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The essentials of Business Growth and Development necessary for long-term success
Expanding the operations of your business will give you access to new markets and thus enable you to enter the big leagues. To compete on a global scale is the dream of every entrepreneur and in order to achieve it, you must think of expanding. Every renowned business in the world started on a smaller scale but when they were presented with an opportunity to expand they took it. These are the sort of decisions that aspiring entrepreneurs need to take if they want to be successful. It takes a lot of planning to successfully expand your business, but with the right guidance, you can achieve it. Here are a few tips to help you.
Analyze
Analyze the scale of your current business and look at the level at which you are operating. Are you a small business or a mid level company? The analysis stage is crucial because it defines the way you plan ahead. How long have you been in business? Is there enough demand for your product or service? Do you have enough money to complete the expansion? These are the questions that you will have to answer before you proceed any further.
Plan
Now that you have a clear idea in mind it’s time to implement it. Before you begin the expansion process make a plan outlining each and every element that will be needed. This will include the total costs, expected returns etc. Try to make a long term plan so that you have an idea of where you want to be.
Location
After analyzing if your business is in a position to expand go ahead and take the next step. Now it’s time to decide the location. This is another important phase as picking the right solution could mean a huge increase in sales. So consult with your marketing team and find out what’s the best location for your new outlet/store. Invest this money carefully so you can reap the returns later.
Desired Market
So what sort of expansion are you planning? Is it a new product or service that you will be introducing or are you just trying to cover a wider customer base? Figure out your desired market and then target them accordingly. Large companies often have diverse product lines that cater to a variety of customers. Remember that diversification is an important part of expansion.
The Team
So now that you have laid down all the groundwork it’s time to go out there and make things happen. Who are the people that will form your team and do they have it in them to deliver upon the targets? Remember that employing the right people will be the difference between success and failure. A good management team always meets its set targets and does everything possible to ensure consumer satisfaction.
Strong Networking
So you have been in business for a long time; it’s time to use the contacts you have made over all these years. A strong network with stakeholders will ensure a smooth transition. Talk to all the key people associated with your business and tell them about your expansion plans. Ask for discounts or lower rates with the promise of giving them more business. Remember that associations are what lead to business growth. You need the rest of the cast to play their role.
Minimizing Expenses
Now that you are operating on a larger scale it’s important to keep the costs down. If the expenses spiral out of control you could go out of business. Try to negotiate with advertising companies etc to lower costs. But don’t compromise on quality because that is what drives away customers.
Capitalize
Capitalize on any opportunity that you get. If there is a trade fair in town or a conference then do try to get in. By participating in such events you get the opportunity to advertise your business on the cheap. You can gain an edge over the competition and also reach out to potential new customers.
Use All Mediums
When it comes to expansion don’t leave anything to chance. Make sure that you are in total control of the situation. Use every medium possible to spread the word about your latest upgrade. If the customers don’t know about your goods and services then they won’t show up either. But don’t try to go overboard when advertising, try to find the right balance and look for a deal if possible.
Government Contract
The government can be of great help to you if you know how to work with them. A government contract means that you will be selling your products and services directly to the government. Normally these contracts are highly sought after and it’s not easy to win them. But if you are looking for a secure investment then this is perhaps the way to go.