What can a larger small business do to break through that plateau phase that most of us hit? If you have good annual sales but feel like it's time to grow larger. Should you be pouring lots of money in to marketing? Or should you up production? Or is there something else you can do?
First of all congratulations on establishing your business and being ready to reach the next level - which is often the more difficult stage where some fall foul of their ambitions. This is really a situation where we would you should to sit down with your advisers and discuss your specific business but here are some areas that you should be looking at:
1. Expand into other geographic areas. Do you have customers that are regularly coming to you from a specific area - if so look at placing an outlet there?
2. Expand your product range. Are you regularly asked for something you don't do? Do some of your customers make do with what you can provide them with? Do you see and opening for another service or product? If you research and plan how to meet these needs?
3. Become more efficient. Have you become a little lazy in your processes and procedures? Is what you are doing fine when you are small, but a little cumbersome now? Small changes and improvements can sometimes pay big benefits - ask your staff who are close to the methods what they suggest.
4. Review your prices and profits. Are they in line with your peers and competitors?
5. Improve your marketing. Is there something you want to tell people about your business or products? Are you reachable via your website, email and free phone? Have you made a press release lately? Do you have a marketing strategy?
You need to sit down, with or without an external consultant, and produce the following:
1. Your business plan for the next 3 years, showing your business strategy, what you wish to sell, to whom and for how much and how you want your business to be perceived by your customers, peers and competitors.
2. Your marketing and advertising strategy. How much you have to spend, on what and to whom you wish to sell. You should identify what makes you unique and what your company brand looks like.
Remember a planned well thought out expansion and good luck.
© Copyright 2008 Biz Guru Ltd
Lee Lister writes as The Biz Guru, for a number of web sites including http://www.startmynewbusiness.com where she provides advice and assistance for the new business entrepreneur as well as our Entrepreneur PowerPack.
With over 20 year's management and business consultancy experience with businesses large and small as well as being a serial entrepreneur, she now helps others set up, develop and market their businesses. If you require assistance in setting up your business, growing your existing business or writing your business plan the visit http://www.BizGuru.us
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