Thinking About Expanding Your Business?
If the steady but slow-moving recovery has favorably impacted your business, you may be thinking about expanding your business. It’s a crucial decision, of course, because you need both a well-crafted strategy and the resources to commit to that expansion—all without compromising service to the loyal customers you already have or the brand awareness you’ve built thus far.
Here are options to consider before taking the plunge:
Uncover new markets.
Since your product or service performs well within your current market, it’s possible other markets are ripe for exploration as well. One area to examine is the relative strength of your competition in these other markets. If a competitor’s offerings are weak—due to lack of product quality, poor customer service, etc.—its customer base may be ready to check out what you have to offer instead.
Develop and launch a new product or service.
Some businesses expand by offering a new product or service that complements what they currently provide to customers. Others make use of their loyal customers to test something altogether new and different.
Expand into a new location.
Other geographic areas might prove fertile ground for business expansion—either elsewhere within your community or some different region of the country. If you want to relocate your business from its present location, look closely at what various commercial real estate companies have to offer. Depending on the circumstances, there may be significant benefits to leasing or buying the property outright.
Boost your online presence.
When’s the last time you renovated your company website? Doing a comprehensive update also opens up the opportunity to broaden your online appeal. Used properly, social media outlets—Facebook, Twitter, LinkedIn, etc.—can grow your customer base and dramatically enhance your brand. One note of caution: Experts advise business owners not to rush into this area without carefully looking at the time and resources available to you.
Becoming active in social media requires a lot of effort and attention, but the payoff can be worth it. Consider hiring someone to take on this responsibility full-time.
Enlist a business partner.
You’ve been going it alone up to now—and doing so successfully—but dreams of expansion are sometimes achieved by acquiring a new partner. Is there a competitor out there who’s also looking to grow and may be interested in a joint venture? Entering upon some type of alliance offers the chance to merge markets and expand your menu of products or services. With the right temperament and commitment to success, this approach can be a win-win for everyone.
All of the options discussed above present genuine opportunities for growth, as long as you maintain realistic expectations and have access to different financing sources. Expansion makes considerable demands on any business’s funds and resources. If you’re prepared to take on the need for greater payrolls, new equipment purchases and other supplies, the time may be right to grow your business in the very near future.
If you’re ready to ready to grow as a leader and expand your business, join other CEOs, managers and senior-level executives in a confidential group setting where you’ll be challenged and rewarded like never before in your professional life. Learn more about becoming a Catapult Group member today.