There are many challenges involved in setting up and running a business. Once your business is up and running and things are going well, you will naturally begin to look for new ways and different opportunities to grow your business.
There are many ways to expand a good business. First and foremost you will need to ensure that you have your current circumstances under control. It makes no sense to start opening new stores if you are still struggling with customer service or accounting issues. A new store would only exasperate your worries.
As accountants we have first hand insight in to the most commonly used methods to kick start business growth. Yorkshire Accountancy prides itself on being a modern accountancy practice that aims to support business development. That is why we try and provide our clients with a one stop shop of information. Here are some quick ideas to grow your business.
Developing New Products and Services
Once you have a sound customer base you should start exploring the prospect of introducing new products or services that will be beneficial to current customers. Take the time to listen to your customers. Ask customers about gaps in the products or services you provide. Start by filing the natural gaps and then expanding into other areas.
Open New Outlets or Buying an Existing Businesses
Opening new outlets if applicable or acquiring an existing business is a good way to increase growth. There is a financial risk attached to this model, you should make sure you seek the opinion of an accountant to look at the financial side of business. This is a fast track model for implementing business growth. It’s important to embed and stabilise new acquisitions before you implement any additional acquisitions.
Use of the internet has brought with it a wealth of business opportunities. There very few businesses that could not benefit from an online presence. The benefits will vary quite a bit, depending on your business sector or the services you provide. Passive income from the Internet can yield considerable profits. The main advantage of the Internet is that it is open 24 hours a day with millions of potential customers worldwide.
Not every business is suitable to franchise, but if your business systems are in place and you are willing to put the work in to getting started as a franchiser it can be an excellent source of growth. Increasing local and national presence is always a good mode of raising your business profile.
Acquiring New Types of Customers
Is your target market too specialised? If you cater to a niche market, look for new avenues to connect with a more diverse customer base. If your target market is just women, then you should look ways to attract men also. If your target market is mostly young people then you should explore ways of including engaging elderly customers. Some businesses cater to a very niche market and that’s the reason for their success, however with a little imagination you can increase your market share.
The surest way to successful business growth is to know your business, know your products, and to know your customers. With confidence in these three aspects of business you will be more confident in making decisions when it comes to pursuing business growth.