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