Expansion is the name of the game. Being in business is all about growth and expansion. Growth doesn’t necessarily mean gaining more office space however. Many rapidly expanding businesses choose to use the services of a company like Servcorp Australia; this helps them present a highly professional front while allowing them to save vital dollars on office space.
Expanding your business refers to expanding your profits, expanding your sphere of influence, expanding the reach of your brand or expanding your product range. Expanding business in the truest sense of the term is about improving your bottom line. Here are some tips to help you expand your business and improve your profits.
Target new Markets
While your current market may be serving you well, there is no need to stop there. There are new markets to be explored and exploited. Firstly a note of caution: it is important to maximise your current market before extending further afield. You need to have customer satisfaction thoroughly sorted before approaching new markets. Ask the question: what other markets could make money for me? Perhaps you need to look at reaching a different demographic – a different age group, a different location, a different special interest group. Think laterally.
Offer your Business to Others
Turn your business into a franchise or business opportunity for the profit of others and you will see a rapid expansion of your business. Obviously you need to do your homework here, but a carefully thought out franchise strategy will bring in income as well as exponentially increasing your business reach. If you have a successful business model there is no reason why it cannot be reproduced. Your hard-won experience at creating a successful business is a highly marketable asset.
We are most definitely a global community. There has never been a better time to consider expanding your business into the global market. While this may seem like a daunting prospect the reality is that many businesses have done just that. Take a look at other companies who have successful transitioned to a global presence and see how they did it. By adjusting your offering to suit a global market you can begin to venture outside of the domestic market. There are agents in foreign countries who make a business out of helping businesses become established in their homeland.
Take your Business Online
Out of all expansion strategies, this one is probably the easiest to implement and the most effective. The days of just having a bricks and mortar business are well and truly over. Taking business online is inexpensive; paying hosting fees on a website is miniscule compared to renting office space. Taking your business online instantly opens you up to a whole host of new customers. Anyone who goes online and is searching for the product or service you are offering is a potential new customer. It is very important to invest in search engine optimisation so your website can be found.