Business growth is very vital for every entrepreneur. If your business is not growing it means that its potentials are stunted, limited and you may soon run out of business if little sales revenue fails to cover the operational and fixed cost in the long run.
A business majorly grows into three structures. The first structure is a called entrepreneurial structure; at this stage, an entrepreneur solely bears the responsibilities of carrying on the business duties or with a team not less than 1 and not greater than 10. At this stage, operational costs are little (this mostly depends on the business plan) and may not require special expertise like Accountants, Marketers, Lawyers etc.
The second stage is called the Functional structure; at this stage, the business will require a team with areas of specialization. At this stage, the business has started gaining recognition in the market and it will only be fair for the business to employ professionals in their different areas of specialization. Professional for the functional structure could be Marketers, Accountants, and Managers Etc.
The third and last stage is called the Divisional structure; Business that grow into this structure must have passed through the last two structures. At this stage, the business has grown so big that it can open locations at different areas those areas will have their Managers, Accountants, Marketers and all other field required by the business.
For your business to grow from its entrepreneurial stage to the Divisional stage, here are 10 ways to grow your business.
Take a stronghold of your existing market: One way to grow your business and brand is to take a stronghold of your existing market. Keep your existing customers always satisfied with the product or service your business is offering, this will make your existing customers buy more from you and this means more sales and net profit.
Ask Customers for referrals: You can only ask customers for referrals if they are satisfied with your product or service. Get feedback from your customers, if those feedbacks are good, tell them to refer your business to their friends, colleagues, and associates. This method is a cost-effective way to grow your business and gain greater market share from your niche.
Innovate your product and service: Explore new ways through which your products and services can solve people problems. This method can get you more sales from existing customers and new customers.
Extend your Market reach: Extending your market can help grow your business. Open stores at new locations, make sure they are locations that you are familiar with. Carry out proper research about the kind of people living around there before going ahead to open a store.
Participate in trade shows: Trade shows can be a great platform to grow your business. With trade shows platforms you will meet new customers. People or potential customers who attend trade shows relating to your niche market are interested in the products or services displayed during trade shows sessions.
Conquer a niche market: You can also grow your business by conquering your niche market. To achieve this you will need to narrow down your targeted customers, market and then become a big fish in a small pond.
Cut and contain cost: Cost control is very vital for your business growth and success. Cutting and containing cost involves looking for cheaper ways to acquire materials, hire laborers and carry out production effectively. With this way, you can increase your profit after tax and expand.
Diversifying your product: To grow and sustain your business, you have to diversify your products or services. Producing complementary products or services can help you achieve this. Complementary products or services are products or services that go hand in hand with each other. All products or services must be in place for customers to derive full satisfaction. An example of complementary products are toothpaste and toothbrush and an example for complementary services are catering services and waiters/waitress services.
Franchising: Franchising truly works, various success stories have been heard about who have made their business grow and succeed through franchising. You may be wondering what franchising is, franchising is an agreement where one party (the franchisor) grants another party (the franchisee) the right to use its trademark or trade-name as well as certain business system and process, to produce and market goods or services in accordance with certain specifications. Franchising is a system for expanding a business and distributing goods and services to meet higher consumer demand.
Exporting: Exporting your goods and services can help grow your business and brand internationally. Before you start exporting goods make sure you have met legal requirements and procedures. For services, the World Wide Web (WWW) makes transacting business internationally a lot easier. All you need to have is a functional website and blog which displays or promote contents of services you offer.
Conclusion: From the 10 (ten) listed above you can choose the one that best suits you and your business type.
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