Starting a business is not the end of the road for the business owners. There is a plethora of activities that need to be continued to ensure growth and expansion. Once a small business is established in the market, it is necessary to consider taking the business to the next level to keep the growth momentum as well as improve the market position of the business until it becomes the top market leader in its industry.
A small business startup may quickly be established in today’s dynamic technological environment where a host of exciting and impactful cutting edge tools and resources are available. But competitors are constantly waiting for the right opportunities to lure away the current customers and cripple the business where possible to have one less competitor in the market.
Every small business must consider certain steps in expanding itself from one level to another. There is no time to rest on its laurels. Below are 8 suggested ways to move the small business to the next level for greater results.
1. Expanding the business
When a small business is deemed successful and established in a neighborhood, it is the right time for the business owner to consider establishing another branch or setting up office at another location. The next office would be started up much faster as there is the valuable experience in setting up a business. However, a thorough evaluation of the business plan is crucial as a new location may not offer exactly the same set up conditions as the previous ones. The business model may be similar but need not be exactly the same to accommodate the different environment and legal processes if any.
2. Expand the product or service range
A small business can grow quickly to the next level when there are more choices for the customer. More choices mean more orders; this means more revenue to the business. There must be a desire to expand the line of products and services offered by the business in an attempt to expand its offerings to be established as an innovative and progressive modern market leader in the industry.
New products or services can be developed to complement existing units or re-designed from new technologies to boost the business enterprise’s creativity and branding. New options would appeal to potential leads that may not have liked the old range; existing customers are stimulated with the new products or services to make further purchases.
3. Increase sales from regular customers
This is one of the most practical ways to bring the business up to the next level. Repeated business from existing customers is a given in growing the bottom line of the company provided that they are well taken care of. Add-on components or replacement parts to an earlier product purchased add on revenue to the company’s coffer easily. The company should consider more additional components to enhance or upgrade the main product lines.
Securing repeat business from existing customers is cheaper than bringing in more new customers. It costs very little to remind existing customers of updates, repairs, maintenance works and replacements. Creative marketing campaigns such as volume sales discounts and special promotions do not cost the business very much but can generate a high income that boosts the bottom line.
4. Regular website updates
It is important to update the web business site no matter how small the business is envisaged. An up-to-date website allows web visitors to discover treasures which may induce them to make an immediate purchase. Monthly specials, product promotions and freebies would attract more attention and generate more hype on the web from one web consumer to another. With Facebook and Twitter, the whole consumer world would be visiting the web business site to grab the offering. New site visitors should be identified and enticed to exchange their contact information for a freebie or discount. Interesting contents would bring more traffic to the website to increase the customer database.
5. Expand to other target markets
Once the primary customer target is established, it is necessary to move out to ‘conquer’ another territory. It may be enemy territory but it is a good move when a small business brings in new blood; new niche markets would keep the business on its toes to scale greater heights than to be comfortable and slacking over time.
A secondary market is very beneficial in opening the doors of recognition to another sector of society that has yet to be impacted by the business. This secondary target market comprises of treasures untold to boost the business’s bottom line.
6. Franchising consideration
Franchising the business may seem to be a quantum leap to the small business owner. When the current business is operating smoothly without much effort as the best of marketing campaigns has been implemented, franchising is a very natural progression for the business. Franchising opens more doors of business opportunities at another dimension. The business model would be viewed and experienced beyond the local shores over time. International renown is possible through franchising. However, all current operating systems should be on the green before the franchising of business option is considered. Hence, the current business enterprise should be operating from a few branches prior to franchising.
7. Expand through partners or mergers
Expanding the business by bringing in a partner or via merger is a possibility to move the business to a higher level. The addition of a partner or business merger with complimentary business enterprises bring in more capital that can be reinvested into the company for greater business opportunities. There is no worry about cash flow and new ideas which these two options can bring.
8. Stay updated
A business that wants to be continually at the top must stay updated with the latest technologies and techniques that can benefit its operations for a bigger bottom line, faster ROI and better market image. New technologies are emerging constantly that can change the way businesses are conducted. Those who lag behind get washed away easily from the business scene.
