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Growth and expansion are cardinal goals for most business organization owners and entrepreneurs. Only how tin you expand your business in today'south lackluster and slow-growth economy?

Here are six small business expansion strategies that may aid yous grow your business to the next level:

one. Add together new products and services to your mix. This strategy sounds relatively elementary, merely executing it well tin can exist challenging. For starters, you need to figure out which products and services your customers want, and how much they'll be willing to pay for them. Next, determine whether or not you lot can sell these products and services at a profit.

The best way to accomplish this is to conduct thorough market research before committing any resources (financial and man) to new product or service expansion. Ask your current customers what they recall most your new product and service ideas, including potential price points. Your market place research needs to focus on customer demand for new products and services and your cost to manufacture, deliver, and sell them.

two. Sell more products and services to your existing customers. This is the flip side of the first strategy: Penetrating deeper into your electric current client base of operations. First by performing a market segmentation analysis to identify the customer segments that are more than likely to buy so you can focus your sales and marketing efforts on these segments.

This analysis will divide your customers into segments based on the criteria you choose (historic period, gender, location, buying history, etc.) so yous tin can analyze their potential profitability when it comes to selling them new products and services. Armed with this information, you can improve allocate your sales and marketing dollars.

iii. Expand into new territories. The idea here is to market and sell your existing products and services to new customers. These new customers can be in dissimilar segments or niches or unlike locations from where you currently operate.

If yours is a retail or storefront business, this type of expansion will probable involve opening new locations in unlike geographic areas — whether across town or beyond the country. Doing so volition require a significant investment of both time and money, then perform thorough market place research starting time to brand sure there is enough client demand in the new territory to justify the expansion.

"When you are thinking about expanding into new areas, the first affair you need to practice is to determine how to specialize your advertising for your new market," advises Tri Nguyen, founder and CEO of Network Uppercase Funding Corporation. "If you can't convey the benefits of your product or service to residents of a new region, you're going to struggle to brand information technology. Be honest about flaws and strengths every bit you lot consider the message you lot will be conveying to a new surface area."

4. Target new customer markets. Most businesses target their sales and marketing efforts to specific customer markets based on demographics like age, gender, and location or psychographics like interests, activities, and values. Just are there other customer markets that might too be viable for your products and services?

"Being able to reach the correct target customers through the correct mediums, at the right time, is the kickoff step to expanding your business concern into new customer markets," says Network Capital'southward Nguyen. "When expanding into new target markets, y'all need to ramp up your advertising to these markets. This is pretty intuitive, but information technology's true."

five. Tap into new sales and commitment channels. The Net is the best example of how a new sales and delivery channel can transform a pocket-size business concern. Endless companies have reinvented themselves to take reward of online opportunities — from brick-and-mortar retailers opening online stores to service providers who are able to reach a much broader audition past advertisement online and using search engine optimization (SEO) techniques to rank highly in Web searches conducted by the prospective customers.

half-dozen. Learn another business. This may be the fastest route to growth and expansion. Merging with or acquiring some other business can literally double the size of your concern overnight, growing your sales and revenue exponentially. Only you must perform thorough due diligence on any potential acquisition candidates before moving forward with a business merger.

In particular, your due diligence efforts should focus on the visitor'southward financial status, the force and depth of its management team, the latitude of its client base of operations, and the soundness of existing contracts. When considering companies to possibly acquire, look for synergies between the two businesses that will result in the combined entity beingness stronger than either of the individual businesses would be standing on their own.

The status of the economy doesn't have to dictate your business growth and expansion plans. Consider how you tin implement one or more of these strategies to put your company on the fast track to expansion today.

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Don Sadler is a freelance writer specializing in the areas of business organization and finance. Reach him at don@donsadlerwriter.com or visit www.donsadlerwriter.com .

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Source: https://www.foxbusiness.com/features/6-tips-for-expanding-your-business-regardless-of-the-economy