The repercussion of the COVID-19 outbreak plunged American into a recession at the end of 2020. But not every sector was affected.
Healthcare and social services, alternative energy and technology, and the financial sector all had reasons for expanding a business.
If you’re amongst the companies doing well in this challenging time, you might be wondering how to expand your business. Below, we outline a few tricks to try.
1. Add More Products
But it’s essential to do it the right way.
When McDonald’s noticed its growth stalling in 2006, the fast-food company tried doubling its lunch and dinner offerings. Sales didn’t budge.
McDonald’s changed direction and expanded the availability of its breakfast menu instead. Success! Store sales jumped by 6 percent.
What’s the lesson here?
When learning how to add more products to your business, you need to find out what people want. Be it through email surveys, phone calls, or social media posts, gather the information that will help you expand your product line in a useful way for your customers.
2. Invest Your Profit Wisely
Are you wondering how to make more money with a business? Put your best foot forward and invest in yourself, and wisely at that.
According to the BLS, as many as 45 percent of businesses fail in the first five years. If you have profit to spare in the early days of your business, you’re in the right place.
When it comes to where to put your money, some ideas include:
- Purchases time-saving equipment
- Hire more help or outsource work
- Work with a coach or mentor
- Upskill yourself and your team
- Improve your SEO, marketing, and sales
Need more people power to achieve your business expansion goals but don’t want to add more staff to the team? Companies like Avitus Group (https://avitusgroup.com/brea-california-orange-county-peo/) have the solution to your outsourcing needs.
3. Expanding a Business: Get More Space
Are your staff outgrowing your current office? Maybe your shop floor has become too small for your product line. Do you have a growing customer base in another city or country?
When considering how to add a new business location, you need to think about either expanding your current location or adding more spaces.
Before you decide which option is best for you, it’s essential to assess what isn’t working in your current space isn’t working. Could the problem be solved by merely reshuffling furniture or asking some of your staff to work remotely?
If you decide to move to a bigger space or add locations, be sure to review your current lease and chat with your landlord. They might have other suitable buildings in their portfolio, saving you time and potentially money.
Put In the Effort, Get the Rewards
No matter how you’re expanding a business, your business will fail to thrive if you don’t adapt to market changes. Invest your resources back into your business–whether that’s space, money, people, or know-how–and be prepared to put in the time and effort required to support your business’ growth.
If you’re looking for more business and financial resources, be sure to spend time browsing the other articles on this website.
