It’s the aim of every business owner to grow their business. And with the new year just beginning, here are some interesting ways you can grow your business in 2016.
Enter a New Market
This is the most straightforward tried and tested way of growing a business. If your business is currently only doing one thing, and selling to one set of customers, try something new. Entering a new market could mean selling a completely new product in your existing location. Or it could mean selling to new people in a different part of the world. If you choose the latter option, you will find that you can save money because you won’t have to come up with a new product. Instead, you can simply sell your existing product to new people who didn’t have much of an opportunity to buy it before.
Increase the Size of the Workforce
Another thing you can do to grow your business is expand the amount of people who work for you. Many business owners are hesitant about doing this to begin with. They see it as a waste of money and a big risk. And, yes, spending money is a risk. But let’s be honest; there are not many ways of growing your business without spending a bit of money. You will quickly notice what difference it makes to be working with a larger workforce. They will be able to propel you forward and give you that all important manpower when you need it most.
Work Harder at Impressing Clients
The clients that your business has are, of course, vitally important. You can’t get very far without them. And one of the big mistakes that people make when they try to grow their business is neglecting their existing clients. But, in fact, the best way to grow the business is to consolidate your existing clients, keep them happy and then use them to get more clients. This is much smarter than neglecting them and allowing the business relationship to break down. That only leads to failure and an inability to grow, and that is exactly what you don’t want to happen. To impress them, do things like using a new mail forwarding address to make them see you as more professional.
Learn to Trust and Delegate
Being able to offer your employees some of the tasks that need to be done is a great benefit for any business owner. It means that you have more time and more energy to dedicate to other tasks throughout the day. If you’re one of those bosses that doesn’t give other people important tasks, you will know how stressful it can be. It’s rarely possible to run a business as a one man band. It’s not very healthy for yourself either. Try delegating some key tasks to employees you trust and see how they handle the responsibility. They might surprise you and be better than you expected. This will allow you to grow the business because it will increase efficiency and productivity.
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