Growing an existing business over time requires more than just doing what works over and over again. No matter what you sell or provide to your customers or clients, if you want to scale your success, you need to identify pathways to expand into new markets.
There are only so many consumers who want to buy your widgets or hire you to perform a certain service. While the internet expands many companies’ reach to the global marketplace, doing the same thing repeatedly usually nets you the same results.
How can you scale your business successfully in the most economical way possible?
1 – Identify Other Things Existing Customers Want
If your small business sells customized dog collars, it stands to reason that the people who buy them might want harnesses and leashes as well. Offering products or services closely aligned with existing ones helps to fuel business growth in a safe and affordable way. With more time-sensitive product lines, such as software or medical equipment, sticking with one offer could mean failure.
2 – Determine How to Satisfy a New Customer Base
Another option is to offer existing products or services to an additional targeted group. Dog training schools and kennels may want your colorful harnesses and leashes as much as pet owners. Learn to identify potential expansion possibilities with growth expert help.
3 – Know Where Your Industry is Heading
Spend time studying your industry to keep up with new product or service opportunities and also buying trends and customer opinions. Economical business growth means no wasted time, money, or attention. Competitor experiences may help you tweak your own efforts.
Small and medium-sized businesses may not want to take over the world, but scaling up for more success always improves your position in the marketplace. Get help with the process when you contact Portal CFO Consulting.
Manny Skevofilax is a consultant and speaker that helps his clients successfully navigate the challenges of growing their businesses profitably. Since 2003, Manny helps businesses enhance their results by using his experience in strategic planning, financial statement analysis, operations, organizational development, and team-building. His consulting firm, PORTAL CFO Consulting, Inc., has attracted clients from diverse industries in the United States and abroad.
Manny can be reached at 410-808-3441 or via email at email@example.com.