As you have successfully put up and started your own business, that is, accomplishing company incorporation, you must also think of ways on how it will grow. Growing your business is important not only to succeed but also to survive in the industry. Considering how the business environment rapidly changes today, your business must keep up with the phase and go beyond the bare sustenance level. As they say, “you need to grow just to stay in place.” Apparently, business growth cannot be easily achieved like company formation. Expanding your market share, seeking out new and related market opportunities, and constantly pursuing new and potential customers are three ways to stay even over the long haul. Moreover, below are more ways to grow your business:
Automate Your Services And Innovate Your Products
You must think of new ways on how to improve and develop your products and services. When it comes to automation, technology may help you in improving efficiencies and expanding your operations, “but to use that technology well, you must balance your needs with the realities of how you do business. That means understanding not only which technology to invest in, but also how it will affect your operations and how to maximize your returns on that investment,” Erik Markowitz stated. Moreover, according to Robert G. Cooper, “… The new corporate motto is ‘innovate or die.’” As you discover and promote new uses for your products and empower your business service using technology, you will encourage existing customers to buy more and be loyal and, at the same time, attract new customers.
Penetrate Existing And New Markets
Both existing and new customers are important to your business for both are markets that will benefit your business. On one hand, your existing customers are your best bet for increasing your sales because they are the ones who already know you and your business. On the other hand, having new customers will expand your business more. To be able to achieve new markets, you must push into global markets through exporting.
Extend Your Market Reach
One way to extend your reach and make your products and/or services available to a new pool of customers is to open your business in other locations while making sure that your current location is stable and under control. There are two ways to do business expansion: by opening a store, stall, or kiosk in a new city or mall or by creating a website with an online store. Moreover, you may extend and improve your advertising to target more markets.
Encourage And Turn Your Customers To Be Salespeople
Customer referrals are useful for your business to explore new revenue streams. “We knew we had an engaged customer base that was passionate about the product, and we wanted to tap into that,” Lomita Patel, Roku’s senior director of marketing, said as a response on seeking customer referrals. You may ask your existing customers for referrals while still actively seeking for referrals.