5 Ideas You Can Use to Grow Your Company

startup business growth

Pushing your business through the initial start-up phase takes a lot of long hours, late nights, and plenty of stress. Once you have managed to establish your firm as a profitable going concern, it’s time to consider the next steps you can take to grow your business and its bottom-line.

If you have no idea of where to start when considering options for growth strategies, here are five ideas that you can think over and decide if any of them resonate with your business plan.

#1 Open a New Location
Do you own a physical store location that serves the immediate local community and surrounding areas? Have you thought about opening another location in another part of your town or city? Opening another store can double your profits, but it will increase your efforts as well. The key to opening a successful sister store is to emulate the success your experienced with your first business. Make sure that you have a solid financial and management team that you can rely on during your expansion.

#2 Leverage Your Website
Most companies have a website, but are you getting the most out of your online presence? What good is a website that is not visited by anyone? Online commerce has skyrocketed over the last decade and taking your business marketing efforts online will significantly improve your results.

SEO strategies such as reducing latency and link building are examples of SEO strategies that can bring your site more traffic and increase conversion. Are you using your social media accounts to their full potential? Using proven social marketing strategies such as influencer marketing can give your brand or product the exposure it needs to capture millions of new customers.

#3 Product Licensing
Product licensing deals are an easy way to grow your business without investing in expensive overheads or equipment. Licensees will pay you licensing fees and a royalty to sell your products. This model works especially well for companies that sell information based products.

#4 Mergers and Acquisitions
If your business is doing well and you have spare cash choking up our bank account, then consider putting your capital to work in your expansion y purchasing a firm that you can use to grow your own business. Look at your current business model and identify your weaknesses. Determine the companies that you could purchase that will solve your issues and strengthen your firm.

#5 Look for International Opportunities
Take your business overseas. Arrange an appointment with international trade consultants and test foreign markets with your product. Expanding your business internationally will put you in a position to capitalize from other economy’s and diversify your financial risk from one economy or market climate.

Finding Finance for Your Growth

Unfortunately, it takes money to make money in business. Anyone who says otherwise is either broke or going out of business. Finding finance as a start-up can be a challenging task. Most big banks will shy away from funding small businesses because they view them as a credit risk. As a small business, you will probably have no credit score that you can rely on to acquire institutional finance. However, you can seek the help of microlenders that will provide a small business loan bad credit aside.

Make sure that you run the loan agreement past your accountant and lawyer to understand the financing terms and ensure that your company’s cash flow can accommodate the financial strain of a credit facility. Never undertake a loan agreement that you feel you will not be able to pay back, this will end up hurting your credit score if your default on the payments.

In Conclusion

Taking your company into the growth phase require the same dead fast dedication that you have shown in the start-up phase. While there will be challenges, you can expect a lot more opportunities to come your way as your business extends its presence into the marketplace.

 

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