1. What are the ways that small businesses can expand without adding physical locations, or moving to larger space? How should you go about diversifying your product or service line to achieve growth?
One of the most effective ways for SBs to expand is to offer new products and services that are related to their main offer. This requires companies to conduct market research to determine what their target consumers want and need, and then developing new products and services to meet those needs. In doing so, you not only increase the retention of existing customers, but you also create new incentives for prospects to engage with your products and services.
2. How do you know the time is right?
If you’re expanding into new products and services, it’s typically because your customers have told you that they want and need new things that you are not currently offering, but that they would be willing to buy from you if you did offer them. That speaks to the trust in the business relationship that you have established, and is a strong sign that the time is right.
If you’re expanding by simply offering more of what you already offer, then that expansion is usually triggered by the fact that you can’t meet demand. Whether that’s because you don’t have enough employees, or because your suppliers can’t meet the escalating demand, this type of expansion is nearly always driven by shortfalls in delivery of product and services. Without expanding, you risk losing your customers to a competitor who can meet that demand.