When you’re running a business, one of your most important responsibilities is to make plans for the future. If you don’t have one eye on different ways your business could develop, then you’re exposing your brand, your employees and your business to risk. There’s risk of failing to grow – that you’ll be edged out of the market by hungrier competitors, your share of customers and revenue eaten away by other brands that are prepared to fight for them more than you are. There’s also the risk that if you’re not planning how you grow consciously your business will suffer like a garden left unmaintained. If you don’t make plans about how your business will grow, you could find yourself with a brand that customers can’t relate to, spiralling costs and inefficiencies that result in mass redundancies or closure!
Today we’re looking at different choices you can make about your business’ future growth so you can make plans that will make it succeed in the long term.
One of the ways many businesses choose to grow is to expand into international markets. Having proved their concept on a small scale in their original market, it’s easier to get funding to support expansion around the world, whether that’s in the form of worldwide premises and shops or simply expanding your capacity and the scale of your shipping operation.
It’s important to work with specialists to compile the international research you need to grow like this successfully. This can help you confirm that there’s demand for your products in the new markets you are targeting, and avoid the pitfalls in differences in local culture and regulation that could bring a premature end to your expansion efforts.
Another tactic you could take is to broaden the variety of products you offer. Whether your new products are ones you design yourself, physical items customers can take off a shelf and pay for or packages of ways they can use and pay for your services, or ones you’ve bought in or licensed from a manufacturer, they offer the opportunity for you to bring in new customers and encourage your existing ones to spend more money! You have to choose carefully though. You’re using the reputation you’ve built to speak for these products. If they don’t measure up, if they’re low quality or customers simply don’t like them it can damage your whole brand.
Market research can help to inform your new product search and design process, so you can feel confident you’re offering your customers something they really want and will see the value in right away.