Strategies for Business Expansion

I’m always on the hunt for relevant info and I loved this - one of the best articles I’ve seen on this topic for a while. Here are a few paragraphs as a taster...

If your sales are good, and you’re flush with cash, it might be time to expand your business and take advantage of your successful concept. Careful planning is critical when expanding, which requires you to address much more than simply increasing your locations or advertising.

Expanded Product Lines

One of the simplest ways to expand your business is to increase your product offerings. Your regular customers might be looking for new products and services, and will spend additional dollars with you. Customers who haven’t tried your offerings might be enticed to buy from you if you offer new products or services. You can then try to convert these new customers into buyers of your core product or service. Calculate the stress this type of expansion might place on your business by reviewing the impact of adding a new product or service on your brand, production capacity, finances and customer service capabilities.

Diversification

Another strategy for expanding your business is to move into a different market segment. This can help you increase sales if you have a mature business with little opportunity for significant growth in your current marketplace. It can also help you reduce your dependency on one or a few products or a handful of key customers. To protect your brand, you might need to sell a new product or service under a different name.

Pretty valuable stuff, I’m sure you’ll agree! Why not check out the whole article here and share your thoughts with me afterwards: call (0467) 749 378 or email me at [email protected].

Thanks,

Robert