April 22nd, 2021 | Updated on May 9th, 2023
No one starts a business with the aim of it remaining at the same level. Every entrepreneur desires to see his or her venture grow to the highest level possible.
Of course, this means increased sales and profits, wider products and services, the ability to attract more customers and hire the best team, and a chance to take advantage of new opportunities among other benefits that reputable brands enjoy.
Careful Planning
However, expanding a business isn’t an easy task, especially during the Covid-19 pandemic. America’s small businesses have been put into a survival mode because of the pandemic and the lack of supportive programs have not brought any hope for the private sector.
According to CBIZ Main Street Index, the surveyed reports displayed an impact from significant to severe of over 43% for small businesses.
That’s why during these times it is important more than ever to be careful with every step that your business makes. Make sure that you also find the right place for your business, in such cases, you can make use of property management software that will allow making the right choice easily, without even leaving your house.
You expand at the wrong time and you risk falling into debt and your business failing. You need to ensure that your business is ready for expansion before investing your resources.
But then again, business dynamics evolve rapidly. Taking too long to expand puts you at risk of being bypassed by market changes and competitors.
When your business is ready for expansion, it is important to move quickly. Here are 4 strategies that can help you scale up quickly:
1. Improve And Widen Your Products Portfolio
Your customers might love your products as they are now, but you shouldn’t bank on that in the long run. Businesses crop up every day offering better and improved products to the market.
Your competitors are also in the business of outdoing you. If your customers realize that there are better products in the market, they won’t hesitate to switch. After all, what they need is value for their money.
One of the quickest ways to expand is to sell more of your products in the market. You need to ensure that you are doing so by remaining a brand of choice in your niche.
This can happen by continually improving your products so that they stand out from the rest. Additionally, stay innovative and bring in new products in the market.
However, to do this, you need to understand what your target market wants. Do market research and talk to your customers to understand their pain points.
2. Start A Customer Referral Program
A bigger percentage of new customers come from referrals from existing customers. It comes naturally to trust a brand that a friend or family has given a thumbs up.
The good thing is that referred customers convert quickly and often and have a higher retention rate. They are also cheaper to acquire compared to other methods of attracting new customers.
If you treat your customers well, chances are that they will talk about it to other people. However, rather than operating on assumptions, compelling them to do so assures you of better results.
A customer referral program allows you a systematic way to give a little push to your existing customers so that they can remember to mention your business to other people. This way, you can build your customer base and penetrate new markets cheaply to enjoy increased sales and profits.
3. Seek Help
Business expansion requires enough resources to push through. Otherwise, it would be hard to take advantage of new opportunities that can take your business to the next level.
If you have limited resources, you can seek help in building your resources. For instance, you can talk to banks for assistance in acquiring a business expansion loan.
Additionally, you need a great team in place to help you execute your business goals and vision. This can be overwhelming especially when expanding globally.
You need help from professionals such as RocketG. This firm helps companies grow global teams faster and easier than ever before. Check RocketG to expand globally faster and take advantage of new markets around the world.
4. Start An Online Store
Business transactions are slowly turning to the online platform. The modern consumer wants to shop at the comfort of their homes and offices in a bid to save time that is hard to come by.
If you want to expand your market reach, finding a way to sell your products online is the way to go. You can start your online store or take advantage of major online platforms such as Amazon.
However, you need to up your digital advertising game to ensure that your target customers get to hear of you and where they can get your products.
Conclusion
It is good to think of skyrocketing your business to the next level. However, you need to understand that business expansion doesn’t happen overnight, especially with the new challenges that Covid-19 has brought.
You need to put in the efforts and be patient to see it work. Additionally, business growth strategies are not one-size-fits-all solutions. You need to choose the ones that work for you depending on your business’ specific needs.
