NFT Blockchain Game: ‘Splinterlands’ popularity soared to become the most frequently played NFT game
Cryptocurrency: AMC theaters to begin accepting Bitcoin, Ethereum, Litecoin, Bitcoin Cash as payments
Chad Everett Harris On the Best Ways to Expand Your Business Today
Today, many businesses are hoping to take advantage of the economic recovery by expanding their operations. If you fail to expand your business when it is called for, you run the risk of being left behind during market changes or having a competitor take over your business niche. Methods to expand your business vary greatly, and there are many useful strategies that you can use to leverage your strengths.
Chad Everett Harris, a business expert from Rockdale, Texas, shares the best ways to bring your business greater success through expansion.
When Is It Time to Expand My Business?
If you expand your business at the wrong time, this can be worse for you than not undertaking an expansion at all. If you want to know when to expand your business, consider the following points. If more than one of these conditions applies to your business, it may be time to expand.
Your Customer Base is Traveling
If you have customers traveling a long way to visit your business or ship many products to faraway locations, this may indicate a new market for your products. You may want to expand to that location.
You Have Loyal Customers
If you have a strong base of returning customers, this is a sign that there is a constant demand for your products or services. Customers are satisfied with what you sell or do, and they want to see more of you.
You Are Experiencing Constant Profit Levels
If your business has been steadily profitable for at least three years, it may be time to expand. A surge in profits may not be a good reason to expand, as this surge could be temporary. If your numbers are constantly meeting high benchmarks, this is a sign that your business model could be expanded.
Your Industry is Growing
If your industry is undergoing constant expansion, it is a sign that your business may be able to expand successfully. The proven market demand for your products or services should be taken into consideration.
Your Business is Extremely Busy
If you are turning away customers because you are too busy or if you are unable to respond to calls in a timely fashion, this could be a signal that you need another location to handle your overflow. Another sign that you need another location is if your employees are working extremely long days.
How to Expand Your Business
Now that you have determined that it is time to attempt an expansion, you may want to know how to accomplish this major task. Chad Everett Harris shares his top six tips for businesses that want to expand their operations.
1. Offer New Products and Services
One of the best ways to begin an expansion is by adding new product lines or services. For example, if you own a restaurant, try adding a new late-night menu or a new delivery option. This can allow you to test the waters and see whether your expansion will be well-received by your customer base.
2. Sell More to Existing Customers
Find out whether your current customers have needs that you are not meeting, and strive to meet those needs. You should perform a detailed analysis of your customer base, segmenting your market to see which areas could be the most profitable. After you have found the most profitable segment, focus your marketing and sales efforts on it.
3. Work in a Niche Market
It may not seem common sense to do so, but it is possible to grow your business by working in a niche market with a specific customer type. Market optimization can lead you to this niche. If you can narrow down your business targets, that will bring you a market segment with less competition.
4. Expand to a New Market
A new market could be a geographic area or a new demographic. Frequently, it is time to open a new location when you consider this form of expansion. You can also expand to a new demographic area. Keep the above points in mind when deciding whether to expand into a new market area.
5. Get Into E-Commerce
Most businesses could benefit from adding online sales efforts. For example, restaurants could add simple online ordering to their websites. Clothing retailers could start e-commerce sites to market their apparel. If you expand online, you can take advantage of new marketing techniques like SEO (search engine optimization) to grow your business.
Even if you do not start an e-commerce website, it is smart to make sure that you have a fully up-to-date, usable company website with all of your pertinent details available. Market yourself on social media as well.
6. Buy Another Business
This step should be reserved for well-established companies that are leaders in their field. You will need to analyze this new business and make sure that it will complement your offerings. You need to have a plan for purchasing the business that will help you strengthen your company.
Expanding Your Business
When you follow these six tips, you will be well on your way to success by expanding your business. Pay close attention to the criteria that determine whether it is time to expand your business before making plans. If you go about it wisely, states Chad Everett Harris, you can increase your profit margins and make a better name for your business.
This article does not necessarily reflect the opinions of the editors or the management of EconoTimes