Diversifying your market can broaden your target audience and give you greater presence in your industry. When a business comes to a certain point in its growth, diversifying its products and services as well as forging new alliances can go a long way. To help you get started with planning your own business growth, here are three ways to go about it.
1. Diversify your products and services
Expanding the scope of your products and services can help you reach audiences you never thought of reaching before. For example, you can try selling complementary products and services or importing and exporting your products. You can even import and export other businesses’ products and services. Doing these things will allow your business to generate more streams of revenue.
2. Align with other businesses
Aligning with other businesses can result in a mutually-beneficial relationship where you and other businesses diligently promote one another. The businesses you align with will expose your products and services to their audience and you will do the same for them with your audience. This can also an effective way to make money from commission and royalties, helping your business generate more revenue.
3. Start looking into other markets
You may be already doing well in some markets, but seeing what other markets there are to target can help you create more streams of revenue for your business. To enter new markets, you will first need to perform in-depth research to see which new markets you could pursue. Then, before you commit a significant amount of capital to the new market, test your new market by trying to make some sales there.
Remember, running a business successfully does not need to be complicated. Keep it simple!
For more information on business analysis, business planning, and ways to grow your small business profitably, please check out our website www.portalcfo.com. Follow us on Twitter @portalcfo
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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 manny@portalcfo.com.