When first starting a business, an entrepreneur does a lot of research about how to set up a successful company. Their strategy includes considering:
• The direction of the company.
• The scope of the marketplace.
• The unique advantages the company’s products have in the marketplace.
• The current resources of the company.
• The economic environment.
• The capability of the core management team and the expectation of the investors.
These questions helped to shape the essential strategies for local business advertising and local advertising.
It is these very questions that a company owner has to ask again to grow their enterprise. This, time, however, instead of asking how to start a business, they are asking how to grow it. It is exactly this type of progressive thinking that must now be applied to expand the company to a new level.
Answering these core questions creates a clear idea of direction, scope, advantages, resources, and environment, and team.
Here, then, are 7 strategies that incorporate these core principles:
1. Consider opening another venue. If one store or office is successful, then the company should repeat the same steps in another store or office. This will potentially double the generation of income.
2. Itemize all the things that are working and formulate a model that can be rolled out as a franchise.
3. If the company developed a unique product line, it might consider licensing its products to other people who are interested in setting up their own business.
4. Associate with others in the industry and create an alliance to share resources and core competencies for a larger share of the market.
5. Diversify the current product line or services to include related ways of monetizing from them. For example, teaching adult classes on success, writing a book, offering public speaking about entrepreneurship, importing a related line of products, or exporting products.
6. Look for other possible markets that can be entered. Can the ideas and strategies learned from the first successful venture be applied equally effectively to another market?
7. Create a website to extend market share. Divert some profits to hiring experts in website development and local online marketing strategies. Most of the technical details of running a website can be outsourced. There is always a way to replicate a physical business into a virtual model. Although the company now has an online presence, it can still effectively use local business advertising and local advertising.
These 7 strategies are powerful ways of expanding direction, scope, advantages, resources, environment, team, and profit for stakeholders.
Author writes about a variety of topics. If you would like to learn more about local online marketing, visit http://www.local-advertising.com.
Source: Liz Jones – articlealley.com
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