Any business that is doing well will naturally begin to expand. This is great news for you as a business owner, as it gives you the ideal chance to grow your company more. Whether it is offering extra services, taking on more business, opening more stores in the local area or accelerating growth on a more global scale, expansion can really help your long-term success. As it is such a key decision, a lot of thought will rightfully be put into expanding. But what do you do to make the most of this expansion and drive the resultant business growth in your organization?
This is the key question that any expanding business needs to answer to make sure they achieve their business goals. You cannot simply open for longer hours, open a new store or enter an overseas market and expect to see the growth that you forecast beforehand.
Taking the chance to grow as you expand is not something that will happen by itself. Instead, you need to be aware of how getting bigger as a business can also give you new opportunities to make money. By understanding how your business expansion can really help you access new levels of growth, you will be well on the way to making the most of it.
Best growth tips for expanding Businesses
If you are thinking of expanding or have recently completed the process, here are some tips to help drive the growth you expect:
- Effective marketing – one of the key factors to getting the growth any expansion demands is to run an effective marketing campaign around it. This will let old and new customers know about new developments within your company and how they can benefit from them. At his website com, marketing expert Stan Gershengoren shows just why marketing is essential for any business that is expanding.
- Don’t let service levels drop – another key tip to continue growing as an expanding business is to keep service levels as high as they were before, across your entire organization. Naturally, this applies to any new territory you have expanded into but also to the existing business that you have. Keeping customer service high will enable you to hang on to current clients and attract new customers to drive business growth.
- Think about new products – a big part of using expansion in your business to drive growth is adding new product lines into the mix. You may be expanding because your current services are doing so well that you are moving to new premises or taking on extra staff. Why not use this opportunity to see if there is the capacity and need for new services to be offered to your customers? Thorough market research is the ticket here to understanding what else your customers need and if you can give it to them at a price that suits both parties.
- Upsell and cross-sell – another great tip to grow even more as a business that is expanding is to upsell or cross-sell. Upselling is basically persuading customers to buy a more expensive item than they planned, while cross-selling is persuading them to buy another product related to what they are planning to buy. Both strategies are good for adding growth and revenue to your business as it gets larger.
- Sell more to existing customers – we all know that existing customers and repeat business are the real reason any business will succeed, in general. Take the time to look at the data you have on your existing customer base and narrow it down so you can see which type of customer spends the most money. When you know, you can target your marketing efforts at those segments for increased growth potential as you expand.
- New sales channels – for any business that is expanding, there is great growth potential in looking at new ways to sell to people. You may currently only sell in person at your store, but as you grow naturally, why stop at that? You could, for example, look at new sales channels such as an online store or social media marketing to boost growth as you expand further.
Business growth and expansion go hand in hand
From the above points, it should be clear that as your business expands, there will be a natural chance for growth. The extra capital being generated from your business becoming bigger and more successful gives you the ideal opportunity to accelerate your growth at the same time. Any of the strategies that we have looked at will give the right kind of sustainable growth potential that will go hand in hand with your organic business expansion.