5 key steps to expanding your business.

So, you’ve started your business, you continue to maintain it, although the thought of expanding comes to mind every now and then. One fine morning, your walking through your neighborhood and you notice the shop on the corner that used to be tiny is now a double-story building with an endless flow of people walking in and out. Then it hit you, everything is expanding.Check out how easy it is to simplify your technology when expanding your business with our technology enablement workshop. 

Amazon is continuously releasing new products and services, the milk bar where you would buy your lollies from when you were a kid just opened its 5th store in the city! Disney has now acquired Fox, and all businesses are expanding at a rapid rate. In a world where expansion is constant from the smallest to the largest organisations, how can you ensure you don’t fall behind?

Now you rush to your office, look at the books and look at your surroundings. You are convinced more than ever, it’s the perfect time to expand. But expanding can be complex and challenging, here are some sure-fire ways you can expand your business.

1. Introduce new products and services

Review your current products and services as well as your clients. You know your clients more than anyone. What do they need? What do they want? Is there anything more you can offer them?

Getting your current clients interested is vital but generating new products and services that could potentially attract new clients is equally important. You have been in this business for some time, it gives you the upper hand of knowing your market. Study the kinds of demographics you have. What product can make people pick their phones up and call you? What service can make them send that email inquiry?

Above all, never be afraid to innovate. You should always be developing new products and services to keep up with the ever-changing demands. We don’t want your business to become a failure like Video-Ezy, Toys R us or Compaq because innovation is lacking. Innovation can also attract clients outside your regular market, which can generate more income that can eventually lead to expansion.

2. Expand Geographically

This is known as the most common way of expanding one’s business, here are some important aspects to focus on…

  • Choose your new location wisely. Conduct in-depth research and educate yourself on the location where you are looking to expand. Opening in another location also means hiring more people.
  • Encourage some of your experienced employees to help start up the new location and to train the new employees, so that you can control the standardisation and culture aspects of your organisation.

With careful planning, well-thought-of business plan and a reliable team your new location will be on its way to success.

3. Strategic Partnership

Finding a company that compliments your own is the key to an effective partnership. Find a company that is the Bill Hewlett to your Dave Packard, the great and powerful Woz to your Steve Jobs. Notice how sports brand will collaborate with apps that promote fitness. The partnership works best for companies with the same cause and vision. A successful partnership is mutually beneficial to both parties and a way to better compete in the market. This is also a chance to raise awareness for a cause like what Target and UNICEF have done in the past to help with child malnutrition all over the world. Your business will expand, and you also get to give back.

4. Acquiring a Business

Acquiring another business seems to be a trend in this decade. With the correct business acquisition technique, it can be the easiest and fastest way to expand.

If the business you wish to acquire has already been established, then you will immediately have people who are capable to run the business running it. Therefore, the need to find the right people for the right job is eliminated saving you time and effort. This business would also have products and services that can be incorporated into your own, making your products and services better. 

Although, before you acquire another company, take a thorough look at the company’s financial standing, their team and their clients. Find the company’s strength that can enhance your own - this way your company’s growth will fast track.

5. Develop your online presence

2 words. Kylie Jenner. Forbes recently published an article about how Kylie Jenner is on her way to becoming the youngest billionaire at 20 years old. It’s easy to say that it’s because she’s from a famous and wealthy family. But no one can deny that the young entrepreneur doesn’t spend much money paying for advertisement. She uses Facebook, Instagram and Snapchat which are all free. But just because you are not a Kardashian doesn’t mean you cannot have your own online presence and following.

Start by creating your own website which people can visit to see what you offer. Monitor the traffic and visits on your website. This could potentially create leads. Next, create your own Facebook account. There are 2.23 billion users in there that could bring you new clients. You should also keep your LinkedIn profile updated. Continuously create content for your sites. This will get your target audience more opportunities to engage.

Establishing your online presence to expand your business is crucial in this digital age. 

Expanding your business could be nerve-racking and complex, but the good thing is, it’s always achievable. Believe in yourself and the extraordinary talent of people around you. You have been working hard and now is the time to work even harder. Take it one step at the time and you will be on your way to success. 

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Posted by Dona Abilong

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