3 Ways to Grow Your Business Without Physically Expanding
When people hear the phrase “grow your business,” they often think that physical expansion is an essential part of that growth. It’s true that expanding into larger office spaces or opening additional locations may be essential at some point in your business’s growth. However, those things aren’t necessary at every stage. In fact, you may be looking for ways to grow your business without having to put a huge down payment on a new office space. If that’s the case, here are 3 suggestions for doing just that.
Hire Remote Workers
You might need a few more employees to take on more clients and more work. But that doesn’t mean you need to pay out for new office space. More and more employees these days are working from home, either full-time or on a rotating schedule. In fact, by offering this as an option for your employees, you’ll likely attract more qualified candidates. That’s because flexibility is rated as one of the most important job perks for millennial workers.
You can set up a rotating schedule so that certain teams work remotely on certain days of the week. Then plan for having members of the same teams in the office on the same days. In this way, they can collaborate on important projects.
Even if you have employees working remotely full-time, you can still collaborate on projects. You can also share information using innovation management software and other office communication tools. With today’s technology, sharing an office is not necessary for teamwork to happen.
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Consider Resellers and Distributors
Perhaps you don’t currently have the space or work force to store additional products. At the same time, you want to sell more products. In that case, partnering with distributors and resellers could be a good option. They buy large amounts of your products at a lower price. Concurrently, they assume some of the risk inherent in reselling those products to the end consumer. Distributors and resellers often store the products themselves. So you can sell more products without having to worry about renting out more storage space.
Just be sure that you know the differences between distributors and resellers. Only in this way can you choose a partnership that is right for your business.
Focus on Online Sales
If your brick-and-mortar shop is booming, and you want to continue to grow your business, you might feel the pressure to open up a secondary location. While this can be a great idea, it might not be viable financially. Additionally, you might not have the time to dedicate to a brand new location right now. However, that doesn’t mean you have to give up on expanding your business.
Instead, consider focusing on expanding your online sales. Every year, more and more purchases are made online. For example, consider suppliers like Amazon, who offer customers the convenience of shipping directly to their homes. If you’re not tapped into the online consumer world, you’re missing out on a huge opportunity for expansion.
So start putting some effort into refocusing your attention on your online sales. Build up your ecommerce platform. Put some funding into online marketing. And look into selling your products on Amazon. Doing so allows you to reach a wider consumer base. This can help drive up sales without the overhead costs associated with a brick-and-mortar store.
Think Virtual Expansion
Whether you run a business from home, or you’re a small business owner looking to grow your company, you don’t need to let physical expansion stand in the way of your business growth. Instead, find other ways to grow. By thinking of your expansion as a virtual one, you can reach more customers, make more sales, and continue to climb toward success. The only limitations you have are the ones you place on yourself!