Only this way can money be put side to handle unanticipated downturns while still being able to keep up the same quality of service and have funds to invest in R&D to avoid becoming stagnant.
Here are several ways to grow a small business into a larger one.
Have successful products or services? Do it again
It’s a common mistake for new businesses to go off in so many directions because they’re trying to see what paint sticks on the proverbial wall. In reality, it’s better to see which products or services work best with the customers, then brainstorm what other similar, complementary products or services would work well. Or, “Would you like fries with your burger?”
Not branching out in unrelated directions that customers are not expecting avoids wasting vital capital going down rabbit holes that go nowhere. Instead, ask your customers what they would like you to offer that you’re not already providing. See if you get any feedback that suggests a new product or service to you. Alternatively, talk to the front-line staff about conversations and complaints where a customer suggested something could be different or better.
Following on from launching complimentary products or services, it’s a great idea to improve your existing offerings too. What about your existing products do customers love? Could they be improved upon? Is there a feature that you didn’t have the time or opportunity to include when designing the original product that could now be implemented? Be careful not to add something that customers don’t actually want and haven’t asked for. Do your market research first to be sure. Don’t be “New Coke”.
Seeing new products or services launching when the existing line-up isn’t perfected is a good way to annoy customers who are struggling with what you’re offering today. Address their concerns by listening to their complaints and finding key take-aways. Act upon these conclusions to improve the business execution of the services and products. Does the Customer Services Department need revamping to improve its performance rating? Has performance tracking even been implemented? If not, why not?
Seek business knowledge from experts
Anyone who runs their own business knows when they’re out of their depth and need some dependable advice. The difficulty is in locating experienced business consultants who have actually run their own business before and can offer practical insights.
Sam Ovens who runs Ovens International from Manhattan has already been in the trenches both in his native New Zealand and more recently operating from the US. He’s tasted early failure with an online recruitment consultant business that didn’t succeed and then learned from that by succeeding with SnapInspect that provides home inspection software and business consulting services.
Operating with a business partner and also previously as a solopreneur is something that Sam’s experienced at different times in his entrepreneurship journey. He now provides courses on business consulting to help broaden his reach to help more American small businesses succeed.
Whether you’re just trying to start out in business or need to find a way to go into a new area, it’s always a good idea to expand. Expand or contract is the motto of many hard-nosed entrepreneurs who know only too well that lack of growth is a bad sign. All too quickly that minimal growth turns into contraction and soon the business is struggling for its very survival. Never lose sight of the need to grow to avoid shrinking into the background.