7 Tips for Expanding Your Business In 2012
Manageable ways to help your company soar
The new year is a great time to focus on expanding your small business. Creating a plan and implementing each idea one step at a time might help your business grow in ways you never dreamed possible. Rome wasn't built in a day, but it certainly grew to be a robust city over time. The same can happen for your business. Just be consistent and remember that slow and steady wins the race.
Sayeducate.com recommends the following seven tips to help expand a business:
- Get social. Use social networking to expand your reach and meet new friends, prospects and customers. Don't overwhelm yourself by choosing too many social networking sites at once. Rather, pick three popular sites, such as LinkedIn, Facebook and Twitter. Take time to read each site's FAQs or video tutorials to get the most out of each one. Then set aside a little time each day to focus on social networking tasks. Alternatively, delegate this job to an employee or contractor.
- CEO networking. If you're the CEO of your business, consider meeting with other CEOs by joining a CEO network such as National CEO Network. This free organization is a great place for movers and shakers to trade industry success stories and strategies. You'll learn how to expand your business from pioneers in a variety of professions.
- Professional website. A small business can't ignore a professional web presence if it intends to be considered credible, not to mention findable. If you don't already have a polished, easy-to-read website, make getting one a priority. Either hire a professional or use one of the many turnkey, do-it-yourself website services, such as Weebly. If you have a website, but it looks less than professional or isn't attracting much traffic, consider hiring a professional to overhaul it.
- Diversify your business. Staying afloat during a fluctuating economy isn't always easy, but if you're savvy, you can do just that by servicing other markets or expanding your services. For example, if you own a restaurant that has a liquor license, consider offering weekly wine tastings during slow times. Because liquor is often a highly profitable aspect of restaurant sales, you might see a spike in your wine sales and possibly gain new restaurant customers too.
- Sell wisely. If you are in a service industry, consider selling service-related products on your website. For example, if you have a veterinary clinic, consider selling high-quality pet food, pet medical supplies and related books on your website. Doing so can provide another revenue stream 24/7.
- License your big idea. If you're creative, chances are you have some juicy ideas. For example, perhaps your advertising agency just created a hot lifestyle app for the iPad 2. If it's truly an outstanding app, consider contacting a third-party company to see if they would be interested in purchasing the rights to your idea.
- Merge. The Small Business Hub says, "A successful merger may quickly lift your market share, deliver large economies and increase profits. However, it is important to step slowly and carefully."
By utilizing these tips, you might be able to expand your business significantly this year. In fact, by the time you're done, you might need to hire more employees to help manage your growing empire. If you need monetary assistance during the process, contact us to find the perfect solution for your needs.