You should never miss the opportunity of Business Growth and Expansion
Resting on your laurels can be detrimental to the success of your business. Your business is always facing the threat of competition, so when you choose to stay small and remain in a spot, you are giving your competitors the chance to take the lion share of the markets – the customers, the profits and everything while leaving you the crumbs on the floor.
You can lose out in many ways if you fail to grow and expand your business- you can lose your customers to your competitors, you can lose your critical employees to competing organizations, and you can miss a lot of opportunities to diversify your business.
As a rule of thumb, whether you’re selling groceries down the corner of your street, or you are sitting at the top of a large corporation, you should never miss out on the opportunity to expand your business.
Some of the benefits you would derive from committing to a business expansion plan include:
Increase Your Profits
I doubt that there is one business out there that is content with the profits that it is making. Expanding your business gives you room to earn more profits and get more rewards for your business efforts.
Access a Wider Audience
The more the number of people who know your brand, the better for your business. When you have a wider audience, you can take your business to greater heights, and do bigger things.
If you have a brand that already has a broad audience, you can ride on this popularity when you are introducing new products and services to the market – you won’t always have to start from scratch every time you need to explore a unique business opportunity.
Keep Your Products and Services Relevant to New Markets
This is one thing that the Facebook brand does so brilliantly; they observe the market, try to understand what their audience is crazy about, and then they tweak their platform to suit current trends.
When Snapchat started becoming popular, they discovered that people were going crazy over live videos and recordings so what did they do? They introduced Facebook Live that allows Facebook users to record and share their experiences with their friends in real-time. What do you think would have happened if Facebook had ignored the video trend? For a fact, they would have encountered a dent in the number of users as a considerable percentage of their customers would have moved on to Snapchat by now but because of their topnotch growth and expansion strategy, they have managed to keep all their customers glued on the platform by giving them what they need.
Growing your business is just like trying to satisfy your partner and making them happy so that they don’t cheat on you!
Attract The Best Talents to Your Business
:Nobody wants to attach himself or herself to a sinking ship, or a ship that is going nowhere. If you don’t have an expansion plan in place, the only type of employees that your business would attract would be people who have no plans for personal growth and development either.
People who are talented and serious-minded would only remain in a company that has plans to grow and evolves so that they can also grow and develop with the company.
If you don’t want other businesses to keep stealing your best hands away, then you have to continue to grow and evolve.
Increase Customer Loyalty
Clients love it when they can always count on you for whatever they need.
Assuming that Facebook failed to incorporate the live video updates trend into their platform, they would have lost a lot of their users because many of them would want to check out their competitors, and a lot of time wouldn’t go back to using Facebook because they are already having more fun on other platforms.
You cannot afford to remain at the same level; you must continue to grow and expand your business. However, developing a business can sometimes come with many challenges that may lead you to become discouraged.
The expansion is a sign of a healthy business – a business that cares about the happiness and satisfaction of its customers. Let’s discuss some of the challenges that come with growing and expanding your business.