In order to survive in certain industries, businesses have to expand. It’s a daunting prospect for many business owners and managers as it’s a risk that can reap huge rewards or result in failure. However, there are certain ways you can successfully expand your business so that it becomes a much stronger, profitable organization. These are some of the most effective ways to expand your business in 2016.
If your business does not have an online presence, it should have. Even a website and some basic online and social media marketing will help generate new leads and customers. Many businesses will take this a step further in 2016 and start selling their products and services over the internet. This allows a business to reach a much wider audience and is a cost effective way to sell products and services. To start selling online, businesses should consult with a website provider and find out as much as possible about setting up and running an ecommerce store to sell various products and services over the internet.
Only selling to a local market can restrict the growth and ambitions of a business. This was a major hurdle for businesses in the past, but it’s not a problem in 2016. The latest technologies and delivery options make it possible to reach a global market. These days, if you can deliver your product and services to someone down the road, you can just as easily deliver to someone thousands of miles away.
Offer New Services and Products
Offering new services and products is an effective way to increase the amount of money customers spend when they deal with your business. Adding new services and products that compliment your existing offerings has the potential to dramatically increase your bottom line by the end of 2016.
Your business may have specialized in certain types of products and services for many years. However, you might have noticed a gap in another market in your area. This could be an opportunity to enter this market with very little competition. However, it’s often difficult to teach an old dog new tricks. If you do decide to enter a new industry or market you have to be prepared to bring people with expertise in that market into your organization.
Open a New Premise
Opening a new premise is the most obvious sign that a business is expanding. Your current business may be thriving in its current location. Transferring what you’ve done there to somewhere else has the potential to make your organization even bigger and more successful. However, this expansion needs to be done in a controlled manner. You must ensure that your new premise follows the rules and standards of the premises that brought you success up to this point in your business career.
Buy or Merge with Another Company
Certain strategies are required in order to expand your business interests. Getting involved with another company can lead to huge rewards for both organizations. However, you should carry out due diligence before considering any type of partnership with another business.
Two options available include buying another business or merging with another business. This can disrupt those working in each organization. You also have to be certain the organization you buy or merge with compliments what you currently do. If this type of business arrangement does run smoothly, it has the potential to create an extremely strong, successful business for you and the other people involved.
Work with Other Businesses
For some business owners, buying or merging with another company is not an option they want to consider. However, this should not stop a business from working alongside another organization. This approach can be extremely effective, especially if the other company is in the same industry as you and provides products and services that complement yours.
License your Products
You may be creating and using products and services that fulfil an important need in your industry. However, you may not be benefiting from them as much as you could financially. Licensing your own products is an effective way to expand the products you offer customers. This is particularly effective if you have your own software product which could be used by other organizations in your industry.
Many types of businesses need to expand in order to remain at the top of their industry. This can be achieved in a wide range of ways. Finding the most appropriate ways will ensure that your business becomes a stronger, more successful organization by the end of the 2016.