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How to expand your business

So, you’ve watched your small business flourish over time and are wondering which direction to take next. What better timing than to push your business to the next level, expanding it to the future and beyond. Here are some ways you can help your business grow: web, ecommerce, social media.

Develop a marketing plan

If it’s been a while since you’ve thought about this one, then you’ll appreciate the power of having a solid marketing plan behind you. Think of it as a guide to next steps in your business. Not only is this a great go-to for when you’re feeling a little lost in business’ direction, but a marketing plan will ensure you are sticking to your expansion schedules while keeping your budget in check.

What should my marketing plan include?

  • Understand your target market
  • Know your competition 
  • Revamp brand and touchpoints
  • Assess quality of your service/product
  • Estimate the costs of your expansion 
  • Check you have the right business insurance
  • Realistic timeframe goals.

Financing your expansion 

Most businesses don’t seek to expand unless they’re somewhat profitable, or at least show an incline in yearly revenue. But how do you expand without spending money? That’s a tough one. The last thing you want to do is spend allyour hard-earned dollars on an expansion that may belly-flop. So it may be a good idea to try a few of these: 

  1. Grants: apply for grants that local council or government have on offer 

2.     Finance: ask banks and alternative lenders about their working capital loans

3.     Investors: create a profile on a leading equity crowdfunding platform.

Diversify your product or service

You’ve finally mastered your offering and are brilliant at what you offer – but is it enough? If you’ve been paying attention to your audience base, you probably already know what else they’re looking for. Now’s a good time to tweak your existing product or service so that it not only keeps your loyal customers happy and interested but appeals to a new group of consumers. 

If you can’t beat them, join them

You’ve heard the old saying: two heads are better than one, right? Instead of sneakily looking at your competitors with sideways glances, now’s a good time to consider joining forces. Yep, you heard it here. Chances are, they’re thinking about the same thing.

An alliance with other brands can help your business expand faster. From sharing manufacturing or processing facilities, distribution channels or agents or any other part of your supply chain, you’ll not only be able to share costs, but really thrive just by plugging into the community around you. What’s more, partnering with other brands allows you to share the products and services you both need to help each other’s business thrive. 

Upgrade for efficiency

Whether you’re upgrading your manufacturing or processing plants or ditching paperwork for cloud-based software management, automation of any kind in a business, whatever your size can make all the difference. Imagine freeing up time that was normally spent on these mundane tasks so you can actually focus on your business! That’s what you’ll get. More time to help your business grow. A rare asset in anyone’s books.