2020 has been a year of wild things happening. The Coronavirus has run rampant and cost so many people their jobs. However, there have been some small businesses, especially online, that have been not only able to survive but thrive off the changing world.
A small business may not be small forever, and you need to have plans that can help your business move from one stage to another in development.
If you’re looking to expand your business, here are five small business growth strategies that can help your business continue to expand even after the Coronavirus passes.
1. Create a Business Growth Strategy
One of the most important actions that a business needs to succeed is to create a business growth plan. You must take into account costs and maximizing profits.
However, for business expansion to occur, maximizing profits while creating a gradual growth curve should be mapped out so that it is consistent. Otherwise, your business may grow exponentially but then plateau or even depreciate.
2. Retention of Customers
A business thrives off of customers. but obtaining new customers isn’t the only way for your business to grow. Customers you already have are usually the best way for your business to increase their sales. Current customers are a reservoir of opportunity, and they can improve the value of your company.
This is important to the health of your business because almost 70 percent of business/sales come from existing customers, especially if they have a positive customer service experience with your company.
3. Diversification of Products and Services
Another way to expand your business is the diversification/specialization of your products and services. There are several ways you can do this:
- You can take the insight from your retained customers and address their needs and concerns about the products/services that you offer them.
- You can also deal with similar products to the ones you already offer and make them better by offering them as well.
Diversification can add a new dynamic to your expanding business.
4. Franchising Opportunities
If your small business is efficient enough that the success can be duplicated in other markets, this is another means for the business to expand.
Creating a franchise is not new, nor is it difficult. You license the business model, the process, and the branding to people who are willing and committed to building the success of the new franchise. This allows them to sell your products/services in the new market under the same name.
This not only allows product recognition but more profits and expansion.
5. Conquer the Market
Franchising can be exciting, but also a lot of work. If you don’t want to take that route, you can always conquer your local market. You already have built a strong base of customers and you are focusing on bettering your products/services.
Using proCFO, you can build this for your business and become the market mover in your area.
Using Small Business Growth Strategies
Building a business even in this climate is difficult, but your business deserves to expand using these small business growth strategies. Don’t let the outlook overwhelm you, your business can grow and you will find success.
Business expansion is part of success. Go out and be successful.
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