There are days, especially when you’re just starting out, when simply surviving the next 24 hours feels like an insurmountable challenge, but it’s vital for your survival that you look beyond that. Today we’re talking about why you need to think about growing your business – and how you can do that safely.
As we’ll see, growth is important for your business’ long term health, but that doesn’t mean it’s without risk. Growth that exposes you to financial risk, pulls against your established brand or simply doesn’t have the demand from customers can all risk your established business’ success. You need to make sure you’re working to a strategy, and if you need help with strategy consulting London is the place to look. Plan what you want your business to look like, and ensure your growth plans help you achieve that future.
Why Growth is Essential
There are plenty of reasons why you might not want to think about growing your business, from challenges like falling revenue and squeezed resources, to success: if you’ve built a successful business, why risk it, and why create more work for yourself?
Growth will always be essential though, because nothing else stands still: if you sit back to rest on your laurels, the opportunities you’re allowing to pass you by will soon be snapped by businesses that are hungrier to succeed and you’ll find yourself outcompeted and struggling. Keeping an eye on growth is important simply to remain still: if you want to actually expand your customer base, revenue and reach, additional effort is needed.
Let’s take a look at some options you have to grow your business. Not every opportunity will be right for you, but you need to be able to identify them to make an informed decision if they are right for you.
New Products and Services
Growing your product line, whether through research, development and manufacture or simply buying them in is one way to grow your business, and perhaps one of the less risky ones. Just make sure you back up your decisions with research on what your customers want, and how much they’re prepared to pay.
A new service is really a type of new product: a new way of packaging what you offer to give customers a new way to spend money with your brand.
Opening additional premises (or moving to a still singular but larger space) is another way to grow, opening up fresh markets to exploit. This is a much riskier, and more expensive project – riskier because it’s more expensive, but could be much more rewarding. Another version of this is to open up online sales, as this exposes you to international markets (and international opportunities!).
Again, this needs to be attended by careful research. Look at how long you can afford to support your new location before it develops its own stable customer base, and if that customer will in fact be there waiting for you in your proposed new area.
The Marketing Push
This is an expansion technique that can grow the reach of your business alone, or be used in concert with other growth opportunities to boost their success. Extending your marketing reach (often by working with a marketing company who bring specialist knowledge and tools to the problem) can be a potent tool for success in itself. In the current age, in which social media connects us all, you can reach huge audiences with a single advert at a low cost, so it’s well worth considering working with some digital experts.