Ways to Grow
Business growth can mean many things to many individuals. Once you are clear on your reasons why you want to grow, the next step is to determine how you want to grow. Only you can thoroughly assess your situation and decide which strategies are best for you or create unique ones based on you and your business.
Consider these options:
Increasing your profits doesn't necessarily mean increasing your sales, but can be a result of increasing your efficiencies by dropping your operating costs or reducing your direct costs. There may be items in your inventory that are worth examining of how they contribute to the profitability of your business. You might also look at who your best customers are, and how they play a role in your success.
There are more way than one to increase your sales. There may be opportunities to increase the number of purchases your existing customers make or provide additional, complementary offerings to the products they already purchase. You might also explore whether or not you are reaching all your potential customers in the geographic area you already operate in.
Partner with Other Companies
Partnerships and alliances can offer more freedom for business owners and the potential to earn greater profits. By entering into a partnership you may be able to capitalize on new distribution channels for your product or service, shared costs in sales, marketing and branding and learn from your partner's best practices and sales strategies.
Access New Markets
Accessing new markets can mean expansion into new areas, regions or countries, but it may also mean earning contracts to supply large quantities of your product or service. In this method of growth, you must first analyze whether or not your business is capable of contract work. There may be opportunities for your business to take on larger projects, without needing to locate geographically in a new market. WEConnect International and WBE Canada exists to help businesses at least 51% owned, managed, and controlled by women to connect with and access new markets and contract opportunities.
The above information and more can be found in our newly updated Growing Your Business Guide! This guide is intended to help BC business owners make decisions about growing their business that are right for them by providing an overview of important factors to think about and listing available resources for doing more research and getting advice. This guide provides tools to organize the information and assess the business and personal needs to make informed and good decisions — not only on what is good for the business, but what is good for the business owner.
Our Business Advisors are happy to work with you to formulate a growth strategy. Just ask us.