Raising Your Business Profits Through Expansion
Today, people talk of raising market share through business expansion
. In the past, when one hears expansion, one can easily translate business expansion to physical expansion of the manufacturing plants and/or more branches/offices around the globe.To attract more clients into your business, you must offer more products and services to different market segments and geography. In general, you can do the following:
1. Penetrate new sectors in the market. Bringing one's products and services to a new market sector will certainly raise business level to new heights. To sustain growth and keep the company profitable, new market sectors should be penetrated.
For instance, if your products are made for male individuals in their late 30s and early 40s, you can start to offer products for younger males, or new products for female individuals of the same age range.
2. Geography. Given that you are still selling to the local market alone, you may expand your business by accepting orders outside of the border. This may actually open you to more risk, but the exposure and the returns will certainly pay off whatever risk you will take in the future.
3. Offering new product lines. Just by adding a new product line, you will be expanding the size of your business. This means more products to produce, more funds needed to maintain an inventory and more products to sells that would hopefully generate the additional revenues one is aiming for. If your company is selling only shoes, you may start to offer sandals or sleepers.
4. After service. We have to make sure that clients keep coming back by assuring their satisfaction. This can only be done by coming up with after service division that would assure customer's complaints and comments are collected and acted upon. The best information on your product and/or services comes from your clients. By setting up an after service, you are assured of getting things right the next time you come up with products and services.
These are just four ways of expanding your business. No matter what route you take, always consider the target clients' needs and wants for the type of product and service you intend to offer. The rest will follow.
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