If you are focused on leading your small business into the next phase of growth, below are some strategies worth considering.
1. Explore new markets or product offerings
By this time, you would have already (I'm hoping) identified your target audience and have built a following within a designated market. So what's next? There are 2 primary approaches you could take:
1. Exploring an alternative market based on your current offerings, e.g. if you are currently selling clothes to pregnant mums, would you also be able to sell to husbands who may wish to buy gifts for their wives?
2. Exploring new product offerings based on your existing clientele, e.g. using the same above example, would you also be able to sell other pregnancy related products to pregnant mums.
However, do ensure that your current resources are maximized, not stretched. If these decisions made are going to take a toll on your production or financial resources, I would say PLAN CAREFULLY. You would want to avoid a crazy expansion phase which your business is not prepared for.
2. Sell your knowledge
For you to be entrepreneur, you must have already earned a wealth of experience, information, or contacts in your area of business. Have you also considered selling some of this knowledge online through e-books or CDs? There are many freelance writers and online publishers who will be able to get this going for you in no time.
Alternatively, how about doing some public speaking or to provide consultation related to your expertise? Even if the direct financial rewards for the above are minimal, you will be able to build credibility for your business, and to portray yourself as the expert in the field.
On a side note, I welcome all experts who would like to contribute articles to this blog.
3. Seeking out joint venture marketing opportunities
I have written about this in my previous post, but reinforcing it here again stresses how important I think the above is to sustaining a viable business. Be on the lookout for strategic alliances that can help you market your products, or provide you with competencies that your business currently does not have.
These partnerships could either be between complementary businesses, suppliers, or even with competitors. As mentioned previously, your business does not have 1 single competitor that you should be wary of. The more you can leverage on each other's advantages, the faster you will be able to build on your market share.
More about building strategic alliances on this post.
1. Explore new markets or product offerings
By this time, you would have already (I'm hoping) identified your target audience and have built a following within a designated market. So what's next? There are 2 primary approaches you could take:
1. Exploring an alternative market based on your current offerings, e.g. if you are currently selling clothes to pregnant mums, would you also be able to sell to husbands who may wish to buy gifts for their wives?
2. Exploring new product offerings based on your existing clientele, e.g. using the same above example, would you also be able to sell other pregnancy related products to pregnant mums.
However, do ensure that your current resources are maximized, not stretched. If these decisions made are going to take a toll on your production or financial resources, I would say PLAN CAREFULLY. You would want to avoid a crazy expansion phase which your business is not prepared for.
2. Sell your knowledge
For you to be entrepreneur, you must have already earned a wealth of experience, information, or contacts in your area of business. Have you also considered selling some of this knowledge online through e-books or CDs? There are many freelance writers and online publishers who will be able to get this going for you in no time.
Alternatively, how about doing some public speaking or to provide consultation related to your expertise? Even if the direct financial rewards for the above are minimal, you will be able to build credibility for your business, and to portray yourself as the expert in the field.
On a side note, I welcome all experts who would like to contribute articles to this blog.
3. Seeking out joint venture marketing opportunities
I have written about this in my previous post, but reinforcing it here again stresses how important I think the above is to sustaining a viable business. Be on the lookout for strategic alliances that can help you market your products, or provide you with competencies that your business currently does not have.
These partnerships could either be between complementary businesses, suppliers, or even with competitors. As mentioned previously, your business does not have 1 single competitor that you should be wary of. The more you can leverage on each other's advantages, the faster you will be able to build on your market share.
More about building strategic alliances on this post.
4. Networking for Opportunities
If you are a small business owner, and networking is not yet your thing, perhaps this is the time to seriously start thinking about it. Many opportunities are built around relationships, and relationships cannot be built if you do not take the initiative to find it.
There are numerous small business communities, both online and offline. Besides providing your business with strong leads (and this is true by the way), these networking sessions are rich in resources and opportunities. Here are a couple to start you off:
Offline Small Business Communities:
Online Small Business Communities:
5. Getting Your Organization Ready For Growth
Many small business try to pursue growth without even considering if they have the capacity to take on more jobs. The general thinking is that 'hey, we'll worry about it when the time comes'. The fact of the matter is that when the time comes, it could possibly have been too late. What you will eventually get is a whole messed up system, unhappy employees, and a bunch of disgruntled clients.What you should try to do is to be transparent about your plans to your organization. If possible, do not just confine the information to your 'management team' (as a small business, I'm guessing that your management team will include your family members or a couple of friends). Let your employees have vested interest in your plans and show them how to achieve it. Motivate them and not just make them feel that more work is coming their way.
Good luck to your business growth!
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