Business
10 Innovative Ways To Grow Your Business This Year
Your plans for the New Year call for growing your company’s revenue in 2016, but where will your increased sales come from — a larger salesforce, new markets, or product innovation? Growing your business takes money, but capital can be hard to find in today’s economic climate. For those of you who have survived startup and built successful businesses, you may be wondering how to take the next step and grow your business beyond its current status. There are numerous possibilities, 10 of which we’ll outline here…
1. Open another location. This might not be your best choice for business expansion, but it’s listed first here because that’s what often comes to mind first for so many entrepreneurs considering expansion.
2. Turn your customers into salespeople.
Customer referrals can be an effective way to tap into your current customer base and explore new revenue streams
3. Learn how to delegate. Delegation is the manager’s key to efficiency, and benefits all.” In other words, in order to scale the business, a CEO needs to learn how to delegate so he or she can focus on the company’s bigger picture issues
4. Develop new products.
Innovative companies understand that in order to grow, they must continue to develop new products and services.
5. Form an alliance
Aligning yourself with a similar type of business can be a powerful way to expand quickly.
6. Diversify. Diversifying is an excellent growth strategy, as it allows you to have multiple streams of income that can often fill seasonal voids and, of course, increase sales and profit margins
7. Learn how to automate. If too much of your time is being spent on tasks that could be automated, it pays to figure out a technological solution. Technology can empower your organization, helping you improve efficiencies and even expand operations
8. Expand to the Internet
This includes expanding your reach to new customers, reducing the time or cost to convert this reach into revenue and even helping you serve your customers in revolutionary ways at lower costs.
9. Penetrate new markets. In order to help to ensure a successful transition, company executives need to develop the strategies to use in order to penetrate the new market.
10. Identifying a completely new product.
Your burger company could start producing vegetarian as well as meat burgers, for instance
