How to Expand Your Business and Make It More Lucrative
Think it’s time to expand your business but don’t know how? Here are some strategies to consider for your business' steady growth.
When the market is thriving, the time is ripe for businesses and entrepreneurs to launch new products and services, or expand operations.
However, the expansion of your business shouldn’t be done haphazardly. It must be planned carefully and strategically, plotting the exact steps to ensure slow but steady growth.
There are numerous ways to expand your business and make it more lucrative. Here are a few of them.
1. Grow your inventory
If there’s great demand for your product, then take advantage of this business opportunity by growing your supply. Invest back in your business by stocking up on supplies, which will enable you to produce more, meaning more profits in the long run. Should space be a problem, you can invest in a bigger warehouse or headquarters.
2. Upgrade your equipment and machinery
This goes hand-in-hand with growing your inventory. If your business’ productivity relies on equipment and machinery, you can upgrade your operations with higher technology or add more equipment to help boost your production line. Efficiency is key to making your business more lucrative.
3. Invest in research and development
This is often overlooked, but research and development (R&D) is an essential part of any business. Make your business more competitive and your product more unique by introducing innovation. Consumers are always on the lookout for products that offer more value and convenience, so R&D helps give your business that edge. Aside from investing in your products, also invest in training your people.
4. Open up more avenues for sales
Create more channels for income by opening up more branches. But before this becomes a possibility, you must first put into place a strong and secure internal structure and efficient system that will ensure uniform performance and growth. Servicing new locations or opening up your brand to franchising instantly boosts business.
5. Diversify your portfolio
As they say, don’t put all your eggs in one basket. Create more opportunities by diversifying your business portfolio. You can explore growing your business to include complementing products and services. For example, if your business is exporting paper, why not get into printing? Or you can explore an entirely new business such as food and beverage.
6. Build online presence to boost marketing
In a highly agile marketplace, businesses have to be innovative in terms of marketing and distribution. You can be more strategic and creative by reaching out to various markets through the power of the digital sphere. Invest in building your websites, e-commerce platforms, and online marketing campaigns to create a stronger online presence.
Growing your business entails planning and decisive action. Explore all your options with a trusted financial partner such as BDO.
BDO SME Loan offers financing options for all your business needs. You can borrow up to P20 million with loan term up to 10 years.
As you grow your business, BDO will give you the security and confidence to succeed by providing easy-to-avail loan packages with flexible and affordable payment terms.
Apply for a BDO SME Loan now! For more information, click here.