Good companies can create valuable products or services. Great ones expand further and break new ground.
There are a number of things to consider when you’re looking to expand. Your success will mostly depend on the nature of your business and the competitors you have.
Below are a few tips to consider in order to scale your business wisely.
Double down on your value proposition
A company’s unique value proposition is what differentiates itself from competitors. But oftentimes, nailing this down can take some time and more work than usual.
In some cases, the value proposition won’t be obvious right away. In other cases, a company may think it already has it but then find out later on that a competitor offers something significantly better.
Finding that unique value proposition is only the first step though. You have to clearly demonstrate this to potential customers. Once you find what you do best, focus on that area to ensure product and service delivery is flawless.
Explore the feasibility of franchising
If done right, franchising can rapidly accelerate growth and take your brand to new heights. When it comes to pondering if and how you should franchise your business, there are a couple of pros and cons to consider.
For one, franchising generally does not require a lot of capital — making it fairly accessible to many small businesses. Next, the franchisor can offload the direct management tasks to franchisees and encourage autonomy. Additionally, franchise royalties can snowball into a steady stream of revenue.
On the other hand, franchisees’ autonomy can leave you with few options when it comes to improving underperforming locations. At the end of the day, it’s the franchisees who will be executing on the ground.
It can also be a challenge to establish common ground if your franchisees come from different fields and have varying skill sets. Franchisors would need to effectively communicate and set clear expectations.
Turn excited customers into advocates
Marketing and advertising efforts play a crucial part in expanding the business. A company shouldn’t neglect the budget for these initiatives. But working smart is equally important as working hard.
Five star reviews, word of mouth recommendations, and positive social media mentions can get the attention your company needs to rapidly expand. Who does all these things? Customers who are satisfied with a product or service and are excited to share it to their network.
Find ways to encourage customers to share their good experience with your company. There are number of options to go with, whether it’s affiliate marketing programs, special discounts for new users, or free trials.
If you can turn excited customers into loyal advocates of your brand, that’s less work to do on the marketing side of things.
Don’t become complacent as you grow
Many businesses often make the mistake of neglecting product or service integrity as they scale and capture more market share. Quality is important and so is consistency.
To achieve both, you need to ensure that everyone in the organization takes to heart your mission and core values. This is important because as the business grows, you’ll be adding new team members. And with a growing team, there’s a risk of losing sight of what got you to a certain milestone in the first place.
Create a culture that reinforces your mission and values to keep dazzling and acquiring new customers.