Exciting short term gains including increases in cash, customer base and sales impact your entire business in significant ways. Preparation for growth is key and anticipating how scaling for growth will impact your business will keep your business robust. For production, unmanaged growth can result in product returns due to production errors, missed deadlines due to production capacity overloads or even a complete shut down due to a lack of financial or other resources.
Do the people in your company work effectively together?
A strong team dynamic is critical to meeting business objectives in the modern competitive business environment. While the virtues of teamwork are silently acknowledged, the direct benefits of working in a team are pretty clear. While individual experts may be able to perform their tasks, teams of experts can more combine skillsets to produce truly innovative work. Here’s our list to convince you why its worth fostering stronger teams:
1. Consider expanding into foreign markets
North America isn’t the only market in the world. Even a small business, in many cases, can expand their sales reach to include foreign markets. To determine if this is a wise option for you, begin by developing relationships with export centers and other associations specializing in reaching foreign markets.
2. Reach out to new market sectors
Very often a company can sell an existing product to a new target market with little more than a shift in market positioning. Some companies can significantly increase their customer base by doing this. For example, Nintendo successfully expended their share of the electronic game market with the Wii product by promoting video games to the previously untapped market of middle aged women. So ask yourself, who else might be interested in your products or services?