flevyblog

Flevy Blog is an online business magazine covering Business Strategies, Business Theories, & Business Stories.
MANAGEMENT & LEADERSHIP STRATEGY, MARKETING, SALES OPERATIONS & SUPPLY CHAIN ORGANIZATION & CHANGE IT/MIS Other

What to Strategize When Expanding Your Business

pexels-photo-288477Most business owners at one time or another would have considered the notion of expanding their company. If your business is making a good profit and sales are on the up, then it can be a decisive and logical next step.

How you go about your company’s expansion is another matter. You should first consider the different opportunities that you have open to you. Expansion can take many forms, and they should all be assessed so that you follow the right one for your company.

Consider the Markets

Before you decide on which direction you will follow, think about what the markets are doing. For example, you might want to take over another business, however, if the markets are high and the company will cost a lot to buy, it might not be in your company’s best interest.

You should also discuss any expansion with your other colleagues and board members to get their opinion and backing. They may have other ideas or information that could lead you in another direction.

Increasing Your Market Share

One way you can expand is to get a bigger share of your existing market. The easiest and best way to do this is to start strategic marketing campaigns that target your customers and create new leads.

By adding more custom from your existing market, you don’t have to do a lot apart from spending money on your marketing.

Physical Expansion

To attain a bigger market share and maintain it, you might have to consider a physical expansion of your company. It might include taking on more staff or finding bigger premises. You should also consider adding to your existing computer network as well. Upgrading computer memory through companies like Offtek can help to keep your business running, especially if you need new machines.

Diversification

If you don’t think that you can attain a larger market share with your existing range, you could try to diversify into other products. By creating new and exciting products, you will entice those who already buy from you. You should also be able to attract new customers who are interested in your new range.

Along with any new product, there has to be a concerted marketing campaign. You want as many people as possible to know what you are doing so that it attracts those new customers to your business.

Offer Franchises

If you want to open new outlets, but don’t want to manage them all as a company, you can offer them as a franchise opportunity. There are a lot of new business owners that would seriously consider such a franchise, and you can leave the day-to-day running of the outlet to them.

It can provide a good opportunity for growth and spread the name of your brand to other areas that you might not have dealt with before.

By exploring all of these avenues, you can quickly discover the best expansion options for your business. You will then be in a better position to focus on one strategy and not become sidetracked.

About Shane Avron

Shane Avron is a freelance writer, specializing in business, general management, enterprise software, and digital technologies. In addition to Flevy, Shane's articles have appeared in Huffington Post, Forbes Magazine, among other business journals.



Complimentary Business Training Guides


Many companies develop robust strategies, but struggle with operationalizing their strategies into implementable steps. This presentation from flevy introduces 12 powerful business frameworks spanning both Strategy Development and Strategy Execution. [Learn more]   What does it take to achieve Operational Excellence? Read this guide and learn to build an integrated Business Execution System from Six Sigma Master Black Belt Frank Adler, co-founder of Operational Excellence Consulting. [Learn more]
The Fiaccabrino Selection Process (FSP) is a proven methodology for increasing sales and reducing turnover, developed by "Mr. Roche," Charles Fiaccabrino. Mr. Fiaccabrino is a Sales Executive with over 50 years of experience. [Learn more]   Learn this time-tested approach to Change Management authored by Ron Leeman, recipient of the Change Leader award by the World HRD Congress in 2012. Ron Leeman has been Change, Process and Project professional since 1974. [Learn more]
Recent Articles by Corporate Function

  

  

  

  

  


The Flevy Business Blog (http://flevy.com/blog) is a leading source of information on business strategies, business theories, and business stories. Most articles have been contributed for management consultants and industry executives with over 20 years of experience. If you would like to contribute an article, please email our editor David Tang at [email protected].

Flevy (http://flevy.com) is the marketplace for premium business documents, such as management frameworks, presentation templates, and financial models. Our documents are of the same caliber produced by top tier consulting firms, like McKinsey, Bain, Accenture, BCG, and Deloitte. Learn more about Flevy here.


Connect with Flevy:

   
  


About Flevy.com   /   Terms   /   Privacy Policy
© 2015. Flevy LLC. All Rights Reserved.