By Evan Vitale
We’ll continue our “conversation” here about expanding your business. Of course, most people think of business expansion as increasing facilities or opening new locations in distant cities and states.
However, there is another kind of business expansion that doesn’t require property and instead includes expanding your business offerings with new products and services.
Here are some ideas:
- Consider repackaging and repurposing current products and services. While to some this may look like smoke and mirrors, a new look; package or refresh can gain more attention and more eyeballs looking at your company.
- Add products that compliment your current lines. Talk to your customers (if they aren’t already asking you if you carry such-and-such, etc.). Ask them what else they are looking for that, perhaps, you can add for them. Talk to your vendors. Research your competition.
- If you offer services, you may want to consider the possibility of adding other services. For example, if you offer website design, you may want to offer design for mobile; graphics for social media websites, etc.
By diversifying what your company does and sells has many other benefits. Not only will you attract more customers, you’ll also gain the attention of other skilled employees who want to be a part of your firm. Of course, more products and services could easily equate into a need for a larger and more skilled staff (in addition to your current staff).
In addition, an expansion involving new products and/or services makes your business more exciting for your customers; your vendors; your team and, yes, for you, too!
As your business grows, always keep your eyes, ears and mind open for expansion possibilities, whether it’s a physical expansion; a new location or new products or services.