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SAN FRANCISCO, CA Oct 18, 2015/ Troy Media/ – Sometimes, starting life as a smaller business can help to make life easier. Instead of having to worry about the strains of competing with the big boys, all you have to do is stay ahead of your niche and current market.
However, growing your business offers a wide range of advantages that shouldn’t be ignored. For instance, as a larger business you will be able to take advantage of economies of scale and to enjoy the benefits associated with buying materials in bulk. And the larger your business is, the more chances you have of getting better credit terms from your suppliers.
Another significant benefit of growing your business is the knowledge that it is commonly believed that larger businesses are more secure and reliable than smaller businesses; this, in turn means you may get more collaboration and business from the market segment you are pursuing. Finally, a larger turnover can also mean greater potential for profit.
If you’re thinking of growing your business, here are some tips on how to take hold of market growth.
Target new markets
Chances are, if you’re considering expansion, your current market is probably currently serving you reasonably well. That doesn’t mean, however, there aren’t other opportunities out there for you to take advantage of. Indeed, a great deal of your profits could come from the alternative markets you are exploring. For instance, if you’re selling electronics now, why not collaborate with other businesses to see whether you could provide deals that offer customers better bargains.
Speaking at networking events and getting to know new people can be incredibly useful when targeting new markets, and if you’re willing to let your market grow as far and as wide as possible then you should have plenty of room to manoeuver. Could you introduce your products to clubs, hotels, resorts, or even schools? Could you give deals to certain businesses, or donate some of your content to special cases?
Invest in logistics
Logistics companies aid with supply chain management solutions, contributing to warehousing, transportation services, project management and much more. By accessing the right logistics services, you could potentially improve your business efficiency significantly, reducing the amount of time you spend chasing after suppliers and ensuring that you meet the needs of consumers from your brand new markets.
Explore the online world
The world wide web offers small and medium size businesses a fantastic opportunity for diversification. If you can make yourself a hit online, then you can sell your products to just about anyone, anywhere.
Options may include selling your products online to expand your geographical reach, or even connecting with new markets through social media. The online world is of particular benefit to any business which is selling a service or product that can be accessed anywhere throughout the world, such as educational services as there isn’t a great deal of postage and packaging to worry about.
Open up new offices
If you’re looking to expand your business in certain geographic locations, then potentially the best solution available is to start investing in new office space. Opening up new offices or locations is something that comes to mind almost instantly for businesses that are thinking of expanding their reach. However, it’s important to remember that physical expansion may not be the ideal step for everyone, and you should consider your personal circumstances carefully before investing money in something that may not work for you.
Ask yourself these questions:
- Are you sure you’re maintaining a constant bottom line when it comes to profit, and that you’ve shown some reasonable growth across the last few years?
- Are you looking at the trends that currently exist around your market – both in regards to consumers and economic strength? This should give you an insight into the staying power of your company.
- Have you determined exactly how you’re going to find the financing that you need to open up your new offices or locations?
- Have you made sure you’ve selected your office space based on the needs of your business, rather than making do with whatever you might be able to afford?
- Finally, have you prepared a business plan for what you’re going to do at your new location.
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