Expanding your Small Business

The goal of most small business owners is to eventually expand into a larger company or corporation. Everyone dreams of one day launching the next McDonalds, a company that got its start as a small operation run by two brothers. If you feel that it is time to expand your business, then you should look into getting business mentoring from a mentor. Mentors are those with more experience and many mentors know what it is like to go from a small operation to a large business. Doing it on your own is not only difficult, but takes time, money, and a lot of effort. Imagine the work that it takes to run your business now and multiple that by ten times or more and you have an idea of the amount of work required.

Before you expand, you must look at your business as it sits now. Look at your customer base, the number of returning customers, and your overall sales. You might find that expanding is as simple as moving your boutique to a larger location, or increasing the number of employees on your staff. Examine your budget and determine the amount of money you can afford to spend on your expansion. The last thing you want is to find that you expand too quickly and too much, which results in losses.

Take for example the company that sees record sales within its first few years. The company decides to expand by opening a larger location in a new area and hiring new employees. Once it moves, it discovers that the new area does not have the same number of customers and sales drop. The company is forced to lay off multiple employees and move into a smaller building, simply to see profits again. The same thing can happen to you, especially if you expand outside your range.

The best way to expand is by using business coaching. Coaches examine your budget and current situation before making recommendations about expanding. The coach can determine if your company is truly ready to grow and expand, or if you need a few more years. You might find that your customers like your company as-is and would not follow you to a different location. Coaches can even gather the feedback from customers through surveys and questions and use that information in determining the next step. It could be that you would grow faster by shaking up your current marketing campaign. The best marketing techniques and tools change on a consistent basis and high quality companies or coaches make it there job to keep up on the hottest most efficient trends. Now terms like customer acquisition and mobile marketing campaigns are taking over the industry. Skilled research and experience ensures that your sales continue growing.

Kimberly Dudley

AcQyro – The Customer AcQuisition Platform

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