Expand Your Business: When and How

expand your business

It doesn’t matter what sector you are in; there will always be the possibility expand your business. Unless you are content to remain small, you can stand out from the crowd and beat the competition if you do stretch your enterprise further. I’m a freelancer and even I have had to expand my business over the years in order to keep growing, earn more and enjoy new challenges.

How to Expand Your Business

But what does it mean to grow a business? A few examples include:

  • Move into larger premises, using sites such as Proplist.com to find a commercial site to migrate your business.
  • Hire new staff if there is too much work for you or your existing staff to take on. You could also choose to take on a VA (Virtual Assistant) or similar in order to delegate tasks you don’t like doing or are time-consuming so that you can concentrate on the core of your business, i.e. for me, the actual writing.
  • Move into new markets, such as selling your product globally, or moving into new areas within your business.
  • Add new services for example as a copywriter I could add a separate proofreading service or a specialist press release package (I won’t, I hate press releases, but you get the gist).

You could do each of those things, but you shouldn’t rush into making hasty decisions. If you start to expand too early, your enterprise may fall flat on its proverbial face, and you stand the chance of losing money. You should only grow your business when the time is right.

Are Your Ready to Expand Your Business?

But how will you know when you are ready to expand? Well, when any of the following signs are true, it may be time to put that expansion plan into practice.

  • You are making great profits: If you are consistently making a profit, and you have money to burn each month, then it makes sense to think about growth. While you should put some of your profits into savings, you may also have the money to hire new team members, buy new technology, and anything else that will enable growth in your business.

 

  • You have more work than you can handle. You are probably doing something right when you have clients and customers banging on your door, proverbially speaking, so to manage the work coming in, you will need to hire new people onto your team. Otherwise, you (and your existing team) are in danger of burning yourself out trying to do everything. This is something I struggle with. My books are full for the next month at least and I find myself turning potential clients away. I need to find a way to cash in on the extra work without taking it on myself.

 

  • Your team is ready to grow. If you do have a team on your side, you don’t want to expand until they are ready. But if you have invested in training, and if they can be trusted to manage aspects of your business, then you have reason to start expanding, be that into new markets or new avenues that befit your business.
  • Your premises are no longer fit for purpose. After taking on new staff members, you may decide that the space you are working in is no longer adequate. When people are falling over each other’s feet, and/or you are in need of new equipment to manage your growing business, then (to misquote Jaws), you’re going to need a bigger office!
  • You are meeting all of your expected targets. When constructing your business plan right back at the very beginning of your business, you should have set targets that measure success. By looking back on your plan, you will know if you have achieved them or not. And if you have, you know it’s time to move onto the next phase of your business, whatever that might mean to you.

In Summary

You don’t need to rush into any decisions, but if you identified with any of the above, and there is reason to expand your business, then perhaps you should start thinking about how you can put an expansion plan into practice. By doing so, you stand a better chance of beating your rivals, and ensure further success for your business.

Have you recent expanded, do you have any words of warning or top tips for success to share with those who are thinking about it?

Make Your Small Business Stand Out From The Crowd

small businessI started my first small business over twelve years ago and have been self-employed ever since. Everyone who starts a small business will want to make sure their brand stands out from the crowd. That is especially the case in crowded marketplaces and industries where you might struggle to steal the lion’s share of the market from competitors. With that in mind, there are some tips and tricks listed in this post that tend to work well across the board. Maybe you could use some of them to create your strategy for the next few months and see if these concepts help to bring about improvements? I’m pretty sure that you will see a boost in results if you add some of these suggestions to your plan.

Get a Decent Website

The first thing you need to do to stand out from the crowd involves paying for the design and construction of a secure and stunning website that blows your competitors out of the water. Spend a reasonable amount of time looking at and assessing rival sites for the best results. Write a list of changes that could make those domains better for the customer, and then get in touch with a reputable web development team with an excellent track record. Explain what you want to achieve and make sure everyone is on the same page.

Find Unusual Small Business Marketing Techniques

Sometimes you have to think outside of the box when it comes to marketing and promoting your brand in a crowded marketplace. Sure, you’ll open a Google Adwords account and drive as much traffic to your website as possible using banner ads. You will also invest in a social media advertising campaign using sites like Facebook, Twitter, and Instagram. However, you might also think about something a little unusual. Perhaps you could arrange some publicity stunts (nothing crass!) or something similar? You can find lists of successful stunts performed by other companies in the past online. So, take the time to research them and see if you can come up with something similar.

Get a Desirable Address

If you’re based in England, Wales, or Scotland; and you sell products or services to other businesses; the businessaddress you use is going to become a factor in your success. Do not make the mistake of renting an office in London or something similar for your small business because that will cost a fortune and prevent you from making a killing each year. However, thankfully, there is another option on the table that tends to work well. There are companies out there that specialise in giving brands like yours a desirable UK mail forwarding address.

Outsource Customer Service

Unless you have experience in customer service; it is always sensible to outsource that job to professionals. There are specialist call centres all around the world that will answer the phones on your behalf and read from a script you provide. So, your customers won’t realise they’re not dealing with someone directly employed by your company. Also, that means you are free to focus on the growth and success of your venture rather than responding to less than happy people on the telephone all day long. Make sure you choose a customer service team that make customer service a priority and who understand your brand values.

Work on your Branding

Branding is very important in the business world, and you need to work hard to ensure you remain consistent across all platforms. Choose some branding essentials for your company like a logo, fonts, and colour schemes. You then need to make sure you use the same approach across everything you do. If you decide to open social media accounts; the pages should contain the same logos and branding as you use everywhere else. The same goes for people who might decide to open a retail store or something similar. Consistency is the key, and you need to work towards it as much as possible. Also, take the time to research different colours and what they mean or denote before pushing ahead.

Get Involved With Worthy Causes

road trip

Lots of business owners manage to achieve success and get lots of publicity when they support charities or worthy causes. So, the next time someone walks into your office and asks if you’d be willing to hear their pitch; try to avoid throwing that person out of your premises straight away. Listen to their request because you never know how it might benefit your company. Perhaps the person wants to run a charity night for a sick local child or something similar? Maybe they want you to sponsor a music event for underprivileged children? Agreeing to something like that will mean you need to make an investment. However, the spending could pay for itself following all the free publicity you will receive, not to mention the good karma.

Be Honest and Reliable

Lastly, if you want your company to stand out from the crowd and get lots of repeat custom’ you need to make sure you are honest and reliable. If customers feel like they were ripped off; they are unlikely to buy from your brand again. If you take forever to deliver their orders; they will inevitably begin to look elsewhere to make their purchases. Always remember that honesty and transparency is the best policy.

After reading the information in this post; you should now have a reasonable idea of what it will take to ensure your small business doesn’t disappear into obscurity. Make sure you use all these suggestions and attempt to mix things up as much as possible for the best outcomes. When all’s said and done, there are probably many competitors in your industry, but you have the advantage of being smaller than them. That means you can apply changes and improvements much faster than established companies that employ a lot of people. Use that fact to your advantage, and you can’t go wrong.

Over the past twelve years I’ve tried all sorts of strategies to boost my business and these are some of those which have offered real results to my small business.