Has your small business survived the start-up phase? Congratulations! You are one of the lucky ten percent of new firms that made it. The fact is that the small business environment is a challenging climate to operate in. If you have managed to navigate your way through the countless pitfalls that every business owner experiences, you deserve some kudos.
Congratulations aside, it’s time to focus on the path ahead for your company. What do you want to achieve with your business now that you have managed to find some form of stability and profitability in the marketplace?
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Your growth strategy will depend on your business model, and different models have different needs for growth. For instance, a retail location would not have the same growth strategy that a tech firm would use. Here are five ways to grow your business. that sounds like it’s right for your company, and then get to work researching the idea and how you can implement it in your own business.
#1 Open Another Retail Location
If your original business plan worked and you have a thriving retail location, consider replicating your success in another part of your city—benefits from your experience of managing your first business’s outfalls and applying them to your new location. If you are confident in the systems you have built, consider offering your model a franchise opportunity.
#2 Expand Online
In 2017, almost all businesses had an online presence. However, what are you doing with your website? Is it a static space on the worldwide web that only acts as an informational site about your company? Turn your website into a lead generating machine by implementing SEO tactics and social marketing strategies to bring you more qualified leads at a minimal cost.
#3 Create a Licensing Strategy
Is your company’s core product information-based? Do you offer a revolutionary technology such as an app or software program? Then consider licensing agreements to grow your business. Licensees will pay you a licensing fee, as well as commissions or royalties on all sales of your products made through their networks.
#4 Partner with the Competition
Does your business lack in a particular area where a competitor or partner is strong? A leveraged buyout (LBO) of their company could help you take your competitor’s best resources or partner and assimilate them into your organization.
Penetrate markets in new foreign countries by meeting with trade consultants to take your brand into international markets. International expansion can be applied to manufacturing, marketing, and logistics, growing your brand into a multinational business with tremendous opportunities.
Planning for Growth
Do you remember your business plan? You know, the document you drafted when you were just starting? Many entrepreneurs forget about their business plan the moment that they open the doors. Now is the time to update your plan with the successes that you experienced during the start-up phase. After that, add your comprehensive growth strategy and remember to update your projections to financials and sales forecasts.
Work with Professionals
By now, you should realize that one of the key components of running a successful small business is working with people that are competent, professional, and as committed to the success of your company as you are. Your team will determine your business’s success, so make sure that you hire and work with only the best people.
Funding Your Expansion Plans
As a small business, you may find that funding your growth strategy using traditional finance methods, like a bank loan, is inaccessible. Financial institutions do not like to assume the risk of lending to small businesses, as they have no established credit record. Therefore, the only solution left for small business funding is using an approved microlender to assist you with your needs. Microlenders will assume the risk of lending to small businesses; however, always make sure that you can afford the loan repayment and never take a loan that you do not intend to repay.
Your business deserves to grow. Take advantage of the current business climate to expand your operations and increase your revenue.