A business can not be categorized into small, medium or large scale until it is run by capable and holistic business thinkers. There is no scale of business to be run by such people. The business undertaken must be handled properly and expand it well.
Measures of Business expansion:
1. Make available digital platform for your business:
If you want to keep your business afloat in this digital era, Taking business on a digital platform has no choice.
It is important to register a business on the local listing of Google My Business to expand the business locally.
2. Create a website for your business
Websites give your business a distinct identity. It increases credibility among customers. You can have all the information about your business in one place.
You can create a website by hiring a web designer or on your own at a lower cost and dedicated amount of time.
How to create a website for free?
3. Dealing with customers
You may have quality ideas, or you may have skilled staff, you are providing quality services; but if you don’t have customers, then?
So in the business, we used a customer central approach. Customers are given the top priority. Dealing with customers gives assurance to us our business will last for a long duration. It will expand on the other hand.
In business the equation is stated:
“If you earn one customer by providing him goods and services excellently, You will earn 10 new customers. But If one customer is unhappy with your goods and services, You will lose 100 customers.”
So, however you deal with the customer, the customer will deal with your business.
4. Decide on a marketing budget for your business
Major of the small/medium scale business don’t allocate marketing budget for their business. They might come across various difficulties. Marketer Henry Ford quotes “Stopping Advertising to Save Money is like Stopping your watch to Save Time”. So, spending on advertising is not an Expense, It is an Investment. Decide on a marketing budget for your business. You have to look after it, it’s planning, and strategy even.
Before learning how to expand a business, you need to understand when to expand it.
- You can have loyal customer base
- Customers are asking you to grow
- Your business has profitable index for 3+ years
- Have performing team
- The industry is growing
- Steady/positive cash flow
- Have more business than you can handle
- You see rising demand
- Settled operational System
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