Is this the right time to expand on my product & service offerings?

How do you know when it’s the right time to kick your business into high gear? When the timing is right, introducing new products & services is the key to seeing real growth results. Innovation is the only way to take your business to the next level and help you generate more sales. When you’re running a successful shop, customers will want to see new products and services from you that keep up with their changing needs.

Some clear signs that your business is ready for the next step include strong sales and a loyal customer base that’s asking for more. You might also want to think about expanding if your sales are declining but you recognize areas you can improve on. Here are a few key pointers to get you thinking…

• Does your business have strong sales? When demand starts to outpace supply, expanding is a natural progression. At this point, it is important to bring in a variety of products & services to keep your customers interested.


• Little to no growth: On the other hand, it may be time to expand if your sales are stagnating. If you did not see positive results in the last year that could mean you were stuck in a rut selling the same thing only because it sold well in the past.


• Customer requests: Survey your customers to find out what else they want to see from your business. If you start hearing suggestions about other product & service offerings it’s time to listen and respond to their feedback.

In order to effectively grow your business, you must have a good understanding of your industry and develop a growth plan that caters to your customer base. Climb your way to success with these tips below.

• Create a realistic budget: Build a realistic expectation of your anticipated sales and expenses for the next 3 months then use it as a guide to measure your performance over that same period. As you get better at predicting this accurately push out longer and try 6 or even 9 months.


• Referral Program: Set up a new customer referral program if you have not done so yet. Ensure your customers have an outstanding customer experience so that they want to refer their family and friends.


• Boost your social presence: Conversational commerce is happening all around you and in many forms. The more of an online presence you have the more conversations you will be a part of. Signing up for most social media accounts is free which is always a bonus!

 

Once you have a solid plan for expanding you will need the funds to help you finance the next steps. There are currently many financing options out there for businesses. Staples Business Loans powered by Thinking Capital is providing more options for small business owners get the financing they need to deliver on their goals quickly and efficiently.

If you are a Canadian-based business that has been operating for a minimum of 6 months, with average monthly sales of at least $7,000, then this might be a financing option worth considering. For more information, click here.