Every business owner, at some point, desires growth for their business; they desire to see their business reach its full potential. There are some secrets to consider to help with this growth, and Jumia Travel, the leading online travel agency, shares 4 secrets for turning a small business into a big one.
You might be significantly successful while focusing on one product, but to experience the kind of growth that can take you from a small business to a big one, diversification is one of the ways that can help you achieve this. Consider companies like Coca-Cola and Apple that grew, and were able to sustain their growth, largely because of the diversity of the products they offered. However, in diversifying, it is important not to spread your resources thin too early. You should ensure your primary product is doing well and customers are satisfied with the results before dabbling into other products.
This isn't particularly a secret because when attempting to grow your business, this is one of the first things that comes to mind. The secret however is in the way you execute your business expansion plan. You need to be meticulous and consider every possible angle when laying down a business expansion plan. You need to be willing to take risks but in responsible and calculated ways, so the results will make rather than mar your business.
Partnerships and Mergers
You can grow your business by either partnering or merging with a larger company. This is easier said than done, but if you have a good business proposal on why it will be beneficial for these large companies to partner with you, you are more likely to be successful in getting their attention and positive response. Large companies might also be the ones to come to you asking to merge. In all, the two things you should ensure you are very meticulous with are the legal aspects of the partnership or merger, and the knowledge of who your business 'bedfellow' is. It is extremely important for you to have legal counsel throughout the process of a partnership or merger, and even more important for you to know who you're partnering or merging with. There has to be a 'fit' between you and the parties involved, because partnerships or mergers can make or break a business.
Take Advantage of Technology
It is difficult to focus on growth when you have to deal with cumbersome processes like accounting, data entry etc. Taking advantage of technology can help automate some of the frustrating and cumbersome day-to-day tasks that can distract your growth focus. Besides, you can also end up saving a ton of money in the process by reducing some of the money you spend on labour. In addition, the time saved on these process gives you more time to focus on developing your business, and the money saved can also be re-invested into your business to promote growth.