Perhaps you have decided that now is the time to expand your business. After all the uncertainty throughout 2020 and this year also, maybe now is the right time to look at growth.
You may perhaps be looking to tap into new customer markets or expand into new territories, or maybe your expansion is more modest. You may simply be looking for ideas to increase your home market sales, or to become more visible.
You will have to consider your budgets and your cash flow when expanding, and not overstretch yourself. However, there are many options for growth in a business, and not all of them have to break the bank or involve major risk.
Is now really the right time to grow your business?
While many businesses found the going tough over the last two years, and lots failed, there are signs that the time may be right for expansion.
The pandemic has given surviving companies some breathing space and will have reduced the competition in many areas.
Sadly millions of people lost their jobs during 2020, but this also means that there is a wealth of talent that an expanding company can use.
Also, mergers are in ascendance once again. Many companies will be keen to partner up after the trials of 2020, and a merger is one way to expand a business.
Here are six other ideas for helping your business grow.
Integrate your systems
Having a single system solution in a business will allow an easy flow of data and information.
Enterprise resource planning, or ERP systems, use integration throughout each department of a company. This allows process-orientated methodology to be practiced.
A company that undergoes ERP implementation will enjoy higher levels of efficiency and productivity. ERP helps to build a data-driven environment that is necessary for growth and higher profits.
By using resource management software
Similarly, there are multiple types of resource management software on the market. Like ERP systems, resource management apps also seek to integrate certain areas such as project management and invoicing.
Resource management software can help with the allocation of personnel and man-hours to different projects. This makes businesses more profitable and can help them grow by managing projects more successfully. Software solutions coupled with business best practices can help a company move forward and grow.
By expanding into new regions
One obvious way to create higher revenues and bigger profits is to simply sell more. However, this is not always as simple as it sounds.
To successfully expand into other areas of the world you will have to show that there is a market there. If you have a product that you believe is wanted in another region then you could look at expansion. Ecommerce and digital retail make foreign expansion easier than ever.
Through digital marketing
Digital marketing is now seen as an essential part of any company’s advertising campaign. In 2020 there were around 10 million active advertisers on Facebook, according to Statista.
With 3 billion users on that one platform alone, it is clear that digital marketing is a powerful way to grow a brand and raise awareness.
By automating processes
Using systems such as ERP to automate certain processes means you can free up man-hours. With this extra resource, you will be free to tackle other projects and lead to more business growth.
Improve customer service
With the digital revolution firmly advancing, you need to ensure customer-friendly services. With so much automation in place, including chat-bots, it is easy to lose sight of how important customer service is to a business.
Good customer service can help to create loyalty, and this can lead to higher sales levels. However, customer service isn’t just restricted to how pleasant your reps are when answering queries.
Great customer service covers many areas including how easy it is to access your products online and place an order. How quickly the products arrive and how smooth the whole experience is. ERP systems are useful for automating some customer service areas and providing online ordering solutions.
Use the cloud and go remote
If your business cannot afford more servers but needs to grow, then look for cloud-based solutions. Similarly, if you want to grow your workforce but lack the space to do so, then go remote.
There are some essential software solutions you need to run a remote business, and being cloud-based is also necessary. ERP systems can be deployed on the cloud, meaning that you could grow your sales team remotely but they will still be able to access your integrated work systems.
There are many things to focus on when looking to expand, including keeping the same quality that you have always produced. You need to keep an eye on the figures involved and many a company has expanded too quickly.
However, other ways such as those above will help you to grow. Some of these options simply let you streamline certain areas which will help you improve your profitability. This will then lead to more natural growth rather than quick expansion.