How Do You Know When it’s Time to Expand?

This is a tricky question since there is no universal answer. Expansion is a gamble, and a lot of entrepreneurs are hesitant to pull the trigger when they aren’t 100% sure they’ll do enough business to make the expansion worthwhile. And while it’s easy to say you should expand when you find you’re doing a ton of business, even that may be pre-emptive.

Business growth and expansion

The first thing you should trust is your gut – if you feel like it is time to expand, then seriously explore that option. But you should also consider a few other factors.

Competition

Has your competition recently expanded?…

Continue reading

Expanding Your Small Business Abroad

In the past, only larger businesses could afford to target new markets overseas, but the internet has made this a valid option for small businesses too. It would be short sighted for a struggling small business owner to write off the possibility of expanding overseas.

Business communication with foreign clients

Just because you are having trouble in the domestic market, doesn’t mean you should shy away from foreign ones. World trade is pushing ever closer to a borderless global system and even the smallest business owners should consider which foreign markets they can move into.

Obviously this kind of expansion requires prior research. You need to find out where your product can be sold, in which countries there is a gap in the market and what the local competition looks like.…

Continue reading

Is It Time to Expand Your Business?

When a business is doing well, it is often tempting to leave things well alone on the basis that if it isn’t broke, why make changes. But this is somewhat short-sighted and many businesses will benefit from expanding in order to grow. So how can you tell when the time is right to embark on a business expansion programme and what the best way to go about it is?

Business growth and expansion

Build Your Customer Base

There are lots of different ways to expand a profitable business but the most obvious one is to build your customer base. Firstly, look at ways to keep your existing customer base happy, perhaps by offering new products and services.…

Continue reading

Thriving in the Shadows of Big Business: Smart Strategies for SME Success

When you’re a small company, your best customers are sometimes large brands. Large companies have deep pockets and the ability to place huge, ongoing, orders. Here’s how to attract their business and keep them happy.

business partnership

Have a Crystal Clear Value Proposition

You’ll never get business deals with large companies if you don’t have a firm and crystal clear value proposition. Most companies don’t know how to formulate one, so here’s how to do it. First, think of an action statement that separates you from everyone else in the marketplace. Then, write that out and use it as your value proposition.

So, for example, if you offered dry cleaning services, you might say something like, “We clean suits for CEOs who need to look immaculate.” It’s hard to set yourself apart from the competition when you’re in dry cleaning, but this is a good start.…

Continue reading

UK Startup Paves the Way for Standardised Parking Spaces

The blossoming sharing economy owes much of its success to the simple fact that it connects and empowers people. With the consumer becoming an increasingly willing collaborative participant in the digital rental phenomenon, entrepreneurs have been quick to capitalise on the business potential of tackling everyday irritations.

Ferrari car park

From ride-sharing apps that put an end to cab-hailing, to online chore marketplaces that advertise local odd-jobs, it’s clear that technology is making our lives more convenient.

But as technology replaces old systems that simply relied on advanced planning, for example: booking a specific parking space through an online parking marketplace rather than hoping to find one in an area while driving, we can expect discoveries that highlight industry inadequacies.

Continue reading

How to Build Relationships That Will Sustain Your Business

As a small business owner, your customers are your life source. Earning their highly guarded trust depends on your ability to capture and maintain these relationships.

Business relationship

But if you only go after potential buyers, you’re assuming that your prospects live in isolation. In reality, they’re part of an influential web of relationships and often learn about your company well before your initial interaction with them. To win their trust, you have to go to the source.

When current customers and other connections trust your brand and find value in your product, they become vocal supporters. By tapping into a few influential networks, you can prep others to become brand advocates and start selling long before a customer comes knocking.…

Continue reading

Managing Your Working Relationship With a Supplier

As with any business deal, the relationship you have with your manufacturing plant needs to be nurtured to ensure it’s both long-lasting and beneficial for both parties. This isn’t simply about being nice either, it’s in your company’s interests to build strong relationships. While it doesn’t guarantee benefits like more favourable rates, faster service, and the chance to gain knowledge in a related industry, you’re prospects will certainly be improved if you can remain on good terms.

Building customer-supplier relationship

Business owners who take suppliers for granted can quickly find themselves last on the list when it comes to inventory arrivals. This not only leads to a breakdown in communication, but the extra stress it brings will be a major detriment to your business.…

Continue reading

Flames in your Office – How to Avoid Them

You lock up your office for the evening, head home, have some food and sink off to sleep. But all through the night, as your open eyes and stare at the ceiling, you can’t help but think that something doesn’t feel right.

It’s only when driving your convertible up to your workplace that you notice your big mistake. Smoke billows from your office’s roof, ash impinges on the air and crowds have formed around police cordons.

Building on fire

A fire has raged through your workplace in the night – and there’s so much you could have done to stop it.

Questions rush through your head – what if someone had been trapped in there?…

Continue reading

How to Grow Your Business By Unlocking Your Employees’ Potential

If you’re thinking about how to grow your company to the next level–and if you’re a CEO, the chances are pretty good you are–you’re likely preoccupied with a number of different growth targets. You’re thinking about how to scale your business. You’re thinking about better marketing your business, and you’re thinking about new business development.

Unlocking employee potential

But as someone who has been through the type of growth that transitions a company from small to mid-sized (and growing), I recommend you also make a point of focusing on one key element that it’s vital you protect: The talent contained within your existing employees.…

Continue reading

4 Tips to Be a Great CEO

If you are the Chief Executive Officer (CEO) of your company, no matter how good you are at your job, you could always be doing things a little bit better. Being a CEO is a job that has a great deal of pressure. After all, you are responsible for making the big decisions that will determine the success or failure of your company. This will also impact the lives of all your employees.

Great CEO

There are many things that make a person a great CEO. But it is rare to find a person with all of these qualities. Nevertheless, greatness is worth pursuing, and it should be the endeavor of every CEO.…

Continue reading