Options for Growing Your Business

There are many different ways to grow your business. Before you decide which option is best for you, we recommend you identify new opportunities or revisit any ideas that you may have for your business.

Expand

There are many ways to expand your business. For example, you could move to larger premises, buy or lease other premises, hire more staff or increase the products or services that you offer. Another option is merging with, or acquiring, another business.

Export

Exporting gives you access to a large pool of customers. If you can produce your goods and services at a stable and internationally competitive cost, and increase your sales through exports, your business can enjoy improved economies of scale.

Franchise

Becoming a franchisor can help you to capitalize on your existing customer base, as well as attracting new customers to an established brand.

Go online

Selling your products or services through an online shop is another way to grow your business.

Raise more capital

If you raise more capital for your business, you can invest in premises, stock, marketing, staff and other resources as you expand. Your accountant, financial advisor and business mentor can help you to decide how to raise more capital for your business.

Innovate

Innovating and commercializing an idea can help grow your business. Innovation can be as simple as product improvement or creating a new product or service.

Find a mentor

An experienced business person, or a mentor, can help you develop your business skills and achieve success earlier than you may have on your own. You might choose a friend, family member or business contact as an informal mentor, or participate in a formal mentoring program run by a government agency or industry association.

Improve customer service

Improving your customer service can help you to sell more to your existing customers and find new customers. Happy customers will refer your business to others providing you with free, favorable word-of-mouth advertising.

Vocabulary:

identify new opportunities – to look for and find fresh possibilities, gaps in the market, or new chances for growth and success, “Market research can help a company identify new opportunities for selling its products abroad.”

premises – the land and buildings owned or used by a person, shop, or organization, “The restaurant moved to larger premises to fit more dining tables.”

lease – to make a legal agreement to pay money to use a building, vehicle, or piece of equipment for a specific period of time, “Instead of buying an expensive office building, the startup decided to lease a small space downtown.”

merging with – joining together with another company or organization to form a single, larger company, “The local bank is merging with a national bank next month to create a stronger financial institution.”

acquiring – buying, purchasing, or taking control of another company, property, or asset, “The tech giant is acquiring a smaller software startup to improve its app features.”

pool of customers – a large group or collection of potential buyers available in a particular market, “Expanding sales into Europe gives the company access to a massive new pool of customers.”

economies of scale – the financial advantages and cost savings a business gets by producing goods in large quantities, which lowers the cost per item, “By manufacturing one million units instead of one thousand, the factory achieved excellent economies of scale.”

franchisor – a person or company that grants a license to others (franchisees) to sell its products or use its proven business model, “As a successful franchisor, the fast-food brand provides training and recipes to local store owners.”

capitalize on – to take advantage of something or use a situation to your own benefit, profit, or success, “The ice cream shop managed to capitalize on the hot weather by staying open later.”

established brand – a well-known, respected name or company identity that customers already recognize and trust, “Selling products under an established brand makes it much easier to attract new buyers.”

raise more capital – to collect or obtain more money (through bank loans, selling shares, or finding investors) to invest in a business, “They need to raise more capital if they want to build a second factory next year.”

commercializing – the process of managing, developing, or bringing a new product, invention, or idea to the market to make a financial profit, “The university scientists are working on commercializing their new solar panel technology.”

industry association – an organization founded and funded by businesses that operate in a specific industry to protect their shared interests and share knowledge, “The restaurant joined the local industry association to stay updated on new food safety laws.”

refer – to direct, pass along, or recommend someone to a specific person or business for a service, “If you are happy with our service, please refer your friends and family to our clinic.”

favorable word-of-mouth advertising – positive recommendations, praise, and reviews spread naturally from person to person through casual conversation, “We don’t spend money on television commercials because favorable word-of-mouth advertising keeps our shop busy.”