4 Tactics for Business Growth and Expansion
I came across this article that lists 4 Tactics for Business Growth and Expansion. It’s pretty long so here are a few snippets that you might find interesting:
Since every company’s strengths and weaknesses (and threats and opportunities) are different, there really isn’t a cookie-cutter approach to recommend for successful growth and expansion.
But there is one thing that almost all growing businesses have in common, it’s that they’ve dealt with their cash flow issues. They’ve done what they can to avoid unpleasant surprises; they’ve put systems in place to make sure their customers are paying on time.
Continue growing your business with these 4 tactics
1. Expand to new locations
Whether you’re running a retail shop, a medical practice, a restaurant, or even a business-to-business tech company, you may be able to generate higher profits by expanding your organization to new physical (or even digital) locations.
But, it’s important to remember that you can’t expect to simply open a second location, sit back, and watch your bank account get fatter. The success of your first (primary) location doesn’t really have any bearing on additional locations—there are many variables at play, even if you’re paying keen attention to your financials. So before branching out, you need to consider a host of factors.
2. Develop new products
Starbucks started as a small local coffee shop. Now, it’s an international juggernaut that sells an eclectic assortment of beverages, as well as pastries, snacks, sandwiches, CDs, stuffed animals, and all sorts of other merchandise.
No matter what your business is selling, chances are you’ll be able to sell at least one more complimentary product. For example, if your business is a copywriting agency, you might want to think about hiring a graphic designer so that you can sell infographics, logos, and other visual assets.
Want to know more? Head on over to the full article here for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts at [email protected]; or call me on 0467 749 378.
Thanks,
Robert