For many, expanding a business can be a big challenge. The key to continuing to grow your small company is to do it intelligently and with the help and commitment of the team around you. Ann Marie Puig, a global business consultant, offers insight into the steps businesses can take when they consider expanding their operations.
Business leaders need to use their intelligence to find a way to simplify, standardize, automate and delegate tasks so they can be performed by an average employee. Create a list. Then, every time you have a task to delegate to an employee, add it to the list. Not only will it help you make this a habit, over time, with this list, but you will also have created the job description and you will know that it is exactly what you are looking for.
Be careful about hiring for hire. Explains Puig, “Take your time to create a hiring strategy and the questions you’ll ask in the interview. Educate yourself and learn about the things you can’t ask by law in an interview, and research what other companies pay for that job position and the benefits they offer to employees in the position.”
If you want to offer new services to your existing customers, but to motivate them and surprise new customers, you need to use social media marketing. Many business owners don’t do everything themselves – they outsource to other professionals to focus on what they do best. There are many communication companies that can help you with your social networks. Whatever your decision.
Imagine that you are a professional photographer/videographer who has more events than you can attend. Find another business owner in your profession and partner so you can take on more jobs without having to hire new employees. Another way to grow your business is by expanding your “menu” of services.
For example, if you have a landscaping business and you know someone who cleans pools, partner with them. By partnering with it, you can offer your customers complete pool maintenance and gardening package. Finding complementary businesses that don’t compete for your customers can be a win for both small businesses.
The first step is to get data and information that helps you figure out which direction to expand the business. Find out what proportion of your target audience you reach, talk to other entrepreneurs in the segment and determine if the reach is good. Research in areas little explored in your area of action, and calculate the possibilities of new customers.
In the event that the way is to conquer a new target audience, dedicate yourself to knowing it closely. In addition to the age range, gender ratio, economic situation, and location discover their main interests. Create people to simulate potential customers and their aspirations.
Although the target audience does not change, it is time to grow in the number and type of products offered. “In addition to stimulating greater consumption by your loyal customers,” adds Puig, “you will be able to attract new consumers. To specify the new items, use the results of the research. Observe the consumption patterns of the audience segment that your company reaches.”
The secret to increasing your company’s turnover may lie in the price you charge for what you sell. After thinking about new products, consider shrinking the catalog and charging more for each item. The opposite is also possible: increasing the space of the establishment and developing an online store are methods that can help you reduce the price and attract more customers. It is only necessary to take the paper, and calculate what has the best chance of materializing.
Variable costs increase after the entrepreneur decides it’s time to grow and begins to expand the product offering. Don’t start this process without having the necessary working capital and planning to get financing. It is also recommended to negotiate deadlines with suppliers to manage the financial cycle.