10 Fast Business Expansion Strategies
In this post, you would get very useful tips that fast track your business expansion strategies and help flourish your business in your local market.
“Growth is a process of trial and error: experimentation“- Benjamin Franklin
Let’s face the actual fact that it is very easy to start a business but to be sustainable in the market is very difficult. You need to face many setbacks, rejections, and many oppositions in the market to survive.
Not every business can be a huge success in the beginning but you need to be focused on the goal you need to achieve.
When you think of business, you have to be thinking long-term and make your decisions to be based on long-term also. Even if you are facing tough challenges to grow your business, but in the long run it is a journey worth taking.
If you want to start a business you need to know that it is a two-way road you would get make profits and you would also face loses too. When starting out you have to be objective about which business ideas to choose.
Once you have your business idea and you are familiar with the scope of the idea then get down to business and start working on the idea. Along with this never relent to start over, if you’re not making progress, rethink your business model and start all over again.
1. Need to explore new technologies and techniques
Always be experimenting with new things and trends, this will help your understanding of new technologies and techniques to keep your business on the right track.
Keep yourself updated often with the outer world and the technologies being used in the modern world today. Make sure that you and your business model are always up to date enough to help you survive in the market
2. Build your business around your passion
One of the best ways to grow your business is to convert your passion into your business. The world is packed with numerous examples of such people who have converted their passion into businesses.
Jack Ma the man behind the success of Alibaba is a living example of such. Jack Ma had a burning desire for doing something for small and medium enterprises. Jack Ma began building websites for Chinese companies with the help of his friends in the US.
He said that “The day we got connected to the Web, I invited friends and TV people over to my house and on a very slow dial-up connection we waited three and a half hours and got half a page he recalled. We drank, watched TV and played cards, waiting. But I was so proud. I proved the Internet existed”
3. Start from your city or country
Another very important tip to grow your business is to start from a small level and then go for the big market. You must always try to test your products and services around your local level before you move on a national level.
Always know your target audience ie: the people you are primarily targeting and then strategies for your business model.
Testing your business on a small level would help you more in understanding the difficulties and challenges that you may face on a global level. It will also help you determine the scope and structure of your business.
For your business to experience an exponential growth, you must do more than what your local competitors are currently doing and always add value to your customers. Also, analyze and work on your weak points and test to see what works for you and what doesn’t.
4. Always value customers
Put yourself in your customer’s perspective and in their shoes. In any business the most valuable asset is your customers, you don’t ever want to lose even one customer, because they are the sustenance to your business.
Jack Ma had always believed that in any business your customer should always come first, then your employee and in the last phase stakeholders.
Stakeholders should not come first before customers because at crises your most valuable customers will always be with you and your stakeholders will be the first to take to the heels when things are not going right for you.
The golden rule for every business man is this:
“Put yourself in your customer’s place.”
5. Provide ease to customers
Whatever products or services you are providing, make sure your targeted customer needs this service and also provide ease to your customers for support also.
For example, If you are an online woo commerce store, make sure that your website is completely user-friendly and easy to navigate and you can also use platforms like Facebook Messenger and Twitter to provide good customer care support for complaints online. The user must be able and comfortable in navigating and placing orders from your website.
This is the key step to have a flourishing business. Running paid advertisement and reoccurrence of people coming to your store is not good enough, you need to focus on multiple techniques and channels to promote your business like Blogging Video-Logging, podcasting, social media marketing and live webinar programs.
If you are running a business, you should also know strategies on how to market your business in today’s world. If you have no idea on how to market your business, then you would probably end up with no one knowing about your business and not reaching the right people.
Social media marketing is one of the best means these days to interact with a large number of your customers at a time and the sequence can also be automated. Use every means you know possibly ie: both physical and with software means to market your business. The larger the number of people or leads that know about your business the higher would be the chances of your business growth.
7. Filter out Problematic customers
Within your business, you would come across many problematic customers who would want to ruin the public image of your business, be very vigilant and sharp enough to keep yourself away from such customers.
You have different approaches to filter out these customers that want to ruin the image of your company in the market. Before starting out on every business you need to specify the market you need to target based on market psychography. For example, if you are giving out free items in your business, then you should know that you are trying to attract new customers.
But that is a wrong approach to use because if you are providing something free then you are simply attracting some of those customers who just want something FREE and this might be the only reason they may visit your business again and again but they want to purchase anything. So be very careful.
Promotional campaigns are very necessary but you need to set these campaigns according to your right target audience.
8. Get used to rejection
Being a businessman is not so easy, you need to get used to rejection often. No one is going to accept you at first. You should be able to stand criticism on your idea and business and know that a No answer does not always mean No.
You would get questions from people like why you? Or why not these or you might also end up getting conclusions from others that your product or service has no scope. No need to be set back by such words. Just analyze every word said by and make your decisions.
But you must remember that once you have made up your mind not any words said from any person can put you off balance. Anything can be achieved and there is nothing in this world that can’t be achieved. All you just need is to be focused. You may get rejections many times but every time you get rejected revisit your plan and restrategize.
And also never falter to start over again. Don’t think of your time as wasted efforts if it things don’t go right. Everything you do in your life would have some impact on you. Your previous idea may not have worked, but you can learn from your previous mistakes and can come up with fresh and new ways to start again.
9. Do not complain always look for opportunities
If you are highly motivated then your energy would keep your employees motivated to work for your business. Rather than complain about everything around you, start finding solutions to the challenges and work on them.
Always be on the look for opportunities which can help you grow your business.
10. Keep your dreams alive
“Don’t take too much advice. Most people who have a lot of advice to give with a few exceptions generalize whatever they did. Don’t over-analyze everything. I myself have been guilty of over-thinking problems. Just build things and find out if they work.” Ben Silbermann, founder of Pinterest
Always remind yourself to keep your dreams alive. Don’t shy to do anything under the scope of the legislation of your country to boost business growth. If you are not making enough profit or your idea isn’t working, don’t hesitate to keep a 9-5 job but always have your dream alive within you.
Make sure to return with full energy and willpower to work for your business. This is also a big secret of success behind so many businessmen today.
“Growth is never by mere chance; it is the result of forces working together.” – James Cash Penney, Founder of JCPenney.