Published On: Mon, Jul 11th, 2016

Business Expansion: Simple Ways To Grow Your Company

In the modern world, it’s impossible for organizations, of any kind, to stand still. The work that people do is ever-evolving, and the ways we do that work are increasingly diversified. The traditional 9-to-5 is slowly slipping away, and any preconceived notions of business life are joining it.

Business Expansion

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And all this change means that your business will have to change to keep up, and stay relevant. It’s important to keep your company growing and shifting, to prevent any dips in productivity brought about by lack of innovation.

With this in mind, here are a few ideas about how to expand your thriving company.

Join forces with another company

This one isn’t unprecedented, but it can be tricky to get right. For starters, even bringing up the possibility of a merge can prove tricky. How do you know the other business wants the same thing?

You’ll have to ensure that, firstly, both companies have the same goal in mind. There needs to be some sort of benefit (usually financial gain) to the merge, too. Alternatively, you could purchase another company. Look out for bankrupt, talented, or those in need of investment.

Open a new office

Simple Ways To Grow Your Company

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Every business should be looking to do this at some point, and the sooner, the better. This allows you to grasp the local market in two different areas, and forge business deals in two different areas.

The only thing that may prove troublesome is securing funding. Struggling companies could try a merchant cash advance or a bad credit loan if your situation is dire. However you accomplish it, opening a new office allows you to engage with even more customers than before.

Expand online

If, for some reason, your company exists solely offline, it’s time to change that. There’s just too much opportunity in the online space for it to be avoided. Even something as basic as a Facebook page can help you tap into a whole other audience.

Also, offering online purchases and online reservations of store items gives your customers flexibility. A lot of people don’t buy things with cash, so by increasing payment options you can draw in more customers.

Add a new target market

Simple Ways To Grow Your Company

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If, for example, your business deals with women’s clothing, consider adding a men’s clothing line. If your company sells laptops, consider starting to sell PCs too. Or vice versa. By adding a new target market, you give yourself far more sales opportunities rather than being restricted.

There are other ways to do this, too. If your business is a B2C company, switch it up and start going B2B. Businesses typically buy in bulk, spending huge amounts at once, so your profit per order will skyrocket.

In conclusion

Every business needs to grow, no matter how small the change. Whether it’s as big as opening a new office or as small as adding a new product line, change is key.
This is because if you stand still, the profits your business makes, the employees it hires and the productivity levels it has will all fall flat. Without new opportunities and new ideas, that spark will be lost.

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- Young Entrepreneur & Daydreamer. Working towards making the HatchByte group among the top online media publication in India.