You can also work towards expanding your business by talking to your existing customers. They have multiple goals and pain points, and your current product may address one or two of their problems, but certainly not every single one. The idea of entering a new industry when you’ve already established your brand may seem daunting at first.
Some of Africa’s most popular payment methods include mobile profit and loss statement, bank transfers, and cash on delivery, etc. Entering a strategic partnership with another business can give you the chance to reach a broader network of customers or align growth with strategic goalsin your business plan. One example of a successful strategic partnership is between Starbucks and other national stores, like Barnes & Noble or Target. The partnership puts the coffee chain into many retail stores across the country, which increases its reach and revenue. When you’re looking into how to grow your small business, you need to do market research. This not only lets you better understand your existing customers, but also your potential customers.
Expanding your business is a lot like starting one
Assess whether borrowing additional money could be used to grow your current business operations. The cost-benefit aspect should weigh in favor of being able to repay that amount back in a reasonable amount of time. For more information on using loans to expand business operations, visit Funding Options to Start and Grow Your Business. From a small business standpoint, growing your business may be more of a necessity rather than an optional choice. If some businesses don’t pivot and grow during an industry change, they may not have the resources to stay open.
That way, you can focus on executing your global expansion strategy and launching your product or service abroad with confidence. TL;DR Global expansion is a business growth strategy that involves entering new markets abroad. When carefully planned, it can increase profits, reduce risk, and help you grow your business fast.
Invest in your business and develop the resources you need to grow. Do some research to see who else would use the products and services you sell. You may be able to sell to a whole new set of customers without opening a new store or offering extra products. Even if you’re confident your business is ready for expansion, you should still plan and set reasonable expectations for your growth. By creating and enforcing a detailed expansion plan, your business will be more likely to meet future demands and protect itself against any unexpected bumps down the road.
The remote revolution is your friend; working from home has become widespread, and it’s never been easier to tap into top talent from across the globe. After all, building a competition-crushing team is much more attainable when your talent pool is limitless. If you take the time to look into your competitors, you’ll end up in a stronger position when your product launches. I like to take notes whenever I find myself thinking, “I wish I had” or “You know what would make this easier? ” Once you have a few ideas jotted down, perform a thorough search to see if anyone is offering a product that does exactly what you wished for at that moment. If you can’t find anything that matches your needs, you may have just discovered an opportunity to break into a new industry.
At some point, however, a market becomes saturated and you have to look beyond it. If your business has secured a loyal consumer base and your customers are asking you to grow, it may be time to expand. You’ll need to dig in to honestly estimate the true costs of your growth strategy. Can you absorb the startup costs until your expansion becomes profitable?
One of the most effective ways to capture new customers is to create a website. A website is a great way to showcase the services that your business offers and to create the image of a professional business. If you are planning to expand abroad, you should also create a localized version of the website to have a better impact on the local customers. You need to make sure that you have a solid marketing and promotional strategy in place in order to maximize your market share. You can do this by creating strong customer loyalty to your business. This can be achieved by attracting new customers through various means.
How Small And Medium Companies Can Benefit From A Business Expansion
While Lendio strivers to keep its content up to-date, it is only accurate as of the date posted. For example, if you’re having a holiday or bi-annual sale, this event can easily slip your mind. However, if you send out email reminders, this will help them remember your sale and even get them excited with anticipation in the days leading up to the sales event. Or it may look like including a link to a survey on your store receipts to gain valuable feedback about each customer’s experience.
This post explores ten actionable and proven tips to help you expand your business successfully in Africa. With that said, are you a business owner looking to expand your business into Africa? Or perhaps, you’re hoping to break into the African market with your new business?
Having your team fully onboard with your plans will make growing your business go much more smoothly. You can grow your business by selling more things to more people, or fewer things to fewer people. If you’re looking to improve your expansion capital but are waiting on invoice payments, our invoice finance option might fit the needs of your business. It offers small enterprises a quick and reliable way to access money owed to them and deliver funds in as little as 24 hours.
Increase Customer Retention
To ensure you have enough cash on hand to fuel business growth, look for additional ways to slow or stall your cash outflows and methods to accelerate inflows or increase income streams. Stable cash flow is essential to driving business growth, but achieving consistent cash flow can be difficult if your invoicing process is not optimized. This is why prioritizing same-day invoicing is one of the most fundamental tips for business growth out there. Particularly when your business is in the growth stages and money is tight, it’s easy to use Band-Aids and short-term solutions, thinking you’ll correct things or adjust them as you grow. However, shortcuts can hold you back and be expensive to remedy later. Rather than going broader, you may want to go narrower and develop a niche market.
For example, if you spend too much time dealing with customer returns, tools like Returnly can automate and expedite the process for you. Or maybe your invoicing system requires an extra step that you could cut to speed up the process. Many entrepreneurs find initial success copying a competitor’s business model. If you want your business to grow however, you’ll have to set it apart and find your unique brand identity.
When you can’t take on additional work and you’re restricting the growth of your business, consider outsourcing to keep up with the growth and demand. This might be after your customer reaches a milestone related to their original sale, or when seasons change or on a specific holiday. For example, if you’re a personal stylist, you might offer past customers new services during the fall or spring season, when wardrobes need refreshing.
Those who want to know more about how to expand business should consider getting tips from experts or other sources. This will help ruin a business successfully in the markets for a long-time. The time and money you’ll save selling wholesale can give you the funds you need to make more products in the future. While this tip technically involves selling outside of your industry, it also creates a wide range of possibilities for small business owners who are looking for additional room to grow.
Why Should Your Business Expand Internationally?
The best way to ensure cultural appropriateness is to work with someone from the culture during the localization process. They can help you identify areas that need adjustment and suggest appropriate alternatives. Finally, your business may also benefit from increased brand trust and credibility by having an official local presence. This will give you the structure, direction, and motivation you need to succeed. When you set goals, be sure to make them “S.M.A.R.T.” – specific, measurable, attainable, realistic, and time-bound.
- You can use local store marketing to boost foot traffic at existing units or look for infill opportunities to add units that reach previously untapped pockets of potential customers.
- There’s no one-size-fits-all solution, and businesses have to continually revisit their approach to accommodate for change.
- This means you sell your business’ rights to an independent owner.
- Use tools like Google Keywords, Google Trends, Quantcast and Market Samurai to help with this.
- You may also want to network with other business professionals who share your audience but don’t directly compete.
A business loan can help take your business that step further. Kriya offers a variety of cash flow solutions that are designed to fuel the growth of small-to-medium-sized enterprises . To ensure you have enough growth capital on standby, your business needs to carefully calculate how much it will need to fund its expansion.
Business expansion is a phase of a business’s life, which is fraught with perils and opportunities, and if not managed properly, this expansion can spell doom for a struggling business. If you expand your share of the market but continue to increase your costs, you won’t actually have any money left to invest in your business or make a profit. If yours is a retail or storefront business, this type of expansion will likely involve opening new locations in different geographic areas — whether across town or across the country. This strategy sounds relatively simple, but executing it well can be challenging.
Sometimes, small business owners get burned out on social media because it doesn’t produce the results they expect right away. However, it’s an important part of your marketing efforts and developing a well-rounded online presence. Plus, by incorporating social media into your marketing strategy, it can help you reach your business goals if you use it effectively.
While having savings is essential, you need to make your money work for you. By making strategic money moves, you can expand your operations, delight investors, and avoid stretching the budget too thin. Let us know your contact details and a member of our clients services team will be in contact with you very soon.