Grow an Existing Business
Growing a business in order to increase profits is the ultimate business goal. In the early stages of developing a new business, growth may come quickly. However, as a business matures, continuing growth becomes more difficult. The most common methods of growth for maturing businesses includes:
Offer New Products and Services
If your products or services are selling well, find new products or services that compliment your already successful lines. By getting these complimentary offerings in front of your existing clients, these new products or services may sell very well. For example, if you own a store in which you sell women’s clothing, it might make sense to also sell women’s shoes. Your clients may be interested in picking up a new pair of shoes to match the new dresses they buy.
Find New Markets
While your products or services may be selling well to the customers who are familiar with your business, your sales may increase if more people know about your products or services. To reach new customers, you must identify the most effective ways to get your offerings in front of new people. This might entail expanding your sales force, finding new advertising channels, or expanding your distribution network. In keeping with the example of a women’s clothing line, your clothes may be selling well in your boutique store, but your sales would undoubtedly increase if your designs were being sold in department stores.
E-commerce is taking a larger share of total retail sales every year. If your products or services are selling well in your office or store, those same products or services may sell equally well online. If you do not currently sell online, you may be missing out on an opportunity to sell your products or services to the world. If you do have a website, investing in an updated site design or online advertising campaign may boost your sales significantly.
Expand to More Locations
If your products or services are selling well in your current location, those same products or services may sell well in other locations too. Expanding to more locations may turn the profitable business you now operate into a chain of profitable locations. If the capital required to expand to more locations cannot be arranged, selling franchises of your business may be a cost effective means of achieving business growth.
Where to Start
Contact San Diego Corporate Law for a consultation, to discuss your current business situation, and to receive personalized suggestions for your business situation.