For some owners of small businesses, they are happy to keep things as they are, content with the level of output, responsibility and profit of their enterprise. For others, there is always the desire to do more, to take the best bits of what they have now, improve them and make them bigger.
There is no one way to expand your business. There are numerous options available to people, some of which can be done independently, others perhaps requiring a more joint-up approach to development.
Expand your products and services
Every major corporation started off small and look where they are now – multinational, their brand cemented in the public imagination and with a reach that is extensive.
After you’ve established a solid base of products and services, it is time to move into other areas. This takes time and planning, but it can be exceptionally lucrative if done well.
Sir Richard Branson’s Virgin Group is a perfect example of what is possible through diversification. The entrepreneur started life selling records and then many years later dipped his toes in areas like travel, lifestyle, cable TV and retail to name but a few.
Expand your base
Scale does matter. If you run a base of operations from one venue, you are always going to be limited by what you can produce with the machinery and tools you have and the space in which they exist.
Consult with experts like PropertySales, which is an online marketplace for the buying and selling of industrial units. Here you can source additional places to either move into or add to your existing property portfolio.
A new unit, for example, will allow you to invest in more staff, office space and machinery, which combined will boost production and make your enterprise all the more profitable.
While you can have the resources to increase your output, you still need to have the ability to reach more customers. While your existing audience may be keen on acquiring more goods, it is important that you target new markets, which should be a lot easier if you modify what you deliver.
Social media is key here. From Facebook to Twitter to LinkedIn, today’s small business can have a global reach. Develop a proper strategy, one that includes posts about new products, deals and interesting stories about members of staff – humanising content – and actively engage with your audience.
This can help establish you as a reliable authority in your areas of expertise, make you approachable and give you access to clients, collaborators and customers that would have otherwise been out of your reach.
The future is bright
With the UK economy finally on track and real, lasting recovery looking likely, this is as good a time as any to start thinking about the foreseeable future, and putting in place the mechanisms needed to transform your small and successful business into a medium-sized enterprise. After that, the world is truly your oyster.