According to the U.S. Small Business Administration, nearly 50% of small businesses will fail within five years, regardless of their industry.

Coupled with shopping habits, global crises, and generational consumer shifts, it can be difficult for businesses to understand the needs and habits of their customers. It’s an even bigger challenge for a small business to grow and expand.

Why Business Expansion Is Important

Scaling and growing a company can lead to failure if not achieved sustainably. As a business grows, it’s important to understand that risks and challenges are inherent in any new business decision. The creation of an expansion strategy is instrumental in helping a business reach untapped potential, ie. new customers and profits.

A strategy to help with company expansion can provide specific, small, targeted steps to work towards new goals without taking enormous risks. Below are five tips to help with your business expansion.

1. Accept Multiple Payment Forms

It’s 2020 and there are numerous methods for consumers to purchase your product or service. As a business, you have to provide opportunities for them to pay with their preferred method.

You might consider a business that handles credit card processing, accepts checks and cash, or even contactless payment options. The more methods you allow, the more customers you can serve.

2. Develop a Sales Funnel

Sales funnels are becoming increasingly popular methods for business owners to achieve market expansion.

In this process, a business creates multiple opportunities to connect with leads, develop a relationship, and turn that relationship into a customer. There are a number of different programs that businesses can utilize to deliver newsletters, ebooks, quizzes, and other offerings that entice a potential customer and open the door for new business.

3. Diversify Your Offerings

If you’ve successfully sold a limited number of products or services for a sustained period, it might be time to add a new offering to your lineup. Products or services that run parallel to what you already offer open up a new opportunity for revenue to an audience that understands who you are as well as those who have never heard of you before.

4. Use a Customer Relationship Management Tool

Customer Relationship Management (CRM) software allows you to track the relationships with your customers, their purchase history, as well as the financials of your business. It also provides data analysis opportunities for you to identify and target leads that can become new customers.

5. Build Out Your Email List

Communicating with your audience allows you to share new ideas, products, services, or events that your company provides. It’s also an easy way to share deals and sales to create repeat customers and reward those who have established their loyalty to your company.

Growth Can Be Done Effectively

While it’s scary to consider the survival rates of small businesses, implementing small steps to help your business expansion can prove effective. Try implementing one or more of the steps above to see your business flourish. These small steps can lead to new customers and sales while avoiding unmanageable and unexpected growth.

Looking for other ways to help your business grow? Browse the rest of this site for more great content.

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