If you are currently running a business, or own a business, and everything is established, running smoothly, with minimal input, you might feel your feet getting itchy. You might feel like you can do more, or you have a lot of ideas and nowhere to put them. Or you might even feel like your business could do with another stabilising pillar to back up your current business. Whatever the case, if you are expanding, you will not be alone.
There are many different applications and ideas of what ‘restructuring and reorganising mean. For example, there is news that the Israeli-run Elbit Systems LTD are expanding into the British military. They are doing so by selling a branch of its subsidiary to then integrate the remainder of the subsidiary into Elbit.
BT, also, are looking to reorganise its business strategy by selling its Premier League TV rights in their BT Sport package, to redouble its efforts of telecommunications instead. Both of these companies are operating on a global, corporate scale. A small business moving from a purely digital presence to renting a store is another ‘restructuring and reorganising’ application, also.
Below are tips for how you can begin your expansion.
When should you expand?
Before you think about expanding, you should make sure your current business can say it’s gone through a particular checklist. Have you got a loyal customer base that is asking for growth? Have you got a business that has been profitable for the past three years and bringing in steady cash flow? Do you have a strong team of employees? Is your current industry expanding, so that you can expand into it? Do you have more business than you can handle and a system in place that will be sufficient if you turn your attention elsewhere?
If so, then you’re in a good place to consider expanding.
Claim a niche market
If you are in a good position with your business, this will be particularly apt. Nailing down what is a niche market, where there is the demand, but the supply isn’t there, is difficult. You can mistake a lack of supply for a lack of demand and vice versa. So, if you have an established business as a backup, you will be able to take a chance on a more niche area of a given industry, or even an entirely new industry.
No doubt in running a business, your mind will have expanded with new ideas, ways to navigate problems you didn’t expect but might be universal. Business software, for example, is a big seller due to this. Find a problem, fix it with software, sell the software.
Get into eCommerce
eCommerce is the natural next step for anyone who is selling products as part of their business. Even if you aren’t, you should consider starting. eCommerce means no shop-front premises, so it’s simple to get started. You can create your products and entirely sell them online and send them via a delivery service.
You can reach a new range of customers with eCommerce, allowing you even to go global.
Even the marketing is online…
Nail the new social media
Social media marketing has changed in the past few years. User habits have changed. Not only are they discovering and buying their products on social media, but they are doing research into who they buy from via social media.
You will need to establish both your website and social media accounts to reflect what your business stands for, as well as set up your shops for customers to buy online. Make sure everything is free of glitches so that nothing impedes the user on the way to the checkout, making you lose out on a sale.