How Are You Growing Your Business?

Growing your business is just one way to insure that you stay in business. An increase in sales should lower overall costs per sale and that is good for the bottom line. What can you do to grow your business?

Open another location. This is often the first way business owners approach growth. If you feel confident that your current business location is under control, consider expanding by opening a new location.

Offer your business as a franchise or business opportunity. Franchising your business will allow for growth without requiring you to manage the new location. This will help to maximize the time you spend improving your business in other ways, too.

License your product. This can be an effective, low-cost growth medium, particularly if you have a service product or branded product. Licensing also minimizes your risk and is low cost in comparison to the price of starting your own company to produce and sell your brand or product. To find a licensing partner, start by researching companies that provide products or services similar to yours.

Diversify. Diversifying is an excellent strategy for growth, because it allows you to have multiple streams of income that can often fill seasonal voids and, of course, increase sales and profit margins. Here are a few of the most common ways to diversify:

        Sell complementary products or services

        Teach adult education or other types of classes

        Import or export yours or others' products

        Become a paid speaker or columnist

Target other markets. Your current market is serving you well. Are there others? Probably. Use your imagination to determine what other markets could use your product.

Win a government contract. One of the best ways to grow your business is to win business from the government. Work with your local SBA and Small Business Development Center to help you determine the types of contracts available to you.

Merge with or acquire another business. Two is always bigger than one. Investigate companies that are similar to yours, or that have offerings that are complementary to yours, and consider the benefits of combining forces or acquiring the company.

Expand globally. To do this, you'll need a foreign distributor who can carry your product and resell it in their domestic markets. You can locate foreign distributors by scouring your city or state for a foreign company with a U.S. representative.

SMART Service Desk IT Service Management Software is a great start to creating your very own customer service legends. We know that your satisfied customers will return again and again. Let us help you increase productivity, reduce operations cost and improve customer experience with our ITIL compliant solutions. No matter the size of your business we have your customer retention solutions.

SMART Service Desk
600 West Ray Road
Suite D-3
Chandler Arizona 85225
602-235-0975
info@smartservicedesk.com

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