3 Ways To Generate Lasting Business Growth
Sustainable expansion is an important part of any long-term business venture. Growth ensures that business does not get stagnant, that new sources of revenue continue to flow in, and that you attract new customers who keep your public profile high. Growing a business can be tricky, especially on top of the basic day-to-day tasks involved in simply managing a small operation. But it’s certainly doable, even under widely varying conditions. Consider the three methods below to generate real business growth.
Expand Your Online or Physical Presence
A physical expansion is a time-honored way to grow a business. Opening up a second storefront can ease congestion at your primary store, offer a venue for selling new products or services, and bring in new and diverse customers.
In today’s heavily-digital economy, the same can be said for expanding your online presence. Building a reliable, easy-to-use, and accessible online store can sometimes be as effective — and far cheaper — than opening a second retail location. Given the widespread availability of programs allowing for easy website design, this can be done with little or no outside help.
Similarly, expanding a presence online may include building a social media presence, a mainstay for modern businesses. Maintaining profiles across multiple platforms — Twitter, Instagram, Facebook, and others — helps promote your business and draw in new customers.
Offer a New Product or Service
For new businesses, a good rule of thumb is to build on existing success. If you have a product or service that’s working, keep at it. But once you’ve achieved a level of sustainability and profitability, adding on to your initial offering can be a great way to encourage business growth.
Consider what products might effectively complement your primary offering, or would appeal to a similar or related target audience. Use focus groups, surveys, and other data collection methods to find a product or service to add.
Team Up With Another Business
A great way to help grow your business is to cross-promote with other local businesses. This can mean many things: carrying each other’s products, offering discounts to each other’s companies, running joint advertising campaigns, or something else. In this process, you can help build your brand and reach a new clientele (while letting another company do the same).
In short, there are numerous ways to achieve sustainable, long-term business growth. Consider the methods above, and others, to determine what might work for your business.