Business Growth - Article by Michael Dylan

Once your business is up and running and things are going fine, you will start to look at how to grow. There are many ways to expand a good business, but first make sure you have your current circumstances under control. It makes no sense to start opening new stores if you are still struggling with customer service or accounting issues.. it would simply increase your worries.

Besides the usual marketing plan and good customer service that we already have installed for the organic growth of our business, here's a few more ways to kick start business growth.

Increase Products and Services
Look for opportunities to introduce new products and/or services that our current customers could use. Ask customers how you could help them or see if there are other products that they would be interested in purchasing from you. Improving or updating current products and services can also encourage growth.

Open New Stores or Buy Existing Businesses
Depending on how much risk you are willing to take, purchasing existing businesses or opening new stores can be a fast track to massive business growth. It's important to digest new acquisitions before you end up biting off more than you can chew though. Too much growth can sometimes be just as stressful as a lack of growth, so be sure to consolidate after each purchase.

Going Online
Very few businesses cannot benefit from going online. The benefits will vary quite a bit, depending on your industry and the products or services you provide. If it is done properly, you may start to see your Internet profits catching up to and surpassing your bricks and mortar business!. The Internet is open 24 hours a day with millions of potential customers worldwide.

Franchise
Not every business is suitable to franchise, but if your business systems are in place and you are willing to put the work in to getting started as a franchiser it can be an excellent source of growth.

Look for New Types of Customers
Is your target market too specialized? If you cater to a niche market, look for ways of reaching out to a more diverse customer base. If your products cater to just women, look at ways to reach men also. If you have mostly young people using your services, look for opportunities to reach elderly customers. Some businesses cater to a very niche market and that's the reason for their success, but often with a little imagination you can increase your possible market.

The surest way to successful business growth is to know your business, know your products, and to know your customers. With confidence in these three aspects of business you will be more confident in making decisions when it comes to pursuing growth.