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FALL 2017
To stay relevant and
successful, branch out and
explore new opportunities
Grow With
the Times to
Grow Your
Business
I
t’s impressive to be a longstanding business with deep roots
in the community. Keep in mind, however, that holding on
too tightly to traditions from the past may be hurting your
business in the present. Why? Because blindly following tradition
causes us to turn off our brains and can get in the way of critical
thinking, imagination, and innovation.
Think about these questions: Do you handle tasks a certain way
simply because that’s the way you’ve always done them? Are
you using outdated computer or communications technology?
Do you still have the same marketing materials, merchandising
displays, or products that you had five years ago?
To foster growth, stay open to fresh ideas and encourage your
employees to look for better and faster ways to do their jobs and
serve your customers. Many resources are readily available which
can help plant the seeds for new opportunities. For example, join a
local business or community group to hear inspiring speakers and
network with new people. Expand your knowledge by studying
the success stories of businesses in other industries. Browse around
Pinterest for images that may spark a more creative tactic for items
such as your office interior, product packaging, or advertising.
The U.S. Small Business Administration also offers a variety of
growth tips at www.sba.gov, including:
•
Offer your business as a franchise or business oppor-
tunity.
Franchising your business will allow for growth with-
out requiring you to manage the new location. This will help
to maximize the time you spend improving your business in
other ways, too.
•
License your product.
This can be an effective, low-cost
growth medium, particularly if you have a service product
or branded product. Licensing also minimizes your risk and
is low cost in comparison to the price of starting your own
company to produce and sell your brand or product.
•
Form an alliance.
Partnering with a similar type of business
can be a powerful way to expand quickly.
•
Diversify.
Diversifying is an excellent strategy for growth
because it allows you to have multiple streams of income that
can often fill seasonal voids. Some of the most common ways
to diversify are to sell complementary products or services,
teach adult education or other classes, and become a paid
speaker or columnist.
•
Target other markets.
Your current market may be serving
you well, but are there others that could use your products?
To grow your business, it’s important to take advantage of today’s powerful and cost-efficient options in
communications services. For details on the solutions offered by Networks Plus, call 800.299.1704.