WAYS TO EXPAND
Want to expand your small business or startup, but don’t know how to begin? These suggested methods for growth will help you claim your place at the top of the pile.
Marketing and SEO
If you already have an online presence, then you need to make sure it’s working for you. That means making sure your social media content and webpages are highly searchable and visible. Contact a digital marketing agency or sit down with your marketing team and discuss how to boost your search engine rankings. Put some money and efforts towards social media posting to increase interaction, start a Google AdWords campaign to generate leads and produce original content such as blogs.
Save yourself from repetitive tasks so you can put your efforts to your core business needs. Begin by examining your marketing and sales processes and streamline or automate where you can. To turn your priorities back to revenue growth, consider automating your social media posting, email responses and EDM campaigns, lead capture, accounting and billing.
Expand your range – or reduce it
More isn’t always better – don’t add new services and products just for the sake of it. Make sure your target customers support your offering and try to make it fit with your current products, so you can co-promote and cross sell in the same markets. However, maybe your sales and marketing efforts are spread thin and your offering is too broad. Consider simplifying your list of services and products and put your effort into a simple and renewed marketing message.
Consider franchising or buying
If you have a thorough system of operation and a solid business model, then franchising may be for you. Attract the resources and investors you require to support your chain model. Or, instead, you can try buying out a business if you have enough capital and grit. Acquiring a sister business, which integrates well if your existing services and products, can help you achieve huge leaps in growth.
Move to a new market
If you’re doing well locally, have a look at the global market. To expand globally, you need to refine your offering for an international market. Begin by researching e-sales and global shipping or find a distributor who can carry your inventory and resell it to foreign markets.