It is important that every business – large or small has a vision for the future. One of the key ones is whether you will be looking to establish yourself and consolidate your current position or whether you will try and grow. If you decide to do the latter, then it is imperative to do your homework. Plan, plan, plan again. This is because it can be a risky way to go but doing it right can help realise not only long term profitability but also stability and security.
As you can probably tell, I am a big fan of being prepared. This area is no difference. Be honest, objective and realistic about the strengths, weaknesses, opportunities and threats that growing your business will face (and how your business will cope) and then develop a strategy that will help reach and exceed your expectations. There are many ways to do this and this article will give a brief overview of the different ways you can make your expansion dreams come true.
Growth through innovation i.e. developing new products and/or services. With the current economic climate, businesses are being lost and born and this means there is opportunity to develop something new that will benefit the commercial community at large. Remember to research the market to see if there is any real need for what you are offering and make sure your business can do it without unnecessary financial compromise.
Growth through sales and /or marketing – You, as the owner, of a business need to be thinking about how to make the most out of the marketplace. If you don’t, then you are in essence going backwards. Not having a defined sales and marketing strategy means that your business will suffer in the long run. I mean selling doesn’t necessarily mean knocking on doors or cold calling (but it could include these things). Your sales strategy could be to:
ü Sell more
ü Retain and consolidating exisiting client base
ü Increasing your customer base
ü Using different channels to market what you have to offer
Growth through exporting and importing - if you have an established business in your home country, there is no reason why it shouldn’t work abroad. Again this requires planning and solid knowledge of the target markets and how your product would fit in.
Growth through partnership and alliance
– This can be achieved by merging your business with another one, acquiring another business, establishing a joint venture
or partnership or by establishing a supplier network which will help bring in business. You may even choose to outsource some of your activities to another company. There are so many ways that you create strong business relationships.
So there you have it, depending on what you want for your business, there is ample opportunity for it to succeed. Ample preparation and hard work in whatever you choose will give your company the best possible chance to survive and grow...
Take care and God Bless readers...