GROW WITH THE TIMES TO GROW YOUR BUSINESS
It’s impressive to be a longstanding business with deep roots in the community. Keep in mind however, that holding on too tightly to tradition from the past may be hurting your business in the present. Why? Because blindly following traditions causes us to turn off our brains and can get in the way of critical thinking, imagination, and innovation.
Think about these questions: Do you handle tasks a certain way simply because that’s the way you’ve always done them? Are you using outdated computer or communications technology? Do you still have the same marketing materials, merchandising displays, or products that you had five years ago?
To foster growth, stay open to fresh ideas and encourage your employees to look for better and faster ways to do their jobs and serve your customers. Many resources are readily available which can help plant the seeds for new opportunities. For example, join a local business or community group to hear inspiring speakers and network with new people. Expand your knowledge by studying the success stories of businesses in other industries. Browse around Pinterest for images that may spark a more creative tactic for items such as your office interior, product packaging, or advertising.
The U.S. Small Business Administration has offered a variety of growth tips including:
- Offer your business as a franchise or business opportunity. Franchising your business will allow for growth without requiring you to manage the new location. This will help to maximize the time you spend improving your business in other ways, too.
- License your product. This can be an effective, low-cost growth medium, particularly if you have a service product or branded product. Licensing also minimizes your risk and is low cost in comparison to the price of starting your own company to produce and sell your brand or product.
- Form an alliance. Partnering with a similar type of business can be a powerful way to expand quickly.
- Diversify. Diversifying is an excellent strategy for growth, because it allows you to have multiple streams of income that can often fill seasonal voids. Some of the most common ways to diversify are to sell complementary products or services, teach adult education or other classes, and become a paid speaker or columnist.
- Target other markets. Your current market may be serving you well, but are there others that could use your products?
To grow your business, it’s important to take advantage of today’s powerful and cost-efficient options in communications services. For details on the solutions offered by Madison Communications, call 1-800-422-4848 today!