Entrepreneurs just beginning their journey in the world of small business all face the same conflict sooner or later; what moves should be made to grow the business?  When a company is quickly outgrowing its original intentions, it is important to understand what a growing business can do to continue their hard-fought success.

Efficient business owners know when it is time to push the borders of their venture further.  When it feels like it is time to take the next step, check out a few of these helpful ideas that are considered some of the smartest moves to grow a maturing business.


Open a new location

One of the most obvious ways to expand a small business is to open a new location.  The reality of physically expanding a business is not always the best idea, but it is placed first on this list due to the mass of business owners who choose this route.

For the sake of caution, make sure the business is currently maintaining a stable bottom-line profit.  It is also crucial that the company has shown steady growth over the past couple of years.  Take a full inventory of the current trends and consumer interest, and write out a thorough business plan before investing in a new location.


Launch a more expansive marketing campaign

Marketing efforts are probably the most important tool for growth a business can obtain.  Expand the reach of the business by investing a strong effort into building a highly visible social media presence.

Several software communication tools are available to assist small businesses in organizing their social media marketing efforts.  Further research on the programs best suited to the company’s specific needs.


Hire the best of the best

The internet has endless resources available for employers seeking out the best of the best for hire.  Platform sites like Indeed, Monster, and SimplyHired are great for filtering out frivolous applicants.  These sites help save time and money on hiring and training.

To open up a well-run second location, a company needs a new group of reliable individuals to carry the proverbial torch.  With a group of capable employees, there will be one less stressor to handle during the change.


Offer franchising rights

Franchising rights allow a company to expand by the hands of another passionate entrepreneur.  The deal typically requires franchise owners to pay a percentage of their profits to the brand owner.  Franchising is sometimes a more efficient way to expand a company’s assets quicker.


Diversify the company’s product or services

There is always the option of diversification.  If a company sells a special line of cups, it might be profitable to begin selling complimentary cup holders or coasters.  Customers who are loyal to the brand will have no qualms investing in a matching product.


By Chakraborty

Dr Chakrabarty is the Chief Innovation Officer of IntuiComp TeraScience. Earlier she was Assistant Professor of Delhi University, a QS ranked university in India. Before that she has held research positions in IIT Mumbai, IIT Chennai and IISc Bangalore. She holds 2 patents and over 20 research publications in her name which are highly cited. Her area of research is in smart technologies, integrated devices and communications. She also has a penchant for blogging and is an editor of Business Fundas.