Growing your business should be more than something you consider. It should be part of your strategy for your economic well being and your ability to survive over the long term. Let’s look at some of the best strategies for growing your business.
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- Extend Your Market Reach – You can extend your customer base by reaching out to new customers. This is done by opening up locations in a different mall or a different community. Adding an online store is a great way to extend your market reach.
- Infiltrate the Market You Have – Your current customers are the easiest way to increase revenues. It’s much easier to offer that market new products or services that will increase their spending habits.
- Be Innovative With your Products and Services – Take the opportunity to promote new uses for the products you sell or the services you offer, which can bring new customers on board. Duct tape is a great example of a product that was marketed differently.
- Ask for Referrals – Bringing new customers into a business grows a business, and one way to do that is to have existing customers give you a referral. At the end of each sale ask that satisfied customer if he/she has someone they would like to recommend for your product(s) or service(s).
- Take Advantage of What Trade Shows Can Offer – Trade shows draw people in and those people have the potential to be your newest customers. The key is to choose the right trade show where your products and services will match the type of people coming to the trade show.
- Keep Your Costs Controlled – There are a number of ways to grow your business. One is to increase sales, but the other is to control or decrease costs. After all, it’s really your profits that you are growing. Reducing costs is just another way to increase profits.
- Find a Niche Market – The business that can find itself a niche market stands to gain a lot in the way of growing. When you have a niche you have far less competition and a specialized customer base that will follow you and seek you out.
- Franchise Your Business – There’s all kinds of businesses one can think of that have benefitted from franchising. McDonalds and Starbucks are two that come to mind. If you have a successful business you can grow that business by duplicating that success.
There you have it – great strategies to grow your business and your profits.