Growing your business
If your a business, and you’re trying to find a way to increase your bottom line, there are 4 things to look at.
1. Do things more efficiently
2. Expand your product or service line
3. Target a new market
4. Increase your price, or limit your size
The first is finding a more efficient way to do something. Let’s look at a massive company like Ford who is speaking of consolidating some of their dealers. You’ll find fewer Ford dealers in a neighborhood, and in return, they cut out extra costs.
Another way to grow business is by creating a new service or product. A large company like McDonald’s could create a new product like McNachos or McO’s (onion rings). By offering yet another product, you may find more income from people who normally skip the fries, but like something different. If you offer a service like housecleaning, maybe you start offering a new service such as steam cleaning carpets at an extra cost.
Targeting a new market is another way to increase your bottom line. If you sell and market trendy bags to 20-30’s female clients, why not market to a little bit older client, showing benefits of a trendier bag. Staying current, hip and young is as simple as adding a trendy bag to your fashion wardrobe.
Increasing your price or cutting back on product size is something you’ll see in the grocery store often. Cereal may stay the same price, but if you look closely, maybe they’re offering 20 ounces in their box in place of 22 ounces. You may not have noticed because the price remained the same. I noticed it on a bottle of ibuprofen type product. I noticed the bottle remained the same size, but there were now 2 less then what they used to put in it. If I had just grabbed it off the shelf without looking, I may not have noticed. That’s what a company is banking on! We’re creatures of habit.
What will you do to grow your business?
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