Things to do to grow your business in 2016
Now that we have started a new year, you must have a plan in place to grow your business. It is possible that you achieved some levels of growth last year. Still, one of your goals for this year as a business owner should be to grow your business as there is always room for growth and development. After you must have set your goals, then you can now develop your strategies. As part of your strategies on how to grow your business, you can consider the following:
Open another location
One of the strategies you can adopt to grow your business is to open new location(s). It does not mean that your small business should remain small. Starting small among others helps you to understand and get grip of all necessary aspects of your business. Now that your business is up and running and you have mastered what makes it work, it is time to begin to open a new location. Remaining in one location will limit your growth. In your new location, you will enjoy rapid growth as you can easily replicate what made you succeed in your current location. What you need to do is to move to the new location while you recruit somebody to manage the existing one. By this, you can easily measure the performance of the staff as you are familiar with the operations of the present location.
Nevertheless, it is worth mentioning that you need to carry out adequate research before you open the new location. The best approach is for you to prepare a complete business plan for the new location.
License your product
This depends on the product you sell. This method is a low cost growth strategy. Instead of investing in starting a new location, you can license your products to resellers or partners. You can also collect money on licensing upfront. This will provide you good cash flow. If you want to adopt licensing to grow your business, ensure you are not losing your intellectual property rights in the process. You may require the service of an attorney.
Merge with or acquire another business
Another option you can adopt to grow your business is to merge with or acquire another business. This can actually put your small business in a growth fast lane. There will be ready customers for your products. You may not need to start recruitment process from the scratch. On the other hands, you can be faced with the challenge of how to integrate the company’s values, cultures and vision into your own.
Expand to the internet
If your business only revolves around offline sales, you are limiting yourself. Having a web presence can boost your sales sporadically. You will not be limited to your geographical location. You can even receive calls from customers after your normal closing hour. With internet, you can market and sell your product round the clock.
It still surprises me to see small businesses that don’t advertise their products or services. If you don’t advertise, you don’t know what you are losing to your competitors. If you desire to grow your business, you need to advertise. Advertisement does not need to be that expensive. There are different ways by which you can advertise to grow your business. You should develop a strategy that will help you measure your return on investment on different advertisements you run. This will allow you to focus more on the one with highest return on investment.
Read Also: How to Evaluate Business Opportunities