Growing your Small Business

Growing your business is a necessity for your business’s survival and economic well-being. All of these ways of growing your business will be successful with some planning and investment.

  • Penetrate your existing market

It is more cost-effective to get existing customers to buy more from you then to persuade new customers to buy your products or services.

  • Ask for referrals

Activity seek referrals from satisfied customers, asking if they know anyone else that would be interested in your services or products.

  • Innovate your product or service

Discovering and promoting new uses for your products or services is a great way to get existing customers to buy more and attract new customers.

  • Participate in trade shows

Trade shows are a great way to grow your business because they draw people who are already interested in the type of product or service you offer.

  • Conquer your niche market

Think of your customers as a subset whose needs are being met and concentrate on meeting those unmet needs.

  • Contain your costs

Growing your business means growing your bottom line. Liquidating your bad products and improving your inventory turnover are two main approaches to cutting costs.

  • Diversify your products or services

Focus on the related needs of your already established market or on market segments with similar needs and characteristics.

  • Exporting

Exporting is a way of growing your business that requires quite a commitment of time and resources, but can be a powerful boost to your business’s bottom line.

Pick some of these ideas that are suitable to your business and your circumstances and get your plan for growing your business underway.

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