7 Ways To Grow Successful Business Part 2

Business owners without an exception, when asked, express the desire and need to grow their business, irrespective of its current size. This is almost certain to be the normal expectation of any person in business.

Following the previous post, let me introduce you to the next set of tips that can help you on the path to significant growth in your business.

4. Target other markets – This can be approached in different ways.

• You could consider redesigning your current product or service to meet the needs of a new set of clients or customers completely outside your core target market.
• You could also consider expanding into different cities, regions or nations, making your products available to potential clients in these new markets.
• Alternatively, you could potentially develop complete new set of products for this new market.

5. Form quality partnerships – It also helps to form partnerships that results in a win-win situation for both parties. However, it is important to clearly set out the object of the partnership and have a written agreement in place.

• It is important to also note that a partnership does not always have to result in merging up the businesses involved. Partnerships can always be created for the sole purpose of a single project or product range or service.
• Partnerships helps you to take advantage of the synergistic effects from two people or businesses working together.
• Partnerships could potentially expose you to a whole new client/customer base you may never have been able to access by your own efforts. It could also give you the added advantage of sharing creative ideas and quality research information that could help the business to grow and expand significantly.

6. Diversify – Setting up and operating by the right business systems (refer to Chapter 9 – Successful Systems – of our book,“You’ve Been Fired! Now What?”), can help you grow your business significantly. The experience and confidence gained in operating your current business, assuming you have the right structure and systems in place, can help you diversify into other businesses.

Most businesses offering different products and services today started with only one product or service line. They however took advantage of the established systems, experience and confidence to branch out into other product lines, industries and sectors.

7. Network – It is a MUST for the 21st Century business or entrepreneur to actively network. In networks, seek to build good and professional business relationships. Build these relationships based on merit, integrity and excellence. Always look for ways to help others. In the words of Jack Welch, “Everyone knows that to succeed in today’s competitive global marketplace, you also have to be smart, curious, and highly collaborative.”

I hope the above has been helpful in your quest to grow and expand your business successfully.

You can share this post with all your networks, leave your comment and share with us any others ways you used in expanding your business. Don’t forget to check out our books “The Business You Can Start” and “You’ve Been Fired! Now What?” (Ebook edition – Itunes, Kindle, Nooks, Kobo) for 40 businesses you can start, 30 ways to identify business opportunities, 33 business principles, business systems, strategies, and many more to start and grow a successful business.

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