Expanding your Business: Easily said, not as easily done…
There are many different ways to look at growth.
You could merge or acquire another business which increases your customer base but that requires more than what some people are expecting to do, advertising, marketing,
The key to business growth is strategizing and brainstorming.
Taking the time to do some research and make effective decisions based on the outcome of the strategy sessions, is possibly the most effective way.
Recognize in most situations, growth does not happen overnight and it does not happen if you do not change the way you are currently doing business.
You have to make changes in order to see growth.
My biggest piece of advice is make sure your current customers are happy. Get some information from them before you start researching.
Maintaining and sustaining your current customer base is key before building on top of that – make sure that foundation is sound – then build from there.
Utilize your current customer base to refer clients to you and offer them a discount on services or supplies or an incentive while you start researching and strategizing.
Word of mouth is still the most powerful advertisement out there.
The below links provide some ideas, strategies, steps and concepts to further research.
https://www.thehartford.com/business-insurance/strategy/accelerate-growth/how-to-grow-small-business
https://hbr.org/1983/05/the-five-stages-of-small-business-growth
https://sendpulse.com/support/glossary/business-growth
Remember, there are growing pains just as there are downsizing pains.
During the growth process, your staff will be doing more until the growth warrants more people to take on the work load.
Have these discussions with your staff to make sure everyone is ready for the extra work load.
Also, make sure they have the training tools necessary to care for the new clients accordingly, while maintaining the current customer load.
Don’t leave your old customers in the dust, or they will leave and it is much harder replacing clients than keeping them!
Questions to Ponder:
What does growth look to your company?
Have you put in the time to do the necessary research and strategies with management and staff?
Are you considering everything from all angles?
For assistance with growth, visit www.customizedbusinessessentials.com!
