Expanding a Small Business Small businesses and the spirit of entrepreneurship have long since formed the foundation of modern capitalist societies and have embedded themselves as the backbone to the fabled American Dream. Visionaries with ambitions to expand their small business into a formidable large scale corporation as well as those who are content to make a reasonable living off their small business have all benefited from the principle of owning their own enterprise. But some small business owners may wonder what they can do to grow and expand their small business. These individuals or groups of owners would fall under the ambitious category of small business owners who are trying desperately to develop their idea of a business into a sizable corporation. For these people there is hope for expansion with a few simple business ideas as well as one or two methods for expansion that may not be on the business radar for most small business owners. Some of these methods of expansion are not new concepts but are essential none the less for a small business to see growth.
Takes Money to Make Money A prime example of this is the classic business theory that it will take money to make money. While very few companies have found ways to make money without spending additional capital to make it so, the normal procedure for aggressive companies looking to expand is to spend resources in order to gain more in the future. This means advertising and marketing campaigns aimed at bringing in target markets to your business. The exact market or demographic that a company chooses to target for their expansion media and marketing campaigns will depend largely on the product or service that they sell. However, this does not mean that previously passed over target markets should not be considered while trying to expand a small business. Beyond an increase in marketing for new patrons for the business it is vitally important for an expanding small business to remember that retaining clients is essential to their expansion.
Returning Clients Returning clients and patrons bring in the constant revenue that a small business will need to fund their expansion marketing campaigns and any additional costs of growth. It is estimated that returning patrons to a small business will account for nearly eighty percent of the total profits of that business. An expanding business must not forget to provide quality service and retention practices for their existing clients. One unique way that a small business can gain rapid expansion is by securing federal grants or contracts of service.
The federal government has a wide range of needs that they fill by hiring private companies to lucrative governmental contracts. They do this through a process called federal acquisitions.
Federal Contracting A small business with the resources and product or service in need by the federal government can secure a federal contract by receiving federal acquisition training form federal acquisition training professionals. These and other ways of expanding a small business can combine to build a small business into a large corporation when performed diligently and intelligently. Another way that small businesses become large businesses is by providing their employees with the proper training. Certain trainings, like sexual harassment training, are essential for small businesses to become more on the radar in their field. Providing your employees with sexual harassment training will help bring a healthier and more comfortable atmosphere to your workplace. Photo Credit: Youtonium.com, SMEblog
Published on Dec 9, 2013
Small businesses and the spirit of entrepreneurship have long since formed the foundation of modern capitalist societies and have embedded t...