It is never easy to turn a small business into a big one. For the last several years, Margaret Kronfield, the company director of BK Enterprises, has been working to develop and grow the selling, financing, and servicing motor vehicle business in Auckland, New Zealand. In order to help a small business grow, there are several things that need to be considered.
The simplest way to grow a company is to sell more of its products to the current customers. This type of market penetration can help you increase your revenue without too much risk. Once you have increased your market penetration, you want to further develop your market. This involves finding a way to sell more of your products to an adjacent market. This can come in the form of offering the products to customers in another city or state. You can also open up an alternative channel to sell your products. If you are a brick and mortar company, you may want to consider selling your products online. If you are strictly an online company, you may want to consider opening up a physical store in the area where you have the most online sales.
Product development is also another way in which you can grow your business. Developing new products to sell to your existing and new companies is a classic business growth strategy that has proven successful for many companies. BK Enterprise’s company director Margaret Kronfield is always looking for new ways to increase the business and is interested in finding new growth strategies to help her.