A business is a risky venture to undertake, even for seasoned businessmen and determined entrepreneurs. The difference between a business and a service is that in a business, the headache, and the consequences are yours. Therefore, though lucrative, a business will flourish only as a result of hard work and commitment. There are a number of ways by which you can stay ahead of the curve and grow your business.
Let us discuss the 10 ways to expand your business:
- Focus on fewer products: We all have the tendency as businessmen to advertise for diverse products. We do this with the view of reaching a greater number of customers or potential customers. Despite this, it’s actually better to focus on a single or a couple of products which may cater to a very specific section of the public. This guarantees good business in the greater scheme of things because when you concentrate on less, the focus is more, resulting in better quality. In the end, quality is what makes or breaks a business. So it should be right at the top of your business priorities.
- Chalk out a plan and a clear goal: A good businessman always sets a number of goals to be accomplished within a specified time. He knows that for progress, plans are critical and to accomplish the said plans, the entire business needs to be aware of its goals. When everyone works as a ‘family’ and performs their roles perfectly, a business runs like a well-oiled machine.
- Diversification is key: Once your product has become a hit with customers and its popularity has risen, do not forget to introduce variations of that item/service. Doing so will not only provide customers with more choices but will, on a more superficial level, display you’re the multifaceted aspect of your company. This is always better on paper than be known for a single product and will introduce variety to your enterprises.
- Employees come first: Customers should always be a priority for companies because they are the ones who provide the revenue for it to run. But, we sometimes forget what makes the company in the first place, without whom there would be no future for it- the employees. Employees stay loyal to a company when they believe that the management cares about them both on a professional and personal level. Such care leads to highly tenured workers who have a direct and big effect on the company.
- Special deals and discounts: Who doesn’t love a good discount? The answer is nobody. When you offer a discount on one of your products or reward loyal customers with a free item or deal, the gesture is appreciated. This positively affects the business and brings in more clients and customers through referrals and recommendations. For example, a volume discount at a garment store where you get 2 products for the price of one is loved by all.
- Skill is not enough: An important pointer for you when you start your business is to remember that being skilled in the relevant field doesn’t equal a good businessman. If you are a good virtual assistant, it doesn’t automatically make you a great businessman. Business is a combination of hard work, skills, and a shrewd business mind. Many skilled professionals failed as businessmen because they couldn’t understand or regulate the different aspects of a business like process, people management, billing, etc.
- Create a website: Let’s be honest. A successful business in the 21st century doesn’t come sans a website to flaunt. Also, websites provide an authenticity to the company and its products as potential clients are able to get all information at their fingertips. The internet has taken the world by storm for decades now, especially at the turn of the century. With the advent of smartphones, customers are more comfortable to carry out transactions from their homes than be physically present at a location.
- Challenge yourself: Science and technology are progressing at a rapid rate and we have accomplished more in the last 10 years than we did in the last 50 years. Therefore, it isn’t good enough to produce classy products for regular consumption but there is a need to innovate and build on new ideas to stand out in the crowd. Challenge your company’s and your personal capabilities and limitations every day as this will keep you on edge and motivate you to come up with new ideas for your business.
- Partnership: Alliancing with a long standing or an experienced company reaps benefits for your business as such a partnership helps expose your company to all potential customers connected to the other company. When you are sponsored by a well-known brand, everybody hears about you and immediately become interested in what you have to offer. They immediately extend their trust on the more experienced company as they see you associated with them. One of the most powerful tools in your hand, corporate partnerships mean growth and stability to a company.
- Expand: At a certain stage, after you have achieved at least a modicum of success, it is time to think of expansion. This could mean opening up a new branch office or franchise, either of which depends on your preference and vision. Franchising is cheaper than opening a new outlet/office as it entails someone else managing the location for you, rather than you being actively involved. You can open a number of franchises with interested people which would mean a greater demographic being exposed to your brand. This will effectively grow your company from a start-up to a major player in the business scene.
While the above steps are integral to a successful business growth, there are many other tactics. Also, it must be remembered that in some cases like when challenging yourself, the ideas can be radical but acceptable to the preferences of the population. Extremely radical ideas are a double-edged sword, they can catapult you to success as well as drop you into oblivion. A blend of wisdom and innovation is what’s required to be a successful businessperson. Finally, remember that when you cater to customers and employees alike and maintain a meticulous attitude towards your work, success is a natural consequence.