It can be a monumental occasion when you realize that your business is growing beyond your wildest dreams. You may be struggling to keep up with the demand for your products and services. With pressure mounting, you might be looking at hiring more workers and upgrading the systems and processes you’re outgrowing.
It’s at this point, or possibly even sooner, that you realize it’s time to invest in your business and support its growth. You can do precisely that by focusing on the following areas:
Information Technology (IT)
As your business grows, managed service providers become more of a necessity. You may have initially purchased software and systems that weren’t scalable, but you now need data, security, and support above and beyond what you currently have.
Rather than purchasing different software packages that you find on the internet, contact a managed service provider who can offer a comprehensive service to suit your unique needs. You can rely on them to look after all your IT requirements now and into the future.
Your Products and Services
This new growth spurt could be the result of the products and services you provide. Your key offerings may have been what lured people to your business in droves, but there’s no reason why you can’t keep offering more.
Look at complementary products and services you can provide to grow your business even further. For example, you might have started your business selling shoes, but you could expand into socks, shoelaces, foot care products, and even shoe repairs as a service.
When you were creating a business plan for your business, you likely would have thought about who you wanted to reach. Now that you’ve successfully penetrated that market, see if you can invest in a new target market with a new or similar product.
For example, your original business may have focused on shoes for teenagers and young adults up to the age of 30. You may now decide to offer children’s shoes, which means your target market will be parents. Expansion may also be possible into other age groups, such as 65+ or infants.
Domestic and International Expansion
Many small businesses start by selling their creations at local markets. They might then create a website, ramp up their marketing efforts, and realize they can make a real go at selling their products as an everyday business venture.
When you’ve succeeded in this plan, the natural next step is to start offering your products country-wide and, eventually, on the international market. There can be a lot of hoops to jump through to comply with all import standards, but it can be worthwhile when you’re already fielding inquiries about offering your products overseas.
Brand recognition can help a business grow from strength to strength, but it doesn’t happen overnight or without hard work. Look at Coca-Cola as an example.
They began with an advertising budget of $11,000 when the company started in 1886. By 1911, that budget had ballooned to over $1 million for painted wall signs, clocks, napkins, free drink coupons, and more. Now, the red label and distinct font are synonymous with Coca-Cola, and it’s a name everyone knows.
When you’re in the fortunate position of having your business blossom, grab the opportunity with both hands. Invest in some of these areas above, and you may be able to experience growth beyond what you ever thought possible.