Phenomenal Tactics For A Hassle Free Business Expansion

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You only have to say the word expansion, and people working within a business start to sweat. It’s not that they inherently dislike the idea. It’s just that traditionally, alongside growth, you can expect additional work, risks, as well as an increase in stress and hassle. Of course, when expanding your business, there will always be additional tasks, and hazards to navigate, the same is true for any business. However, much of the hassle can be avoided if you manage the expansion right. Something that you can read all about doing in the post below.

Do your research

The first tactic for a hassle-free business expansion is to do plenty of research before you go ahead. In fact, data is one of the most valuable assets when it comes to successfully growing your business. The reason being that if you make your decisions based on cold, hard facts, rather than instinct, you have a much better chance of mitigating any risks.

What that means is you need to invest in market research before you plan to expand. This being an activity that can provide you with all sorts of information. Such as what type of demographics your products will appeal to and what kind of prices customers will be willing to pay. It can even help to inform the sort of launch that would work best for your expansion.

Additionally, market research is not the only information-gathering exercise that you should do before deciding to grow your business. You also need to make sure that you have all of the figures and projections from your current endeavor. Something that will allow you to establish whether you have the finances to fund a successful expansion or not.

Source new staff before you get big

Next, if you wish to minimize hassle when expanding your business, you need to be on top of your recruitment process. What that means is you need to start thinking about the possible roles you will need to fill. You will also need to consider the different type of employees you will need for your expansion to be a success. Well, before you start to enact your plans.

Happily, there are strategies you can use to help you with this, including creating a database of potential candidates that you can call upon should the need arise. Additionally, for some firms partnering with an agency can help them to quickly fill mission-critical positions during expansion, without having to dedicate too much person-power to this task.

Rebrand accordingly

The next things you need to get a handle on, if you want your expansion to go off without a hitch, is your rebrand. In fact, this is crucial and nearly always necessary. The reason being that there are few products that can be transitioned to other markets and demographics with precisely the same marketing materials that were used before.
Of course, savvy businesses will use the information they gathered at the research stage to inform their rebrand. Something that will make sure that it is as effective as possible for the market in which it is intended.

Particular caution needs to be taken here if you are hoping to expand into overseas markets, as international branding faux pas are common. Of course, these can be hilarious to observers but disastrous to any expansions success, and so be a costly mistake that is best avoided whenever possible.

StrategyDriven Entrepreneurship Article |Business Expansion|Phenomenal Tactics For A Hassle Free Business ExpansionUse scalable IT services

Scalability is another important concept that you will need to grasp if your business expansion is to be conducted with the minimum amount of stress possible.

In particular, scalable IT solutions are a must for any type of expansion that you want to be a success. The reason being that you will be able to expand the infrastructure of your company as your need for output increases. A situation that more practical, and cost-effective than having to rebuild everything from the ground up every time you move into a new market.

With that in mind, using a data management service for your IT before you begin your expansion is the best course of action. Then, your IT provision can expand quickly with the needs of your business, without it interfering or delaying your movement into other profitable markets.

Secure your supply lines

Finally, if you want your business expansion to go off without a hitch, you need to be sure you can supply the next influence of customers with product. This means you will also need to make sure that you have a consistent supply of materials and the resources you need to create the products. All within enough time to go through the manufacturing process.

Additionally, do not forget to factor in delivery time when you start to supply a new market either. Especially if you plan to make the product in the country in which you are based, and then ship it overseas and distribute it to individual customers.

Happily, making use of the logistics infrastructure that is already in place within a new location can help you to do this. In fact, many smaller businesses choose to partner up with companies that are well established in their new location like Amazon. An action that can make a successful geographical expansion significantly less complicated and stressful to achieve.

Summary

If you are looking for a hassle-free expansion, there are some things you need to bear in mind. The first is that there will always be some risk, and additional work associated with growing your business. However, you can ensure that things go as smoothly as possible by doing the following things.

First of all, you must do your research both in terms of what your potential new customers want. Secondly, be sure that you can staff your expansion successfully. Thirdly, at least some rebranding will be necessary if you’re going to grow your business. While fourth on the list is that you will need to grow your IT alongside the other parts of your business for things to work.

Finally, don’t forget that if your expansion is to go off without a problem you need to source the additional supplies, as well as deliver the product to your new market. Something that partnering with another company can help you do most effectively.

Ways You Can Make Money Online

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StrategyDriven Entrepreneurship Article |Make Money Online|Ways You Can Make Money OnlineThere has been an increase in people wanting to work from home alongside the growth in the digital age. This means that not only is it becoming easier and more viable to make money online at home there are also more and more opportunities arise to do so. With job such as accountancy, programming, HR and blogging all becoming viable options it’s no wonder more people are taking the opportunity to work remotely, from anywhere they like. You can even work while travelling, which seems to be an option that many people are choosing.

Have a look below at some of the different options you have for making money online:

Become A Web Developer

One of the most profitable ways to make money online can be web development. Yes, it can be a difficult job to crack but the fruits are definitely worth the labour. If you’ve got the skills to code then you have the perfect opportunity to turn it into cash. There is an abundance of people who are after people who can code in order to help them build websites, or help in designing products such as applications for mobiles. Although people can now create their own websites with tools such as WordPress and Wix, a lot of people are still using code to create a website as it allows more flexibility. If you have advanced skills you could even think about creating your own plugins for places such s WordPress.

Start A Blog And Make Use Of Affiliate Marketing

One of the most popular ways to make money online is through a blog and affiliate marketing. They go hand in hand. As your following grows o your blog you have the perfect opportunity to use affiliate marketing to recommend products and services to your readers. Be careful not to come across as spam and try to only affiliate for products that are relevant to your blog. Blogging is all about creating interesting, relevant content in a niche area that you are passionate about so it makes for a very enjoyable way to earn money online. Everyone has the ability to become a legendary marketer but it does take time and commitment. It’s not easy to build up a following through so don’t think it’s going to happen overnight. Using blogging and affiliate marketing together can turn out to be extremely profitable.

Become A Freelance Writer

Freelance writing can be one of the easiest and fastest ways to earn a decent wage online. The best way to do this is to start off small if you have no experience and sign up to some platforms that allow you to look for and apply for freelance writing positions. You might think that you need to have a lot of experience with writing to be able to use this option but you would be wrong. You’re able to find platforms that will allow minimal experience, then once you’ve built your skills you can look to take on more challenging jobs. Try building a portfolio of your work as you are building your skills so you’re able to prove your abilities when bidding for work.

These are only three ways that you can earn a living online, there are more. Do you have any other ways of earning money online that you can share in the comments section below?

Three Ways to Increase Business Profits

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StrategyDriven Managing Your Business Article | Three Ways to Increase Business ProfitsEvery entrepreneur wants their business to grow and generate a profit. Fortunately, there are many ways to increase your chances of business success, save money on your cash flow budget, and grow a successful business.

With this in mind, here are three simple ways to increase business profits.

Invest in recruitment strategies

It’s important to keep in mind that employees are the backbone of every successful business. A productive workforce will have an obvious positive impact on your profits and overall business success. For that reason, it’s vital that you invest in recruitment and focus on strategies to attract and retain the best quality staff.

Some simple ways to attract top talent include offering job perks such as bonus schemes, generous holiday allowances, flexible working, and free gym memberships. In today’s candidate-driven market, many companies struggle in their hiring efforts. Unemployment is low and job seekers have increasingly high expectations which can make recruitment a challenge for any business.

One way to improve your hiring strategy is by outsourcing your recruitment to a HR consultancy. For instance, London HR consulting offer expert guidance on recruitment strategies and can help you attract top talent to your business. Investing in recruitment and hiring strategies is definitely worth it in the long run, considering the many benefits of having a highly skilled and productive workforce.

Focus on your marketing efforts

Marketing is one of the key ways to increase profits in your business. Effective marketing strategies will improve brand awareness, generate more leads and conversions, and ultimately increase sales and profits in your business. For that reason, it’s vital that you invest in advertising and marketing efforts and have this as a core focus in your business plan.

Companies use a huge range of different marketing strategies and it’s important to find what works best for your individual business. One of the most effective marketing tools in the modern business world is social media. These platforms allow you to interact with your customers on a more personal level, expand your target audience and advertise your products and services to a global audience. Business owners should not overlook the power that social media can have on business profits.

According to experts at Business2Community – “Social media marketing is perhaps the most powerful brand-building tool of all – but only if it’s managed correctly.” If you’re struggling to maintain an active presence on social media, then you should consider hiring a social media expert to manage your accounts for you.

Maximize your cash flow

Cash flow is the money that goes in and out of your business. Finding ways to maximize your cash flow is a simple way to increase profits within your business. Fortunately, there are many ways to achieve this, including:

  • Focusing on increasing sales within your business and encouraging customers to pay upfront or pay deposits/repayments.
  • Establish good credit management practices which includes sending invoices out promptly, repaying any credit on time and in full, and chasing any outstanding accounts.
  • Buying stock in bulk in order to negotiate better prices and take advantage of cheap deals.

Improving Your Company Starts with You

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StrategyDriven Entrepreneurship Article | Improving Your Company Starts with YouMany leaders wrongly attempt to improve their companies with a bottom-up approach, focusing on the smallest issues and hoping to work their way up. And while this can work in a relatively stable organization without any significant leadership issues, it’s the wrong approach if you’ve never put any thought into your own leadership capabilities, as well as those of other people in important positions. There are many ways to make yourself a better leader, and if you’re struggling to improve the performance of your company, it may be because you’re lacking in that area yourself.

Advanced Leadership Methodologies

Leading a company is not just about giving orders and delegating tasks. You have to know how to optimize the performance of every unit of the organization, seek out opportunities for sustainable growth, and perhaps most important of all, know how to talk to your employees in a way that allows you to understand their concerns. Many of these things – and more – are described in detail in methodologies like lean and Six Sigma. If you’ve never heard of them, it might be a good idea to familiarize yourself with what they have to offer. There’s a reason why experienced specialists in these fields tend to be very highly compensated.

Do You Understand Finances?

Another aspect that many leaders can often stand to improve about themselves is their ability to handle finances. Many wrongly believe that they are doing fine in this regard, when they are actually making mistake after mistake that anyone with more experience would immediately spot. Some people even go as far as to learn accounting just to be able to lead their companies better. And while it might sound like overkill, it can actually be relatively straightforward to prepare for CPA exam on the side, and obtain many useful skills that you can immediately apply to your organization in its current state.

Leading a Growing Organization

Last but not least, the other common problem that many leaders tend to face sooner or later is their inability to handle rapid growth. Even if you’re fine controlling the different branches of your company now, this will sooner or later become all but impossible if you start growing fast. And pretty much any company’s goal is to grow constantly. You should familiarize yourself with the common challenges faced by companies and their leaders in these situations, and be prepared to put a lot of work into preventing the development of major issues. Uncontrolled growth has killed many companies in the past, and yours is going to be no exception if you don’t pay attention.

If it seems like a lot of work, that’s because it is. Leading a company to success is not a straightforward task, and requires a lot of personal sacrifice. But in the end, that’s why the position of the leader is so important in any organization – because few are willing to step up to the task and do what has to be done. And if you want to comfortably retire with a nice savings account some decades from today, you need to start paving that road now.

Want A Better Strategy? Don’t Talk To The Same People.

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StrategyDriven Entrepreneurship Article |Strategy|Want A Better Strategy? Don’t Talk To The Same People.Alan Gozdalski has taken care of the landscaping on my property for over 20 years. He treats my property like his own. When a devastating fall storm hit Buffalo, NY in October of 2006, Al was one of the first people who called me to check on how his (my) yard fared. I am pretty sure that we both had tears in our eyes when we walked the property and found ourselves shoulder-high in a sea of broken trees.

Al is one of the most creative entrepreneurs I know. He pioneered residential ponds in Western New York, and since 1997, he has installed over 1,000 ponds in the area, including one in my yard. Every year I host a holiday party at my house. I invite clients, friends, students and interesting people who have become friends. Al comes to the party.

I was at Al’s store recently, and he introduced me to another customer. He made a point of telling them about my parties. “I met a plethora of interesting people at Roger’s party. In five minutes, I talked to five different people with different ethnic and work backgrounds. I met a nun, a cardiologist, a rock musician who is in the Buffalo music hall of fame, a Pilates instructor, farmers, branding experts, website designers, entrepreneurs, corporate presidents, college professors and some of Roger’s graduate students who are different ages and nationalities.”

Al loves my party. Why? Because at the party, he is exposed to people who don’t think the same way he does.

One of the most effective ways to get creative is to interact with people from varying backgrounds who have a variety of interests. This isn’t always easy to do, for most of us find it more comfortable to spend time with people familiar to us. To our own detriment, we often don’t make the time or effort to meet new people.

I am pretty sure that we violate the fire code by packing so many people into the house at the holiday party. You can’t help but meet new people when you come. And, if I know two people who would enjoy talking with one another, I make a point to pull them aside to make an introduction.

Research conducted on communication networks determined that the best source of new information is NOT from the people you see regularly. Why? Those people usually have the same information that you do.

The best source of new information is from other networks — people who run in circles different from your own. In technical terms, this is known as non-homogeneous groups. To stimulate your creativity, it is important to tap into groups of people with whom you usually don’t interact.

I offer a program called Breakthroughs Lab, designed to help clients work through tough problems. When I’m hired for these projects, my clients are stuck and facing an obstacle that even their most competent people can’t solve. They often tell me, “We need to have all of the technical experts on this.” I ask them this — “If the technical experts haven’t been able to solve the problem, then why would we have more technical experts work on the problem??

Instead, a Breakthroughs Lab consists of a client and five to seven “creative catalysts” — industry experts who are also highly trained in Creative Problem-Solving. I find people who know very little or nothing about the client’s problem. By nature of being new to the problem, they will have new information that the client does not have. It’s sort of like coming to my holiday party, but the focus is on creating a breakthrough.

The same is true for developing strategy. You will get a much richer result if you include people who are NOT working the business all of the time. They bring the fresh perspective that can set you apart from your competition.

Seek out those people who you might not usually connect with. Talk to them. Learn from them. And if you are in Buffalo, NY in December, give me a call. There might be a party brewing.

About the Author

StrategyDriven Entrepreneurship Article |Strategy|Want A Better Strategy? Don’t Talk To The Same People.Dr. Roger Firestien has taught more people to lead the creative process than anyone else in the world. He is senior faculty and an associate professor at the Center for Creativity and Change Leadership at SUNY Buffalo, author of Create in A Flash: A Leader’s Recipe For Breakthrough Innovation and President of Innovation Resources, Inc.
For more information please visit: https://rogerfirestien.com/