The Best Time to Grow
7 reasons to expand your business
Business growth is best achieved by matching the timing and pace of your business's growth initiatives to market demand. Ideally your business will enter the marketplace with growth strategies that are designed in response to either untapped existing demand for its products and services and/or to take advantage of any rapidly emerging new demand. Several scenarios that may generate increased market demand for your business's products and services are:
- Entry into a heretofore-untapped market (such as when your business enters a market for the first time).
- The advent of new products or services (complementing your existing product mix).
- An increase in size of the marketplace (perhaps in response to a major employer opening a new location within your target market).
- A competitor leaves the market (by eliminating part of their product line or by closing their doors altogether.
- Consumers experience a major change in their tastes (such as the movement from land line telephone service to the use of mobile phones).
- You create new demand where it does not yet exist (note: this can be very costly in terms of time and money, and can have a high degree of risk that it will fail to generate the anticipated profitable sales increases).
- The identification of new target markets (such as a new city, state or the world, via the Internet)