As we get closer to the end of the year, you may be looking at your goals for your business next year. And you’re probably focusing on things like customer service and growth.
Here are some ways you can grow your business next year:
Open a new location
While physical expansion may not be the best answer for growth, it can certainly work, provided you have careful research, planning and accounting. If you’ve been maintaining a consistent profit and have been showing steady growth over the last few years, you’ve looked at trends in your industry and you have extraordinary management teams and administrative systems, opening a new location could greatly help your business grow.
License your product
Licensing your product can be an effective growth medium, especially if you have a branded or service product. This would mean that you would be receiving royalties from the continued sales or use of your name brand, software etc. It also minimises your risk and is lower cost compared to starting your own company when it comes to producing your product.
Form an alliance
If you’re looking for a powerful expansion method, consider aligning yourself with a similar business. The “you scratch my back, I’ll scratch yours” allows you to turn competitors into friends, and open your business to a whole new variety of customers.
Focus on Diversification
There’s no reason by 2016 shouldn’t be the year to diversify your service or product. You could sell complementary services of products, teach classes, export your products, take speaking opportunities, the list is endless. Diversifying gives you many different streams of income which will increase profit margins.
Expand your market
While you may have (correctly) focused on one market, there are probably others which could also make you money. If you’re focusing on teenagers and young adults, consider introducing your business to the places they frequent the most, such as schools, colleges and clubs. This goes for many different markets, and is a great way to get your brand name out there.
We all know what it’s like to find new employees. So consider investing in recruitment software so you can attract more candidates to your job listing, giving you a better chance of finding the perfect people. Recruitment Crm is a great way to ensure that your business is growing in the right direction.
Focus on global Expansion
Often when we’re trying to grow our business we limit ourselves by thinking too small. While expanding into different states or cities is a great option, offering your product or services to an international market can have your profits skyrocketing. You’ll just need to find a foreign distributor to resell your product in their domestic market.
Use the Internet
Let’s face it, if you’re not on the internet, your customers can’t find you. 2016 is the year to focus on inbound marketing, and making sure your customers can see you online. Make sure our website is search engine friendly, start a business blog, and use social media for marketing. Putting together a content marketing strategy based on your ideal customer is one of the best ways to boost your bottom line.