Growing your business has everything to do with maintaining relationships . Sandee Mendelson Reid Be on good terms with your suppliers makes it easier to obtain favorable payment terms . You can ask for extensions , shorter periods or discounts on bulk purchases . Each of these factors improves cash flow and frees up capital for expansion . Positive relationships with suppliers can also give you access to the internal market information . Talk to your provider about your product or service range , discuss the industry and market trends, and ask where the possibilities.
Relations with investors are also essential . Set up strong relationships with multiple funding sources , such as lenders, private investors and private equity investment. Meet them before you need money to talk about your mission, your goals and your schedule. Ask for advice and keep them informed of your progress. This helps build a foundation of trust on which you can rely on when your business will need capital to grow.
Broaden their horizons by Sandee Mendelson Reid
Once you have built strong relationships , planning to expand .
Can you add a product or service that complements what you currently offer? Will it attractive for existing customers ? Can you use the current income and resources to make it or move it? Will you need little capital without much financial risk ? If the answer is yes , the expansion of your products or services may be the right approach to take.
If there is a different market segment or a different customer needs that you can address , explore a new niche can be your way to growth. You can also expand your distribution channels with a website , a new location or an alliance with a complementary business .
Keep in mind that the expansion puts you in boot mode , it is best to pursue one opportunity to expand both . Be sure to keep your current customers informed about your new product or service while also working to attract new customers .
Now that you have everything set up , make awareness through promotions , advertising and networking.
Before launching a promotion or advertising, clearly define your goals. Did you try to create a better brand awareness and boost quarterly sales ? Do you focus on new customers or those that you already have? What is the best way to reach them ? Answering these questions can help you develop better promotions and select the best media for advertisements and messages .
You are the best ambassador for your company , then you should try networking - a means of raising low cost and high impact . Organize or attend events and become part of people's organizations inside and outside of your industry. Will there any people in your community who know everyone, who are the first to know everything or always have the latest gadget ? Develop relationships with these people and tell them about your expansion into a new niche. But be careful to do your homework if you want to impress them with your expertise.
|Time:||Monday, October 29, 2018 12:00 PM - 1:00 PM EDT|
newyork (New York, NY)
New York, NY 10006
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