Expanding or diversifying your business is the means by which you bring past entrepreneurial endeavors up to date and then move forward into the future. Successful businesses never remain static, but grow steadily either slowly or rapidly depending upon changing consumer trends and new technology. The key in expanding or diversifying any business is to enhance activities without causing an undue operational and financial burden thereby damaging your original "Business Plan." Before increasing goods and services or installing new technology survey your customers/clients, monitor the competition and analyze the effects of market economics on your specific business. You must also evaluate current or future trends and new technology for their true worth to make sure they are not a passing fad.
You should approach the research and creative development process with a positive "can do" attitude and apply these well-established "rules of thumb" to your expansion or diversification project as guidelines:
- formulate a comprehensive strategy for growth;
- keep added costs and income ratio consistent;
- outsource to reduce overhead when feasible;
- have backup files for all business data;
- update Web site frequently and increase Online visibility if relevant;
- repair or install updated software in old computers where applicable.
An open mind and a desire to increase your customer/client base combined with cautious implementation of "the expansion/diversification plan" will bring your business to a higher level of success.
To help you "Expand Or Diversify Your Business", SCORE, A Resource Partner of the U.S. Small Business Administration, offers free, confidential one-on-one business counseling with experienced executives plus a day long monthly workshop for a nominal fee. For the location, phone number and counseling hours of the office nearest you, call our main Dallas SCORE Office at (214) 987-9491.