It is a great feeling when you have a business that is successful and are ready to take the next step in growth. You have worked hard and want to make sure that you take the steps toward growth that are best for the long term future and profits of your company. Here are a few steps that can help take your business from small to the big time.
Increase the services or products you offer
Many successful businesses expand their offerings. For example if you sell furniture you might also sell artwork. If you have a restaurant it might be good to start offering delivery as a way to get more business. Auto dealerships don’t just sell cars. They often sell parts and accessories as well. This can add a significant increase to the income of your company.
Open another location or consider selling a franchise
If demand for your products and services is high then opening at another location can make a lot of sense. This can be a sensible solution if you find that one location is overloaded with customer requests and business. An overloaded business can find itself in a position where the level of customer service it can offer suffers considerably. Some businesses have found success by selling franchises to others. This helps a lot of people enter the business world without taking on as much risk and your company will make money at the same time.
Consider government contract work
A contract with a government agency can be a lucrative opportunity that can open a lot of doors for a business. In fact the United States government sets a goal of reserving at least 25% of the contracts they offer, for small businesses. There are credentials that can help you get a contract. If your business is minority, female, or veteran owned, this can help your application. Executive Bob Bratt saw the value of government contract work. He increased the amount of government contract work of UNISYS from $10 million to $60 million during his tenure there. This work helped UNISYS grow from small to large in little time. Bratt is also the chief operating officer of DLA Piper, a global law firm which offers legal advice to help businesses navigate the regulations surrounding government contract work.
Invest in time savers
Getting more done in a shorter amount of time can help your business increase its earnings. Time saving technology and equipment can quickly pay for itself in labor costs and the ability to conduct more business. Many people run successful businesses by outsourcing their shipping and not having a large brick and mortar location to maintain. Technology has made it possible to conduct a lot of business from any location where the Internet is available. You may find that having employees work from home saves your business a lot of money and gives you the ability to hire from a larger pool of well-qualified applicants.
Do your research
Sometimes the timing of your growth can have a significant impact on how well you really do. Doing research on your market can make it easier to make the right choices for growth of your company. Growth should be well planned not rushed.