trying to get your new business off the ground. In order to grow your business while transitioning to a more sustainable workday, implement some tried-and-true business expansion strategies.
Know the Market
The key to being competitive is to understand your competitors. Look at the top companies in your industry and study what they do. Look at everything from their production rates to their marketing campaigns. Emulate their best ideas. Engage in continuing education to stay aware of new innovations that can enhance your growth.
You won’t necessarily get ahead by being like everyone else, though. Search for gaps in the market. What need or desire exists that is not being fulfilled by anyone? Figure out a way to meet that need, and expand the products or services you offer. Balance the common practices of your industry with the unique contributions you can make to it.
Take Care of Your Customers
One of the most fundamental business expansion principles is customer service. It costs much more to attract new customers than it does to upsell existing customers. Come up with ideas to appeal to the customers who are already buying what you’re selling. A customer loyalty program is an excellent way to reward those who shop with you frequently.
You may also consider starting an email list. Regular communication is a cost effective way to let customers know about sales and promotions. Email is particularly effective for increasing your online sales and expanding your presence there.
Partner with Others
You can incorporate other companies or entities into your business expansion plan. Consider a strategic partnership with a company that offers products or services that complement your own. This symbiotic relationship can rapidly expand both companies’ customer base.
Even if another company doesn’t want to partner with you, they may be interested in a licensing agreement. If you have created a great product and can license it to others, you can get a share of the revenue and possible exposure in a larger market. If you have a business model that others would like to follow, you may consider franchising your business. A franchise is an effective method of business expansion that brings in profit without creating a lot more work for you.
You can grow your business this year by tweaking some of the things you are probably already doing. These tips for expanding your business are designed to help you work smarter rather than harder.