Expanding your business is never a linear journey, regardless of the sector that you trade in. Even businesses with a consistent flow of income from multiple revenues and a reliable consumer base struggle to expand if they don’t have the correct strategy. That’s why strategy is everything when it comes to approaching business growth. Here are four proven strategies for business expansion that you can use to achieve your own business growth vision.
1. Expand into new markets
One of the most assured expansion strategies that your business can plan for is the expansion into new markets. This could mean expanding into new territories overseas, for example commencing business in the UK or the US if your trade is currently exclusive to Australia. You could also diversify the markets that you have a presence in, for example, if you sell make-up products you could consider also branching out into skincare or hair styling.
Tasmanian-based jewellery business Nicole Viney Jewellery was able to expand their area of trade beyond the local region through the use of digital tools that make customer outreach easier and more efficient than before.
2. Increase your deliverable range
Another popular business growth strategy is to increase the range of deliverables that your company is able to offer. Deliverables refers to both products and services. The broader the range of products that your company is able to offer, the wider the pool of consumers interested in doing business with you. Remember to take into account the timeline for developing new products as this is more of a long-term investment as opposed to an immediate expansion.
Marketing agency Social Ocean was able to double their income by accessing the available government assistance to increase the range of training and mentoring they could offer to prospective and existing clients.
3. Maximise your platform presence
An easy strategy to grow your business that simply requires time and energy over large amounts of financial investment is to maximise your company’s presence on relevant platforms as much as possible. This includes social media platforms and trading platforms. The more prevalent your business’s presence, the higher your potential consumer outreach. The most important aspect of growing your platform presence is to build a consistent and recognisable brand image.
Private animal physiotherapy practice Physio for Pets overhauled its outdated online presence by investing in the construction of a brand new website that implemented Search Engine Optimisation (SEO).
4. Streamline your current processes
Another strategy that businesses commonly implement to achieve expansion is to streamline their current processes. You may find that in doing so you get rid of unnecessary expenses that can then be reinvested into other areas of growth, such as the development of new product lines. Tightening up your current operations also results in a higher level of productivity, which in turn results in an increased level of deliverable output. All of this leads to business growth.
Brisbane-based construction business Samadhi Builds streamlined its existing processes by investing in the latest digital tools. These tools enabled them to gather real-time data, as well as modernise their back-end processes to save precious time.
Trust Total Business Partners today
If you require financial or structural assistance with your business, look no further than Total Business Partners. We offer a reputable range of services, including objective business advice, short and long-term financial planning, and property development solutions among much more. We can help you to value your Australian business and devise a practical plan to increase this value.