5 ways to expand your business

Every year the technology shifts in a random direction. This makes every business take a turn depending upon their business structure. If you have a business starting in 2019 or have a business that needs expansion then you have come to the right place. Here you’ll learn the 5 ways to expand your business.

Businesses that innovate through collaboration are more likely to report increases in productivity, as well as, develop solutions that are new to the world. If you can identify an opportunity, such as efficiency benefits from combining supply chains. It can even engage another business with similar needs in line with the four factors above, then you might have an opportunity for collaborative business growth. Collaboration can also be applied internally. The more your team members work cross-departmentally, the more opportunities there’ll be for new ideas to come to light.

There are many ways to expand your business but you need to keep the following things under order first. When going from 10 clients to 100 clients, for example, you’re suddenly only able to dedicate half as much time to each and might end up satisfying neither. The problem is a lack of quality. Growth in the form of additional hiring might be the solution. Selling more of your products or services within a given market means you’re likely experiencing effective growth. If your products are highly regarded and well-received, that may indicate that you’re able to increase your market presence.

A larger business may be able to get efficiency benefits in the form of the economy of scale. For example, being able to manufacture at a lower price per unit while retaining the same quality of being able to lower prices to become more competitive. Sustainable business growth is all about planning for the future as meticulously as you can. If your immediate, equivalent competitors are expanding in a way that threatens your current operations then you should ask yourself what will happen down the line. Similarly, a boom on the horizon means it might be worth positioning yourself to take advantage of it.

The most common way to expand your business is if you are a retailer with no online presence, consider setting up a web store as another way to capture sales. Once you have captured enough customer emails. Start an email campaign to keep your message in front of your customer base. And don’t forget about social media.

If you’re an online-only business, consider a direct mail campaign, including a catalog featuring your best sellers for prospecting to new potential buyers. After testing a multichannel approach, you can determine how to best spend your marketing dollars based on which channels were most effective in reaching your sales goals.

Instead of spending 100% of your time knocking out tasks via the “Whack-a-Mole” method, I suggest a strategic approach to time management. First, use 60% of your time to proactively focus on tasks that truly add value to your business or cannot be done by others. The other 40% of your time should be divided into two categories: 20% on planning and 20% on strategizing. Planning is dedicating time to resources and schedules for the operation of the business. Strategizing is a timely evaluation of how you can improve your business performance, your customer experience, or your profit model.

Businesses need to stop the bad habit of constantly selling on social media. Marketing and sales are two different things and a sales-only strategy on social media might as well be a fail-only strategy. Create and document content that provides value to your audience and builds a relationship with them. This could be industry insights, tips, and tricks, or even entertaining behind-the-scenes videos.

Giving more than you take is the basis of all relationships. Give away your knowledge, your industry trends, your insights. That way when it comes time for a potential customer to make a purchase, they can turn to a brand they both know and trust YOU.

The business world loves acronyms: ROI, URL, EIN, SMART, SWOT. But CFIMITYM is the most important one — it stands for “Cash Flow Is More important Than Your Mother.” Lack of cash is one of the biggest reasons small businesses fail. Inadequate cash reserves (aka “running out of money”) will shut you down faster than anything else. You can’t pay your bills. You can’t make payroll.

It’s possible for your business to make a profit but have no cash. Profit is an accounting concept, while cash is the amount of money in the business checking account. You can have assets, like inventory or accounts receivables, but if you can’t collect on what’s owed, you won’t have cash. And if you run out of cash, you’re out of business.

Never hesitate to ask questions from other business owners for fear of looking like you’re not the expert. Truth is, you’re not the expert, you’re the entrepreneur! Be willing to share business knowledge. It’s in the exchange of information that others perceive your confidence in building a business and new partnerships are discovered.

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