Expanding your small to mid-size business (SMB) will take as much creativity as starting your business. The first step before starting on expansion is to have the right people working for you. The right people can help to take on some of your load and generate new solutions. Here are some ideas on how to get you on your way to becoming a large company.
Expand Your Market Base
You’ve worked hard to establish your current market base. Take a step back and consider if there are other areas that could benefit from your product line. There might be a segment of the population that you haven’t considered in the past. Maybe it was deemed too risky since the yield was not expected to be much. You might only be servicing one part of the country. This can provide an opportunity to expand your product line nationally. If this is something that you have already done, consider expanding on an international level. In the global climate, this is something worthy of consideration. The internet is making it possible for products to reach far places of the globe. Consider adapting your product to different age groups in the population.
Diversify Your Product Line
It might be time to introduce new products. This can give you more flexibility in the marketplace. One product may work better in one segment of the population over another. This would provide you with the opportunity to have more growth potential with your company. Maybe you have employees that can make suggestions on new products that they think would be well received. Just because you are the owner of the company doesn’t mean that all the great ideas are going to come from you. Diversification also allows your company to survive an economic downshift better. There might even be opportunities to bid on government contracts. The US government is one the biggest clients that you could land. On average, they spend billions of dollars each year purchasing products.
Join Forces with Another Company
You might have been in fierce competition with another company over the years. Maybe you should consider joining forces with them to better serve the marketplace. You could even pair up with another company that has product lines that would complement your line. This would be the fastest way to grow your customer base with minimal effort on your part. As part of this merger, you might have enough capital to develop a product line that would revolutionize the industry. As a part of this alliance, you could consider using other software programs to better streamline your growing business. ERP software offers you the flexibility to outsource some of your more time consuming tasks. This would allow you to focus more on growing your business partnership.
Consider Franchising Opportunities
Your business model might do well as a franchising opportunity. With other people providing the startup costs of opening new locations, you would be able to grow quickly. The new owners would have more of a vested interest in your company succeeding. They would work harder than the average employee, since part of the business belonged to them. It would also get your name out there. This alone could create more demand for your product. Part of employing the franchising strategy is to have a solid business plan in place. You want people to be excited about the opportunity to be a part of your business. Consider vetting potential franchise owners. You don’t want your company’s reputation to suffer if someone is not up to your standards.
Growing your SMB takes patience and a drive to succeed. Use these ideas to take your SMB to the next level.