Small businesses can struggle to grow and expand. Operating a small business is time-consuming and stressful, and growth only takes up more time and causes more stress. Here are three simple routes to small business success that can be quicker and easier than burning the candle at both ends.
Product Iteration
Do you have a product that is underachieving? Many businesses build their success on the strength of their products, and if you have a product that is not as refined or effective as it should be it could be holding you and your business back.
Product iteration is taking an idea, concept, or existing product and developing and evolving it further. This could mean going back to the drawing board or adding one or two simple features that add value and make the product more effective.
Prototyping electronic products with the help of BitBox can help you to develop and iterate your existing designs to make them more valuable to your company. BitBox can quickly provide you with a fully working and realised prototype quickly, allowing you to evaluate and test your new design before bringing it to market.
Outsourcing
Growth can be a hard taskmaster to serve. When a business grows it puts pressure on every department and element of your company, which can be counter-productive to the cause. Sudden growth requires rapid expansion, and it can be difficult to keep up. If you miss an opportunity to grow, it may not come back around for some time.
By outsourcing elements of your company, you create the capacity for growth. These departments of services within your business can now grow and expand quickly with the help of outsourcing companies. They can add more staff to your services almost instantaneously, without the need to recruit new staff members and train them.
This can reduce your outgoings while you grow, giving you more money to invest in the areas you need to and more time to concentrate on what matters; profits. This simple and easy change can revolutionise a business and give it the momentum it needs to expand its customer base and its revenue.
Franchising
Some businesses can be limited by the number of outlets or staff levels they have. This can cost them time, money, and customers. By franchising your business you can expand quickly, develop a new revenue stream, and pass on the headaches and stress of opening a new venue to someone else.
Many of the world's biggest and most successful companies use a franchise business model. McDonald's is the most widely known and perhaps most successful example. The vast majority of their restaurants are owned and operated by independent franchisees. They take on the responsibilities of the new outlet and run them under McDonald's brand and sell their products.
This model is perfect for retail and restaurant outlets but can be used for just about any kind of business. It is a great way to grow a company, and take it from being local to national, and even international. If the franchise model suits your business, it is definitely something you should consider.
Try one of these techniques if you are looking for ways to grow and expand your business without facing the common challenges and pitfalls that have stopped other companies in their tracks.
