2 Key Ways to Expand Your Small Business

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
- January 2025 (118)
- February 2025 (112)
- January 2024 (238)
- February 2024 (227)
- March 2024 (190)
- April 2024 (133)
- May 2024 (157)
- June 2024 (145)
- July 2024 (136)
- August 2024 (154)
- September 2024 (212)
- October 2024 (255)
- November 2024 (196)
- December 2024 (143)
- January 2023 (182)
- February 2023 (203)
- March 2023 (322)
- April 2023 (298)
- May 2023 (268)
- June 2023 (214)
- July 2023 (212)
- August 2023 (257)
- September 2023 (237)
- October 2023 (264)
- November 2023 (286)
- December 2023 (177)
- January 2022 (293)
- February 2022 (329)
- March 2022 (358)
- April 2022 (292)
- May 2022 (271)
- June 2022 (232)
- July 2022 (278)
- August 2022 (253)
- September 2022 (246)
- October 2022 (196)
- November 2022 (232)
- December 2022 (167)
- January 2021 (182)
- February 2021 (227)
- March 2021 (325)
- April 2021 (259)
- May 2021 (285)
- June 2021 (272)
- July 2021 (277)
- August 2021 (232)
- September 2021 (271)
- October 2021 (304)
- November 2021 (364)
- December 2021 (249)
- January 2020 (272)
- February 2020 (310)
- March 2020 (390)
- April 2020 (321)
- May 2020 (335)
- June 2020 (327)
- July 2020 (333)
- August 2020 (276)
- September 2020 (214)
- October 2020 (233)
- November 2020 (242)
- December 2020 (187)
- January 2019 (251)
- February 2019 (215)
- March 2019 (283)
- April 2019 (254)
- May 2019 (269)
- June 2019 (249)
- July 2019 (335)
- August 2019 (293)
- September 2019 (306)
- October 2019 (313)
- November 2019 (362)
- December 2019 (318)
- January 2018 (291)
- February 2018 (213)
- March 2018 (275)
- April 2018 (223)
- May 2018 (235)
- June 2018 (176)
- July 2018 (256)
- August 2018 (247)
- September 2018 (255)
- October 2018 (282)
- November 2018 (282)
- December 2018 (184)
- January 2017 (183)
- February 2017 (194)
- March 2017 (207)
- April 2017 (104)
- May 2017 (169)
- June 2017 (205)
- July 2017 (189)
- August 2017 (195)
- September 2017 (186)
- October 2017 (235)
- November 2017 (253)
- December 2017 (266)
- January 2016 (164)
- February 2016 (165)
- March 2016 (189)
- April 2016 (143)
- May 2016 (245)
- June 2016 (182)
- July 2016 (271)
- August 2016 (247)
- September 2016 (233)
- October 2016 (191)
- November 2016 (243)
- December 2016 (153)
- January 2015 (1)
- February 2015 (4)
- March 2015 (164)
- April 2015 (107)
- May 2015 (116)
- June 2015 (119)
- July 2015 (145)
- August 2015 (157)
- September 2015 (186)
- October 2015 (169)
- November 2015 (173)
- December 2015 (205)
- March 2014 (2)
- March 2013 (10)
- June 2013 (1)
- March 2012 (7)
- April 2012 (15)
- May 2012 (1)
- July 2012 (1)
- August 2012 (4)
- October 2012 (2)
- November 2012 (2)
- December 2012 (1)