Ways to Grow Your Business
You’ve survived the start-up period and you’re celebrating business success, but what should your next move be if growth is on the agenda? How you grow your business will depend on many company- and sector-specific factors, but here are ten options to consider.
1. Open Another Premises
This is often an owner’s first thought when growth is being considered, but there are important factors to consider before taking the plunge. Don’t even consider it unless you have been showing steady growth for a few years and are maintaining a good bottom-line profit.
2. Offer Franchises or Investment Opportunities
This option can allow for widespread geographical growth with limited risk to your existing business operations. Franchises can also produce very positive results, as people who take ownership of a venture are more likely to be more productive and committed – benefiting the business overall.
3. License Your Product
This can be a low-risk, low-expenditure means of growth for companies with a product or brand to sell. It can offer the benefits of royalties and up-front payments, as well as increasing coverage without the financial risks often involved.
4. Align with Another Business
This is an extremely effective way of achieving business growth quickly, although the potential loss of control must be considered. You must also be comfortable with sharing your own profits or commissions and ensure that you choose your partners well.
Diversifying your service line or product can open up many new avenues of opportunity. This option can allow you to create multiple income streams that can add to both your financial and business security. Just be aware of the old adage about being a Jack-of-all-trades, and ensure you always keep your core business focus in mind.
6. Target Alternative Markets
If you have achieved success in one market, why not expand into another? If, for example, you produce products or services that have become popular with teenagers, could you take these into schools, colleges or clubs? You could offer incentives to promote acceptance and success, such as donating a proportion of your profits to associations or schools, or offer discounts to club users.
7. Go for the Big Contracts
One of the most effective means of growth can come from securing large contracts with organisations such as the government. This can require a large amount of planning and patience, but the rewards can be huge in the end.
8. Acquire or Merge
Acquiring or merging with another business can be the ideal way to jump-start business growth, but factors to consider include retaining or streamlining staff, the compatibility of technologies and maintaining business focus.
9. Seek Global Expansion
Acquisitions and mergers can open the door to global markets, but expansion can also be achieved by tailoring your products and services to meet the needs of a new customer base and finding a good foreign distributor.
10. Use the Internet
If you are currently operating without an Internet presence, you are missing out. You also need to ensure that you are making the most of the opportunities the Internet presents through strategies such as SEO (search engine optimisation). Your business is likely to grow if you make it easier for as many people as possible to access your products or services.
If you would like support and advice on growing your business, speak to Allsquare on 0131 343 1510.