By Michelle Loredo
As the situation with pandemic continues to improve, growing your business can be a good segue into opportunities to improve your bottom line.
If you are looking into expanding your business, there are several things to keep in mind including, how your business will be affected by the change and how your finances will impact expansion plans. We have put together a guide on expanding your small business and what to keep in mind.
Continue to Innovate Business
As you are planning to expand your small business, you have to evaluate your current business strategy. What can help with your expansion, what can be improved and what needs to be added? It can include:
Be Proactive with Tracking Benchmarks and Adjust as Necessary.
How Will Benchmarks Be Set? (Start, Growth, Revenue, Success, Exit)
What Direction of Growth Can Your Business Take?
As you begin to implement changes to your business strategy, not everything will go smoothly. If a part of the expansion strategy is not working, figure out what is not working and improve going forward.
When working on your strategy, see how you can expand your market reach. Reaching new customers will help your bottom line and improve your business. What are the current trends in your market? To continue to grow your business, you can diversify your business's services. Take into account the type of business you operate, what you offer and what you can add. It will help you bridge the gaps of service that your business has.
What are the customers in your area looking for? How can your strategy bring in new clients? You can also look into niches and how your business can fill gaps in needed areas and, becoming part of a niche can help you be a major player within your market.
Another way to expand your business is to open franchises. Before you decide that franchising will work with your business, examine your business and brand, and determine if it can appeal to a broad audience. You need to also need to have a duplicable business model. Here a few things to keep in mind if you forward with franchising:
Branding Business Materials (Logos, Color Schemes, etc.)
Branding Business Services
Licensing Business Model
Exporting is another option to expand your business. Becoming part of the international trade can help you grow your business and better your bottom line. If you are planning to export, you need to have different things in order including:
Country-Specific Trade Laws
Cultivate Relationships with Current Customers
Cultivating a strong relationship with your current customers will help you keep your business going and help with expansion ventures. If you understand your customer’s needs, you can offer what they are looking for. With the insight into their needs, you can personalize their experience and recommend your business to their social circles. Their referrals can help boost your business, and you can create special offers to the people they recommend. Encourage your customers to give you feedback so you can continue customer relations and interactions. Here are few ways that you can keep in contact with your customers:
If you are planning on expanding your small business, you need to reevaluate your business finances. Can your business take the expenses that come from expanding? How much do you spend in running your business, and how expanding have a toll? Strive to make strategic decisions that will help boost your business.
Promote Social Media
You can use social media to promote your business and reach more customers. If you use social listening tools, you can gain insight into customer behaviors and what they are looking for. You can also find trends to gain the attention of your followers. You can also promote services, business events and resources.
The SBDC Network is here to help you with your business expansion. Our business specialists can help you virtually sustain and grow your business. Here is the full list of business specialists and their concentrations: