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HOW TO GROW YOUR BUSINESS:

Business and car driving are somewhat similar in many ways. Maximum power is consumed while starting a car, and so is your power when starting a business, in the form of time, hard work and money. After starting your car, you move at a slow, uniform speed, and the same is true for your business. Very soon, you wish to speed up your car and, eventually, you press the accelerator and speed up your car. The same happens in the business world: you start slow, then with the passing of time, you aspire to gain momentum, you wish to compete with others, and your level of satisfaction seeks a new height.

It`s human nature. After completion of one goal, we tend to wish for another, bigger achievement to accomplish. The idea that “Money attracts Money” will constantly repeat itself in your mind, increasing your craving to make your business bigger. However, expanding your business and taking it to a whole new level requires a whole lot of effort, investment and dedication. You must be strong enough to take the risk and happily welcome whatever comes in return.

If you are ready to take the risk and you are determined to grow your business, then congratulations! You have come to the right place. Below are few tips you must keep in mind and use to upgrade your business. Depending on your business type, location and investment, at least one or hopefully all of these tips might prove fruitful for you.

Open branches and collaborate

An efficient measure of determining the success of a business is obviously its physical growth. Opening new branches and multiple outlets in different locations increases the chances of interacting with more people, receiving their comments and feedback, and knowing about the market status of each location. This, in the long run will become the building blocks of your successful business. More service means more income, which multiplies your chances of making your business bigger.

Initially, moving onto new locations may look profitable, but it also has its darker side. There`s no guarantee that your service in a new location will turn out to be as successful as that of previous locations, so there are few points you must always keep in mind. Prepare a strong business plan for the new branch. Thoroughly study and monitor the environment and community of the new location and provide services accordingly. Consistently calculate your profit and check whether the profit from new location has reached the required profit margin. Finally, build partnerships with other organizations.

Business is all about competition, but you must always remember to make it as fair as possible. Forming alliances with similar businesses is an efficient business tactic. For example, say you own a restaurant. For food delivery purposes, instead for hiring more employees, you could partner with another goods delivery company, which could be a win-win situation for both businesses. With the current business scenario, these types of partnerships have proven to be an effective scaling business strategy. In these types of partnership, make sure you don’t keep the profit and credit all for yourself, but rather share it with your partnered organizations.

Secure copyrights for your products

If you want to stay strong in the market, make sure that no one else can replace you. If your business is specialized in certain products and customers adore your company for a certain product, then you must fight to sustain the genuineness of your product. Royalties can be slow, but they are an efficient medium for you company’s growth. Arrange deals and meetings with companies providing similar types of services, and prior to that, make sure to have strong intellectual property rights over your product. It is best to hire lawyers who are specialized in copyright and intellectual property theft issues.

Grab media attention

Word of mouth plays a vital role in upgrading business organizations. Media has a powerful impact over people`s lives. Maintain a healthy relationship with the media. Release of new products, changes in company structure, opening of new branch, etc. are considered hot news by the media, so make sure they are the first to know. Social media also has strong influence in the business market. Social media marketing, social media campaigns, etc. all have a strong impression over the general public. Media is the bridge between you and your customer, so make the bridge strong.

Make efficient use of technology

The world of technology is rapidly evolving. If you can’t flow with the wave of technology, you`re surely going to endure setbacks. “By the end of 2002, there will be only two kinds of businesses: those with an Internet presence, and those with no business at all.” This business forecast from Bill Gates might have been a bit ahead of its time, but this scenario is not too far off now. Having a company website, providing services, and notifications thorough applications have now become mandatory for the sustainability of a business. Similar to media, these technological advancement tools also help in strengthening the company-consumer relationship and increasing a business` goodwill. Pay greater attention to making the optimum use of technology.

Diversify your services

“Jack of all trades and master of none” might have been a prominent quote in previous times, but in this dynamic world people must be master in all necessary aspects. The same goes for a business. After the success of a certain product or services, you must aspire to launch new sets of products and services. The products and services must be varied in itself. Software giant Google maintains its monopoly in the IT industry due to its diversity. Time and again you must come up with innovative ideas, so that you can reach a greater number of consumers, which helps in expanding your business.

Expand Globally

Working in a limited area has its own limitations. You might expand to certain limit but after that there is no way forward. The ultimate option for exponential growth of a company is expanding globally. Partnering with foreign investors, dealers, suppliers, or opening corporate offices in various cities around the world all have a tremendous impact on business growth. You will not only have greater service requirements but also access to diverse resources and opportunities. This is surely not easy and takes a lot of time and effort, but if done properly has tremendous benefits.

SubhashSharma

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Mr. Sharma is a management accountant with over 33 years of experience in small business. He has been engaged in independent accounting practice since 2003. With MBA degree in IT Management and CPA, CMA designation he believes in creating value for the clients. Mr. Sharma has been actively involved in imports, exports, retail, construction and IT consulting. He has written articles in the “Canadian Immigrant” magazine on taxation and accounting for small business. He has served as director on the boards of York Regional Community Foundation, Community Living of York South and Surrey Foundation. He is a member of CAPS (Canadian Association of Professional Speakers), Rotary Club of Richmond Hill, Markham Board of Trade and Richmond Hill Chamber of Commerce.

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