Expanding Your Business? Keep These Factors in Mind

There is virtually no small business owner out there who doesn’t dream of expanding into something larger, even if it means just one other store. After all, in most cases, the more you grow, the more revenue you generate. However, the urge to expand is never enough to actually do so. As the cliché goes, it is going to take blood, sweat, and tears to successfully accomplish that. All the best things do, right?

While each business venture is different, there is a generic framework that always seems to be at play for the most part. I will try to break that framework down for you below:

Your Customers Are Salesmen Too

Whether you realize this or not, your customers are basically unpaid salesmen for your business, as well as your overall brand. Since most businesses receive a lot of business due to referrals and word-of-mouth promotion, your existing customer base becomes a highly lucrative asset; that is, as long as they are satisfied with your product and the customer service you provided them. If you have not done so already, consider establishing some sort of incentive-based referral program that your customers can take advantage of. This will motivate your customers to attract new business to you, further increasing your revenue, thus giving your business the grounds to grow.

Keep Up With the Times

Simply put, innovation is on the frontlines of most businesses, be it a small business or a large corporation. If you look at any prominent business that has expanded successfully over the past few years, you will probably notice that they have released several new products or services. Fieldwork pest control mobile software is one such example. This system allows for on-the-go pest control chemical tracking and has a CRM and has the potential to be developed into systems for other industries. This not only keeps the company mainstream, but also provides customers (both new and existing) with an entirely new concept. As an example, let’s say you and your competitor are both selling a similar version of the same product. Your competitor decides to devote a lot of time, effort, money, and resources to researching and developing a new product; while you decide to stick with the same old, mundane product that everyone has seen before. Who do you think is going to come out ahead?

Broaden Your Horizons

Today’s world is perfectly suited for business, whether we’re talking about a fresh entrepreneur with an idea, or a multi-million dollar CEO. While it may not seem like it, the key word in the previous sentence is “world.” Most small businesses do phenomenal business on a local scale; that is, the hometown in which the business is located, and the surrounding regions. However, imagine how much a small business could grow if it were to set its sights on a national, or even an international customer base. With video and audio conferencing services like Polycom progressing, the aspect of connecting to global audiences has become significantly more convenient. Such technology allows for face-to-face contact without physically meeting with one another; although, nothing goes further than an old-fashioned meeting where literal hands can be shook.

Business & Technology Go Hand-In-Hand

If you haven’t gathered from the previous information, we live in an extremely technological world, one that is progressing further and further with each passing day. With such advancements in technology—especially in business—it is amazing how many businesses are still “living in the past,” so to speak. Many of the tasks that once could only be performed manually by hand, can now be scheduled, prioritized, and automated. Huge advancements in robotics and automated machinery have taken over the majority of jobs considered too dangerous. Cloud computing has revolutionized just about every aspect of computing. You get the point, don’t you? Embracing technology can not only reduce the amount of time wasted, but can also streamline your business for efficiency, which in turn, cuts costs dramatically!

Delegate! Delegate! Delegate!

I see it all the time with growing businesses; the same folks are handling all the responsibilities, both new and existing. For a business to grow optimally, there has to be some sort of structure—a hierarchy, if you will—for employees. That is, there needs to be separation between management and worker, between white-collar and blue-collar. If the employee at the bottom of the ladder is sharing responsibilities with the manager at the top of the ladder, then why wouldn’t you just let the lower-level employee run the show? Delegating responsibility allows each person to focus on their own dedicated role with the business, allowing for maximum focus and effort to be devoted.