Business growth is an essential step in the process of transforming your company into a successful firm. But the process of growth can come with multiple issues, some of the entrepreneurs may not be ready to deal with. If you do not have experience and the success of your business is the result of the fact that you had a great idea, then you may be afraid to try to expand it on purpose. When you first established your business, you have done research to make sure that there is a market for the product you want to bring. When a person first builds a business, they consult with people who have experience in the domain and they get information from multiple sources as magazines, online platforms and books. When it comes to expansion, you have to follow the same steps, because it is just another phase from the growth of your business.
If you survived the first year of running a start up, then it is the time to think about expanding your business. If you want the success to be guaranteed, then you should check some strategies entrepreneurs used when they wanted to take their companies to the next level.
But before, ask yourself some questions
Before starting to check strategies you should ask yourself some questions, because their answers will help you figure out what the process will imply.
Can you handle the extra work you will have to do?
A larger company means more things for you to do, and greater responsibility, so you have to ask yourself if you are ready for this step. In addition, business expansion comes with certain costs, so you have to check if your budget allows you to pay for a higher rent, new equipment and new employees.
Do you have the needed employees?
When a business expands there are needed more employees to manage the new activities. In case you do not have enough people, then you will have to recruit new personnel. If you intend to open a new location for your business, then it is advisable to hire locals for that office.
Can your accountant handle the process?
When a business expands the accountant is the person who can say what the boundaries are, and how much can be spent. So, you have to decide if your accounting department will handle the situation or you need to ask for further expertise from another professional.
Is the request for your services big enough to guarantee you sustainability?
You will have to check the market to see if the customers are interested in the product or services you want to bring on the market, because you have to make sure that the expansion will not be a failure. If you do not have demand then you should not consider the option of expanding your business.
Ideas to inspire from if you want to grow your business
Bill your clients faster
The majority of companies offer their clients the possibility to pay for the services they offer a period of around 2 weeks. However, if you want to be able to expand your business you will have to bill faster and to collect the debts as sooner as possible. The debts your clients and partners have are more than a half of the sum you need to grow your business, so make sure you collect them fast.
Check again the list of products and services
If you offer on sale, multiple products or services then you should check again the list and see which one of them is unprofitable. Make sure to weed them out immediately, and focus on promoting the ones that prove to sell fast. If you sell beauty products and your shower gels sell better than your soaps, then you should give up on soaps, and invest more in the shower gels to make them better.
Simplify your marketing message
Your clients do not buy from you because you offer them life lessons. They buy from you because they appreciate the quality of your services and products. If you want to increase the income, then it is important to use the same marketing strategy famous brands are using. They have a simple message, because they know that their products are the ones that sell for themselves. Their marketing messages are used only to remember them that they are constant when it comes to offering quality and reliability. Here are some examples:
Nike: Just Do It.
Coke: Share a Coke
Volkswagen: Think Small
Google: Year in Search
Apple: Get a Mac
Old Spice: The Man Your Man Could Smell Like
Procter & Gamble: Thank You, Mom
Make sure your business appears in the right searches
If you want to reach a larger audience then you should make sure that the name of your business appears in multiple searches. Let people hear about you, use a commercial on a Sacramento taxi yellow cab, hire a blogger to become your brand ambassador, and be more active on social media. There are online directories for almost everything nowadays, so you should start with this. Get your company listed on all the directories that promote businesses similar to yours and you will increase your success.
Reward your team
If you are planning an expansion then you will need your team to support you and to share the same vision with you. So you will have to show them that you appreciate what they are doing, and that they work so hard for your business. Offer them a percent of the income you will get if you have a successful growth of the company, and you can be sure that they will work to help you.
Create social media accounts
If you do not have social media pages for your business then you should wait no longer, because they are essential when it comes to business growth. Post articles about your company and your expansion plan on LinkedIn, Facebook and Twitter and engage your possible customers into discussions. This will help you reach a larger audience.