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?

Knowing What to Look For in a Home Based Business

Are you planning on getting into a home based business? Are you worried about your financial future and want to take up a home based business opportunity to supplement your income?

If you have answered yes to the above questions then the next important question you should ask yourself is which is the ideal home based business opportunity for you.
There are several hundred online business opportunities on the net and finding just the right home based business to suit your financial needs, time constraints and abilities is an important choice.

The wrong online business will take your funds and time and not give you the returns that you need and deserve. Therefore, you will need to research both your self and the home based business opportunities open to you, and make an informed decision.
First, decide what you are good at and what you think you can do. Jot down a few idea s for an online business after you decide how much of time that you can invest in your online business daily. Once you have set your time limitations, set a budget for your business.

How much can you afford to spend and how much money can you afford to lose. Once you have set your budgets and time limits, you are ready to make some decisions.
Armed with this information you can go about choosing a good online home based business. Conduct detailed and in depth research on the various home based business opportunities available to you. Decide if you can run the business or if you will need to hire a marketing system to run your online business for you.

Some tips to choosing a good reliable online business opportunity that will be lucrative, is to speak with some online business entrepreneurs and home business opportunity professionals that will be able to help you make your decision. These are people who have “been there and done that” so to speak, and will be able to give you very valuable advice.

Also, do not forget to calculate the costs of what it will take to run your online business and plan for the future, checking to see if you have enough human and monetary resources or means to acquire them.

Has the Bank Denied Your Company a Business Loan?

The Evolution of True Business Credit

Over 95% of all small business loan applications are denied by banks!

A depressing statistic if you’re a business person looking for funding. And while there seems to be no shortage of advice for new entrepreneurs – articles like “Top Ten Strategies for Financing your Start-up,” “How the SBA can help your Small Business,” and “Enhanced Personal Credit is the key to Small Business Success” are common place – the unfortunate truth is that most authors of such articles have never created a successful new business. This conclusion is inescapable given the extensive misstatements and counterproductive advice frequently disseminated in the popular financial press.

You need help from someone who has been successful in helping real businesses get real business loans. Going to the SBA, using retirement funds, tapping out personal credit cards or seeking venture capital in exchange for a lion’s share of equity are common themes of so called “business magazines.” The unfortunate theme of all such approaches is that they are based, virtually in toto, upon your personal credit. They are not grounded upon a foundation of separate business credit that is distinct and apart from your personal credit. This key of “separateness” is the crux of true business credit.

The cornerstones to your business credit foundation are two core processes:
1. Creation of the correct business structure, and
2. Systematic processes to insure that your business is fully compliant with all of the evaluative criteria used by a) lenders and b) corporate credit rating agencies.

In addition to these mechanistic features, you need to create an emotional appeal for your business – a Business Plan that will cause a lender to believe that you, notwithstanding the odds, will actually succeed and prosper. We have extensive experience helping a wide variety of business prepare this quality and type of plan.

An often overlooked fact is the importance of an effective website in the credit assessment process; one of the first things a lender does is to look you up online. If your website looks like an incomplete or unprofessional effort, it will hurt you. Conversely, if your site Pops! – you’ve taken an important step to creating an indispensable impression – the impression that you’re for real, you have gravitas, and the bank would do well to attract and keep a client like you!

Once you have an appropriate corporate structure, proper credit acceleration processes in place, and a comprehensive plan, you need to undertake the actual work of building the separate business credit. In sum, paying bills on time and, when appropriate, pushing the envelop to expand your businesses credit. It is critical that you follow an appropriate ascending scale when expanding credit. Seek too little, and you’re not building the correct foundation. Seek too much, and you face a denial that will claw you back. We are experts at this process.

The Critical Evolutionary Stage

Critical mass is when you reach the point where you are ready to convert the credit profile we have helped you create into actual business financing. Your two options – debt financing (a loan) or equity financing (investor gives you money in exchange for equity.) Frequently, small business owners think that equity financing is easier to acquire and preferable. Actually, the opposite is true. However, there are times when equity financing has advantages. When that is true, we can help you present your case to equity financiers.

The saying that “the longest journey begins with a single step” is especially apropos to the creation of business credit. You just need to get started, on the right path, and keep at it. If you follow our protocols, you will – absolutely will – succeed. Get going today!