It goes without saying that we are currently living through a period of extensive – and significant – economic turmoil. Many companies are struggling to balance the books, the future is somewhat uncertain, and most business owners are considering consolidation rather than expansion.
However, for those entrepreneurs and business owners who have an ambitious streak and are willing to fly against the wind, now could be the perfect time to focus on growth. If you are willing to take a chance on an idea and have already developed robust business foundations that will provide a strong platform for progress, now could be your time to thrive.
So, with that in mind, let’s take a look at options to consider when it comes to growing your business.
1. Upgrade your product, service or solution arsenal
The quickest way to appeal to your current customers, and to people who are already well aware of what you do and trust you as a company, is to expand your offering and provide new products or solutions that are somewhat akin to what you are already known for. It might even be worth launching a questionnaire to send out to your email database to ask for their advice with regard to what they’d like to see or what they think you’re currently missing.
2. Consider new areas
Upgrading your product mix is the obvious choice for expanding a business, but it generally means growth will be slow. If you’re looking to grow quickly, it may be worth contemplating completely new business territories to get involved with. This could be either opening a retail location in a new area, selling completely new products or services that don’t necessarily align with what you are currently associated with, or partnering with companies in different sectors so as to reach people that you would otherwise struggle to target.
3. Buy another business
If considering new areas in which to develop your business is still too slow of an option, you could always buy another business and start expanding that way. It may not seem like the best time to buy, but for savvy entrepreneurs, the current climate will provide numerous opportunities to snag a bargain. If you are ambitious and willing to take a risk, this could well be the option for you.
Growing your business – where to find out more
Remember, whatever decision you make, there will likely be financing options available to you. Want to know more? Get in touch with us today to discuss how we may be able to help.
We offer offer a full range of finance solutions – products and services aimed at business development and growth. Regardless of how much capital you need or how big you are as a company we can normally help. Visit our Alternative Finance page for more details of finance options.