With steady sales and growing popularity, you may feel it’s time to move up in the business world. But how exactly can business owners expand their businesses? Will you open a second location or expand your product line? There are plenty of ways a company can grow, but in order to do so, you will need a detailed growth strategy. With the help of a business growth consulting agency, picking the right growth strategy will be simple. Here are a few ways a company can expand and how they will increase profitability.
You’ve worked hard to build a reliable customer base and your core audience loves your products or services. Think about what the business can do to appeal to a new audience. For example, if you operate a business-to-consumer company, you can start offering services to other businesses and vice versa.
For retail stores, this growth plan typically makes the most sense. When one location is thriving, you may consider opening a second one in a popular area. Think about where your business will thrive geographically. Your product might be well-liked in one region and disliked in another, so you must carefully plan where your second location will be.
To increase your sales, your company can also start producing new products. The new items can be variations of your existing products or something totally different. As far as growth strategies go, this one is a bit riskier since there is little guarantee the new product will be as successful as the old ones. One way to decrease the risk is by planning the introduction carefully. Create a short-, medium-, and long-term introduction plan for any new service or product you offer.
Though this is a popular growth strategy for restaurants, it can be used by other types of businesses, too. Franchising is an excellent choice when your product is consistent and your brand is well-known by customers. By offering the chance to franchise, you can transform your small business into a nation-wide empire.
Choosing the right growth strategy for your company can be difficult. You probably including an initial plan for growth in your business plan, but things may be different now that it is actually time to grow. Using the services of a business growth consulting agency can help your company to weigh its options and choose the right direction to go in.