Your Business Made Bigger & Better: 7 Tips For A Winning Expansion

Creating and establishing your brand in the fierce world of modern business is a huge achievement in itself. Nonetheless, as an ambitious entrepreneur, it’s only natural that you crave more.Expanding the company is the obvious answer.
If you are going to make this transition, however, you must do so in the most effective manner. After all, many entrepreneurs see their dreams turn into nightmares due to poor decisions during this process. With these seven tips, the odds of success will be firmly in your favour.
 #1. Remember That Timing Is Everything
It’s one of the oldest phrases in the book, but walking before you run is vital for the sustainability of your business. If you are considering the idea of making major alterations to your venture, it’s vital that you conduct the necessary market research. While there are no guarantees in business, making more calculated decisions can only serve you well.
Both the financial and legal elements need to be carefully considered ahead of any expansions. Without completing your due diligence in all aspects, it’s possible that you could leave yourself open for a very nasty fall from grace. Given the efforts it has taken to get your business to this stage, allowing this to happen would be a disaster.
Fail to prepare, prepare to fail. It truly is that simple.
#2. Focus On Productivity
In order to make the company bigger and better than ever, efficient asset management will be key. Frankly, there’s no greater resource at your disposal than time. Therefore, going the extra mile to take productivity to the next level should be top of the agenda. After all, if your team is already failing to maximise its opportunities, the chances are that any expansion will follow the same route.
Your place at the top of the pile means that you need to set the winning foundations. These productivity hacks will help change your mindset and habits, which will help you lead by example. Ensuring that your staff are blessed with the very best equipment and computer resources allows them to achieve more on a daily basis.   
Pay close attention to HR duties to maintain good motivation levels too, and you’ll be sure to see positive results.
#3. Diversify Product Catalogue
A business expansion can take many forms, many of which we’ll continue to discuss below. However, offering a greater number of products and services is easily one of the most productive ways to take the venture to another level. After all, this gives you a chance to win new audiences as well as give old clients a renewed sense of excitement surrounding the business.
The exact items that you add to your range will depend largely on the industry you’re in. Regardless of those details, adding new sizes and colour schemes can have a telling impact. Meanwhile, a customisable service can give clients the feeling that you are providing products that are just right for them. Whether it’s clothing, a PT service, or kitchen countertops doesn’t matter.
Use market research to gain insight into the products that your customers might like, and this should provide guidance.
#4. Take Advantage Of Online Opportunities
For many business owners, achieving success in the local area is the first step en route to reaching those long-term goals. Aside from your store, you may have used localised digital marketing to boost your presence. However, there’s a whole world out there waiting to buy your products. Find a formula for popularity with this demographic, and revenue could grow tenfold.
To become an online triumph, you must choose the right e-commerce platforms. Meanwhile, third-party selling sites can be a great way to increase awareness and gain trust. Once they are happy with the brand, they’ll begin to shop directly on your store. As for marketing, social media and search engine optimisation are your greatest weapons. Email streams can be very useful too.
Expand the brand to gain regular online sales, and your doors will be open 24/7.
#5. Do More
Expanding the business doesn’t always have to include selling more items. As things stand, your venture probably utilises a host of partnerships to make things happen. This network can include manufacturers, suppliers, packagers, couriers, and customer care staff. By completing more of those tasks in-house, your company becomes bigger, better, and self-sufficient.
The investments into new premises and staff recruitments can feel like a short-term hit. However, the increased control and long-term savings will make it all worthwhile. Besides, if you utilise money-saving tips like haggling for better deals on insurances and energy rates, even the instant hit won’t feel as hard.
This way, you can also increase production as and when it is required. This tighter grasp over supply and demand should prevent you making major mistakes.
#6. Share The Wealth
Taking control of the entire business process is a great way to enhance the company in the local area. Still, you can’t expect to do it all when hitting new territories. Relinquishing some of the control when targeting new locations may reduce the profit levels in each place. However, the minimal effort will allow you to repeat the cycle far more often.   
When turning your business into a franchise, remember that the wealth of local knowledge shown by the people you team up with can be key. Without compromising the brand image, allowing them to leave their mark on proceedings can work wonders. Embrace ideas like zonal pricing too, and the chances of gaining a positive response are far greater.   
Even if the profits from secondary locations are slim, it all helps. Moreover, the increased national or global presence can only help the brand grow.
#7. Embrace Existing Clients
For many entrepreneurs, expansion means winning new customers. Unfortunately, for all the marketing efforts and endeavours that you make, nothing beats word of mouth. The power of recommendation can influence people with far greater authority. Existing clients that love the brand can, therefore, become your greatest weapon. But you must give them an incentive.
There are many different ways to use referral and loyalty schemes for great results. When you get it right for your business model, there’s every chance that new customers will flock to the business. Better still, the people talking about your company in positive terms are already clients. As such, there’s a very strong possibility that they’ll start to buy products on a more frequent basis too.
You may have aspirations of doing it all yourself, but you’d be a fool not to utilise your customers. They are the most powerful influencers of all.