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 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.