How to Grow a Business!

April 30, 2013 | By More


How to Grow a Business

How big would you like your business to grow? It depends on the limitation of your imagination. When Bill Gates started his business, his vision was to have a PC in each household of the modern world and so it is today with 67 Billion USD personal net worth later.

Not everybody has this kind of vision and determination to make a company develop that big; however, sooner or later you will be at a point where you cannot handle all the workload anymore. You need to rise to the next level or you take the chance of burning out.

Many small business owners like to start within their comfort zone, just to test out how they can safely establish themselves. I oftentimes observed that they take on a lot of the workload of the day to day activities and when they finally come to the realization that they need to advance it appears hard as they are caught up in running their businesses.

When you think about how to grow a business it might be worth the idea of hiring small business advisors, just to get an outside prospective. Business coaching services can help you to analyze, reevaluate and strategies the growth of your venture. Here are some ideas on how to approach the matter.

 

How to Grow a Business
 

  1. Delegate

If you want to grow your company, you need the time to focus on that task and that task alone. This requires you to free up time to actually supervise it. Delegate all tasks someone can do for you, so you can stop working in your business and start working on your business. Get away from the thought that you can handle everything; you will run out of hours.

 

  1. Plan

    Like with your initial business plan, an expansion needs to be strategized. If you need to hire additional personal, maybe have another or larger office location, equipment, furniture or else, than you need to secure funding as well. Additionally you are also required to look at the expansion of your market, the lead generation, conversion rate and increase in profits. Where are the new customers coming from?

     

  2. Create a Franchise

    A very popular strategy to grow your business without having to take all the responsibility is creating and selling Franchises. You give the system you have already created and an independent owner will pay you a franchise fee.

 

  1. Form a Partnership

    If you are thinking about an expansion into a different market a strategic partnership might be the best idea. Regardless if you are planning to cater to a new group of clientele or selling a new product, a partner alliance gives you access to a whole new database.

 

  1. Product Licensing

    If you have a unique product, selling general licenses to sub markets are a great way to expand your business. This is a very cost effective way and guarantees you upfront moneys and further royalties from all the sales. Make sure to protect yourself of having all the proper right to the intellectual properties of the product you are trying to license.

     

  2. Use the world wide web

    If you do not have already done so, a great web presence is not only a tool to advertise your product or services, but also gives you the chance to sell what you have to offer on a global level. With the utilization of the internet as an additional selling platform you can become internationally recognized quickly.

     

  3. Get a contract from the goverment

    The goverment is a great customer to have. They are the largest purchasers of goods and services in the country and they almost need everything. This requires you to meet with your local Small Business Administration and apply to become an approved vendor. It will take some time, but can be well worth it, as it is a very cost effective way to expand.

     

  4. Merge or buy another business

Another way how to grow your business is to acquire or merge with another business. Many companies have similar architectural concepts and are easy to merge, regardless if you enter into a strategic partnership with a healthy company or acquire a mismanaged corporation, the ability to instantly double or triple your customer base cannot be overlooked.

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Category: Management related

carsten@officentos.com'

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