How to Play Smart for Business Growth
The best way to build a business is by being smart, not hardworking. But it takes faith to play smart. A person has to believe that good results will follow if one does the right things. Think about planting a tree. First, one has to dig a hole, put a seed in and cover it with dirt. Then water it and wait patiently — not knowing exactly when or if the seed will germinate, grow roots, push through the earth’s surface, and eventually grow tall enough to produce leaves, flowers, and fruit. All one can do is create the ideal conditions and hope for the best.
This is one of the most challenging things for people who are building businesses to grasp: A person can’t control everything that happens in a business. One can only control what is done each day.
So knowing this, how does someone build a great business?
Create a website
But which parts of the site are essential? What can be built later? When looking for an accountant or lawyer, how does a person know if they are the right ones for the company? And what is the best way to approach banks and investors?
There is no one right answer to these questions, but there is a way to build the business to minimize risk while maximizing growth potential.
New product development
Developing new products is one of the best ways to grow revenue and profits. It allows someone to reach new customers with new offerings, increase sales to existing customers, keep competition at bay and strengthen a brand.
Selling more to the existing customers is another great way to grow revenue and profits without having to go out and find new customers all the time. Upselling can be as simple as selling a more expensive version of what one sells now or a related product that increases profit margins, even if it doesn’t add much in sales volume.
Many business owners stick with what they know and only sell their products in areas where they already have a customer base established. This can be profitable, but it limits growth potential considerably. Expanding into new markets will always bring risks, but the payoffs can be huge when it works out well.
This blog originally appeared on PeterBubelPropertyManagement.com