It is not easy to turn a small business into a mega one. Research and statistics have shown that very few of so many small scale businesses translate into a mega scale business. However, some fizzle out while others remain where they are almost forever. Staying small does not in any way guarantee any success in business. It is sure that people do business to make a profit whether it is an entrepreneur or a partnership business. Anyone who desires to grow the business is encouraged to spice the business with the following strategies.
- Quality products and services: no matter what the price of your products may be though, considering your competitors, you have to ensure that quality is of the essence in the production and delivery of your products and services. Quality must not be questionable. You may have to hire the service of a quality personnel to assist in fulfilling this goal.
- Penetrating the market: you must ensure that you penetrate the market. Your products must be readily available in the market. It should not be scarce.
- Developing the market: it must be ensured that there is market extension. Don’t be contented in selling your products and services in only one location. Seek to sell the products and services in several other places. Do not stop doing this. The more the market gets developed, the more it gets larger, the more products and services you offer to your customers and the more profits you make. That’s it!
- Using current technology: one-on-one with customers are not enough. Information and communication technology has made introduced e-commerce. You can now market and sell your products and services over the internet. You can develop an application that enables customers to buy using their mobile phones, iPad, smart phones and so on. This is the world of technology. Also take note to make advantage of any new technology as the case may be.
- Developing your products and services: business owners must seek to develop products and services rendered to the old and new customers. New products can be developed to take care of the new demands of the customers as taste and things may change with time. The old products may be repackaged or rebranded for a better presentation to the customers. Doing this will keep your old customers and usher in new ones as well.
- Marketing: any products and services will not market itself. You have to take up the responsibility of informing or making the public to be aware that a new product is about to or already in the market. Ensure that the target audience is contacted and that they understood what the products and services have to offer them. It must be strategic.
The above strategies may be taken one after the other. It is tested and proven that these strategies will definitely move your business to a higher level, as in, a mega scale business. See you at the top!