Initiating a trade is like stepping onto a roller-coaster with no safety strap. Growing a industry into a flourishing enterprise is a tough call, requiring perseverance, leadership skills, and a lot of critical thinking. The reality in Zimbabwe is that financial markets are self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium therefore wisdom is a virtue. Whenever there is a conflict between universal principles and self interest, self interest is likely to prevail and usually self interest is in conflict with the growth of business. Here are 10 ways to grow your business
Do business online
The 21st century is an echelon of technology which is highly marked by the advent of online engagements cutting across all sectors from communication, shopping, entertainment, sport and in some cases even theft. In the race to engage business online education is also fast advancing a there is now e-learning being used by varsities like UNISA to cater for their distant students. A business should have a website if it is to remain relevant and compete with other established organizations. 70% of your customers likely go online once every week and are on different social media platforms so engaging online business gives you a competitive advantage and makes it easy to reach out to a wide range of clients. A business cannot grow in the absence of clients.
A merger is the fusion of two companies by structuring them under one administration to make them a single legal entity. Mergers are done as a strategy of growth and are different from hostile take overs where large companies swallow small ones which are failing to bring about turn overs. Mergers have the sole purpose of improving the value of shares and overall performance of the merged businesses. This moves is essential in improving the budget and lessening expenses for research, marketing and license renewals and the company birthed from a merger has greater purchasing power and enjoys customers from both businesses. In a merger is is essential for the two companies to have a record that is close to similar otherwise the other will benefit whilst the other loses.
Targeted marketing permits you to get a hold of suitable potential clients more competently than any other promotion policy as it works as a guided arrow which homes precisely in on its intention and this is true of advertising having a definite market assists you dedicate yourself to the exact needs of that market helping you fulfill the customer’s exact desire. Target marketing insurers that you don’t waste a lot of resources in advertising to a market that might never benefit you.
Within provisions of shared marketing, trade diversification is the approach to enhance proceeds by advertising new products in up-to-the-minute markets. Diversification in business promotions are a tool and driver for both offensive and self-protective functions. Business diversification increases the earnings of the firm by introducing the firm and its services to untapped markets. On the protective side, it can be used to circulate the property of the company in order to guard the firm against the predicament in the market. The greatest advantage of business diversification is the potential increase in revenue. Business Diversification means selling the products of a company in a new environment that has not been tried out in previous occasions; a successful business trip can lead to a whole new revenue stream.
Structure an alliance
Premeditated alliances are not alien to business strategies. It involves different trades forming partnerships that enable them to work together to attain their reciprocally beneficial goals. In a simple view, it is a reflection of the aspirations of enterprises to accomplish their autonomous business goals with each other’s help. This has fast become a need for businesses if they are to survive the gruesome competition that exists in industry. Trades that come into in to calculated alliances usually do so with the intent of having a number of beneits. Some of the possible benefits that ventures pull off include better market access, synergy and distribution of the monetary risks.
Certify your merchandise
Customers in these times of economic turmoil are very skeptical and are not willing to buy from someone they consider to be not authentic. Licensing your product authenticates your business and says volumes about the seriousness you have about your business. This helps you to be easily defined and identified and if you have managed to grow a successful brand this enables you to get the attention of elite first class customers.
Make your business a franchise
This is a great way to help you discover people who are talented and work based on incentives to discover better locations for you. Competent workers prefer to devote to running for profits rather than wages as a worker. Since your franchisees pay to buy channel in your series, it enables you to open more locations without using much of your capital or without requesting financing from institutions. Franchising produces high monetary returns for somewhat low threat.
Secure government contracts and tenders
The unsurpassed way for a small trade to develop is to have the government as a consumer. This is not an easy task but it the return is always worth the price. The benefits of winning government tenders is you are not subject to the level of outside opposition of the external marketplaces. Companies like Intratek in Zimbabwe have grown a lot because of winning government contracts.
Expand your business by opening other locations.
Restricted growth has been a result of operating in one location which has limited cash flow, but opening several locations opens your business to greater prospects as the law of averages kicks in. opening new locations increases awareness of your brand and service delivery systems and can lead to loyalty from customers who want to keep buying from you despite your location.