Sometime, a lot of businesses go into survival mode. They get away from the types of strategies that lead to growth and opportunities. Instead, they get stuck in a mode of maintenance. It’s time to get out of maintenance mode and create new opportunities for your business. With that in mind, here are two strategies for you to consider for growth.
Create New Products or Services
What if you could add new products or services to expand your business? A great way to do that is to add complementary products or services that give your loyal customers more opportunities to give you their business. If your products or services are successful and you have repeat customers, there is a great chance that expanding your line could work well to generate more revenue.
You may struggle a bit to come up with new ideas at first, but brainstorm a little bit and see where it leads you. Try to keep in mind both what your products or services do currently and what your target customers might be interested in. That intersection will be the area you want to focus on in order to achieve the maximum growth.
Create Experts With Opinions and Insights
Another creative way to expand your business is by putting yourself or your employees out there as experts on various topics. Television shows, radio stations, magazines, newspapers and blogs are often looking for expert analysts on certain topics. If you can position yourself to be one of those analysts, it’s a great chance to get free publicity and expand your customer base.
In some cases it could also lead to paid opportunities as a speaker or guest, which not only boosts your revenue, but again gives you an opportunity to reach new customers. It can be a creative, fun and profitable way to expand your business and increase your profits. A great way to get started is with a blog to put your analysis out there and by hiring a public relations staff to position you for opportunities.
Remember, running a business successfully does not need to be complicated. Keep it simple!
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Manny Skevofilax is a consultant and speaker that assists his clients with successfully navigating the challenges of growing their businesses profitably. Since 2003, Manny helps businesses to enhance their financial results by using his experience in strategic planning, financial statement analysis, operations, 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 firstname.lastname@example.org.