As the economy is slowly recovering, it may be time for small business owners to start thinking about how to expand their enterprises.Suite101.com offers some tips for growth that might benefit all companies this decade.
First, entrepreneurs should remember that current customers could become brand advocates and help spark business growth. Existing clients can promote a company through a word-of-mouth campaign as they are already familiar with products and services. By boosting loyalty among current customers, business owners may benefit from free referral marketing.
The source also reminds entrepreneurs that customers could be links to profitable business partners. Potential business partners – like prospective clients – might more readily do business with companies recommended by trusted friends.
Another important way to build client bases and business partners is to consider expanding corporate offerings. Entrepreneurs can try to capitalize on holes in existing markets to develop more extensive services and gain a competitive edge. At the same time, it’s important to make sure company representatives are well-versed in any new – and longstanding – products so they can easily explain them to customers. This will boost brand reliability, says Suite101.com.
Additionally, entrepreneurs can start a company to grow their businesses in the blossoming economy. Business incorporation makes enterprises seem more legitimate, in the minds of business partners, prospective clients and lenders whose funds may be necessary for expansion. It also offers entrepreneurs tax credits, and this money can be put into developing a broader business model.
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