Expanding the Business

 


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Before starting up your business I am sure you will have done plenty of research. The recommended ways to research businesses is by taking advice from someone you trust or by reading books, magazines or use of the internet. Businesses that survive the early days need to develop and move on to the next stage; the aim of all start up businesses is to build the business on a solid platform. There are many ways to expand a business, listed below are simply a few ways:

List your Business as a Franchise – Business costs can be very expensive, by franchising your business it will be significantly expanded it at a reduced cost. A lot of successful businesses have been successful simply due to franchising; many businesses have developed quickly by using this technique some have eventually become listed as a PLC (Public Limited Company). The stock market not only values your company at today’s value but also takes into account future growth. This can prove very lucrative for your business.

Form a Partnership or Joint Venture – Joining forces with another on theme business can be a very good way to develop your business. Marketing costs can be very difficult to absorb especially in the early days. Revenue sharing can be seen as a negative however experts believe that new businesses should consider making an alliance.

Target other Areas -. If the business is doing well, then look at other ways you can bring in revenue, great new ideas are being born everyday. The best entrepreneurs do not sit on their laurels; they are always looking towards expansion. Multiple revenue streams can be the key to success in business; they will prove worthwhile if one part of your business starts to under perform.

Win Contracts - One of the best ways for a business to develop is in the winning of contracts, especially government contracts. They not only secure revenue over a fixed period of time they also show an external mark of approval for your business. The winning of a major contract can separate you from your rivals. The winning of a contract can also be used by your marketing team in sourcing out other potential clients. One contract win can be the one factor that eventually makes the business successful.

Customer Retention – One of the best ways to develop a business is to keep your customers happy. Good customer service can go a long way towards making a customer return; added to that is the publicity gained from a recommendation. Generally new businesses provide great customer service in the early days however as businesses expand, this level of service generally diminishes. One example is the use of overseas call centres, this may prove cost effective, however the level of service provided by them is considered poor, although it is improving slightly. A business that can provide a good level of customer service at all levels of expansion should develop well.

Internet Presence - “Bill Gates said that 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. " As stated earlier one of the ways to succeed in business is to stay ahead of the game. Your business having an internet presence is viewed by many experts as crucial.

I hope the advice given is considered useful for businesses that are past the start-up stage and are now looking to expand.

If you would like any more information on this subject then please visit our website at http://www.bizseller4u.com/

Peter Arkwright recently retired from the military; he is now the Managing Director of Bizseller4u Ltd - Providing business solutions in sales, advertising, funding, debt collection and recovery plans

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