Business Growth – 7 Solutions to Grow Your Company

Business growth requires that you to make some definite decisions about where you want to take your business next. Before you can map a clear and successful route, you also need to know where you are starting from. Take a closer look at everyone that comes in contact with you and your business.

1. Market Concentration – There is always great potential for business growth in existing markets, so start by looking at your existing customers to see where you can increase your sales.  What have their needs been so far?  Are you providing other complementary products or services that they are not yet utilizing? If that’s the case you need to ask yourself a few questions.

Could it be that they are unaware of exactly what solutions you offer? You need to make sure that all your existing customers know the full range of your products or services. Are they receiving those products and services elsewhere? If that’s the case you need to find out why they prefer your competitor. Are they supplying a better/cheaper/later version?

Once you know you can start to think of ways to persuade your existing customers to buy these extras from you instead. Selling existing customers more of what you already provide is the most economical route to business growth there is.

Could your customers benefit by purchasing larger amounts of what they already get from you? Could using your product more frequently give them better success or faster results? Could you offer an incentive for bulk purchases or discover new ways your product could be used?

2. Listen – By listening to your customers, employees and suppliers you can find some great ideas for new products or related services that will grow your company quickly and easily. If customers keep asking if they can put a down payment on a particular item, maybe a payment plan is a service you should be offering.

Are you supplying DIY items like flat pack furniture? An employee may mention that a lot of people are asking if someone is available to build it for them. If you are already getting inquiries, it means there is a demand and potential to grow your business in that area.

A supplier mentions he’s been selling a lot more oriental sauces this year. Should you expand your range of oriental food products; include a range of woks, oriental serving dishes, utensils and recipe books or, if you own a restaurant, should you add an oriental dish to your menu?

3. Revitalize – Potential for growth may be right under your nose. Take an old product line and give some thought to presenting it in a new way. Perhaps you could package it differently to stimulate new interest in the product.  

Do you have another complementary item that you could couple it with to start getting it noticed again?  Emphasize a new angle to it. Does it fit with a current trend or topic? Is it safer, healthier or a more eco friendly model than newer items on the market?

4. Add value – You can increase customers’ perception of value with optional extras. Just make sure they are complementary to the existing product or service, or at least relevant to the same type of customer.

Could you grow your business and serve your customers better by offering different types of services or product ranges? Think about Platinum, Gold, Silver or Deluxe, Standard and Economy. Would the seasons or other time considerations add that little extra, like a Christmas or Limited Edition?

Do you have products that can be personalized with a name and/or a special message, or made special in some other way with the customers own photo or artwork? If you find there’s a market for it, what investment would it take to grow your business in that direction?

5. Complement – Think about providing items or services that would really complement your core business. If you own a bookstore, you might also sell writing material and designer pens.

You have a natural health outlet selling mainly vitamins. Could you locate a lovely natural hair product range and sell it alongside your women’s hair loss treatment tablets? Package some appropriate products together into a luxury gift pack.

6. Cross Sell – Offer more services to your customers. These could be supplied by you under license from others. Or you could refer your customers to a complementary service for a commission. The latter is a great way to grow your business without having to incur extra expense.

Do make sure any other service you are recommending meets your standards and doesn’t offer anything else that your customers are currently getting from you.

7. New Markets – Research to find other markets that could use your product or service in a slightly different way. Perhaps you are supplying a component to motor manufacturers that would be equally as useful in the aircraft industry.

Have you developed a process or a piece of software for use in your business that you could sell or license to others that are not in direct competition to you?