2 Key Ways to Expand Your Small Business

By Soko Directory Team / Published September 9, 2023 | 4:47 am



SME

If you are an entrepreneur who has set up a new business, you will know how challenging this process can be. The first few years of trading for any new company can be difficult as a customer base needs to be secured, and sales streams need to increase.

In 2023, it can be extremely difficult to gain visibility for your business. Every year, e-commerce increases and a greater number of competitors are claiming a market share of the online business sector. In addition, it can be tough to gain a foothold in your local area, where you are competing with more established companies who have already built their brand and reputation.

However, if you have managed to successfully navigate the first vital years of trading and your business is becoming profitable, you may be looking to expand your operations.

In this article, two key ways to achieve this expansion will be described.

Support remote and agile working

As a business grows, it will need to take on more staff members to support its key functions. At this stage in a small business development, there may be the option of securing a corporate headquarters office building to centralize the workforce. However, office rental prices and the associated heating, lighting, and electricity costs can prove to be expensive for a small business.

A better solution is to support remote and agile working practices that do not need to rely on a shared corporate workspace. A key way to facilitate this is to move applications and software systems to the cloud and manage them by using an API management platform. This provides a fully integrated online solution for all your vital company IT systems and software. Individual applications can be effectively managed, and security measures can be incorporated to ensure that these remain safe from unwanted intrusion in the online environment.

Put simply, moving your company’s IT systems to the cloud and managing them effectively with a suitable API platform will ensure that effective remote working can take place. This will keep overhead costs down and allow your workforce to minimize the need for travel so they can focus more effectively on tasks and projects.

Be visible at trade shows

One of the most effective ways to encourage growth in your small business is to take an active role in local, regional, and national trade shows. At these events, you can network with other key industry players to form professional relationships and investigate collaborative business opportunities. In addition, the business will be visible to customers and other interested parties to whom you can show your products and services.

Remember to take some business merchandise that has your company branding and contact information on it (such as email and business website details along with phone contact numbers), as handing out corporate merchandise may help boost your brand image and improve the brand recognition of your firm. It may also lead to developing additional sales funnels in the future as companies or individuals contact you to request your services.

In short, attending multiple trade shows will help you to become more visible in the business sector you operate in and can be a key strategy for enjoying continued corporate growth.

Read Also: Stanbic Disbursed KSh 76 Million In Grants To Over 400 MSMEs




About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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