Starting a business in the extremely competitive market of today which is full of entry barriers can be a real uphill struggle. If you have managed to get past this phase and establish your business in the market, and expect smooth sailing from here on out as an entrepreneur, then you are sadly mistaken. In fact, the real challenge is yet to come. All organizations must constantly concentrate on expanding their operations in order to survive as a successful and profitable enterprise. Here are five business expansion strategies that you might find useful in elevating your organization to the next level.
Add to your product/service portfolio
This particular strategy of expansion is much easier said than done. The first step is to gain a comprehensive idea about what products your customers expect from you and conduct research to find out how much they’ll be willing to pay to purchase them. The sample of respondents selected for the market research must be a fair representation of the population if its findings are to be valid and reliable. Next step is to develop the product from scratch and determine whether it is a profitable project to undertake. If the answer is yes, commence the production process.
Conquer new territories
Once you have gained proper recognition in your current territory of operations and established a loyal customer segment, it’s time to expand to new territories. If you are a production company, open up a new facility in geographical location that has access to all peripheral and raw material requirements including electricity, water, skilled labour and raw materials. Since such a move will involve a very large capital investment it is crucial to get it right the first time itself. Similarly, if you are a service organization you may either construct or purchase your very own service outlet in the desired location or look for a shared office space if you don’t necessarily need an entire office for yourself. This option would be relatively cheaper and much more flexible.
Aim for new target markets
Instead of targeting your products and services on a specified market segment based on demographics or psychographics, why not expand the scope of your target market to other segments that may be interested in your offering? However, you will have to adopt different strategies when communicating regarding your offering to different sets of customers. For example, when reaching out to the customer group in the age group 18-30, the best means of communication would be through social media and to handle these online dealings, you can establish your very own virtual office space in Malaysia so that there won’t be any need for a physical office building. When reaching out to the age group of 50-60, newspaper advertisements and television advertisements would be more effective.
Winning government contracts
Gaining the opportunity to acquire the government as one of your customer would be a great way to get recognition for your product/service and expand your organization. Government is the largest purchaser of goods and services of any country and it is by far one of the most reliable. Although this may include a lot of legal procedures that must be adhered to throughout the contract period, the ultimate gain o the company is much greater.
Running a factory/ a business that deals with chemicals directly or either as byproducts is not an easy task. Every moment there is a risk for some sort of a leakage, a malfunction or even the mere circulation of these hazardous materials all over the premises. Typically, there are several types of pumps in any sort of a factory, but the situation is not so normal with chemicals. Whilst there are several types of pumps, the air operated double diagram pump has been identified as the best pump for chemicals related purposes.
Here’s what makes them so special.
Ability to function electricity
There is no need to emphasize on the seriousness of typical electric bills of a business complex, let alone, a factory. Given that the AODD pump runs completely on compressed air allows you to use it as long as you want to, or have as many as you want to, without having to worry about the electric bill. The ability to function in dangerous areas where electricity cannot be used is quite a handy benefit.
Ability to run dry
This is one of the major characteristics that reliable pump brands guarantee you; the pump’s dry running abilities. While other pumps such as centrifugal pump, helical rotor pump, and lobe pump either damage the entire pump itself or crucial parts. Required amendments can cause a fortune.
Do you really want to increase the risk by operating complex pumping systems that requires too much work? The absence of all the wires makes it so much easier for anyone to operate an air operated pump. That’s simply going to increase the productivity.
The ions of most of the chemicals that are used in factors levels are loosely bound to each other. This simply means that they have the tendency to fluctuate from their oxidation levels and bond to form entirely different compounds; the ones that can blow up your factory. Hence, no matter it was pumping out, transporting or even circulating, the fluid has to be rather stable in physical conditions. The reason why any chemical pump supplier in Vietnam recommends these AODD pumps is because the absence of heavy propellers and whatnot ensures a gentle pumping process, which is very essential.
There are several other advantages such as the ability to handle both low and viscous fluids and even abrasive materials makes this pump more or less a gem. Its affordability is the final card that it draws out to destroy all the other pumps. Hence, without a shadow of a doubt, this is what you need.
Cooking is not only a trend now but also a passion for most people. If you know what you are doing, cooking will be exciting, fun and extremely satisfying too! But cooking for a large crowd is not that easy. For instance, imagine cooking for a party or a ceremony that includes hundreds of guests. You will have to make perfect food without any mistakes and this, of course, requires years of practice and experience as well as knowledge. That is why most people tend to hire professional caterers for these tasks. Frankly, it is the best option out there and hiring a professional will make you feel relieved because they will handle everything without making any hassle. However. Finding the best catering service will not be that simple. Even though there are hundreds of different companies and service providers available, not all of them will be able to give you what you really expect.
If you want to hire the perfect catering service, you need to know all your options first. Therefore, you need to take time and study or research different service providers before making any rash decisions. Look for service providers and caterers with different skills and products, from cakes to all other cuisines. When you are carrying out a proper and a comprehensive research, you will be able to identify well reputed ones that can meet your requirements.
Their service history can tell you a lot of things about their service. Therefore, you should focus on their previous work before hiring any catering service. Once you have identified a couple of reputed service providers, you should talk to them and make inquiries. Also, you can ask for referrals before making any solid decisions. Based on those information, you can make up your mind, without having any doubts.
Sometimes we have different needs and not every service provider can meet them. For example, if you are looking for a special cake delivery Singapore or a unique or rare cuisine, you have to be very cautious when hiring a catering service. Talk to your friends and ask for their recommendations and also, consider taking an online survey about these services.
Frankly, finding a catering service will not be that difficult. You can look for these professionals online and you will come across heaps of companies within minutes. But you need to consider your budget as well. Most of the time these catering services have a fixed or a standard range of charges but that can vary depending on your needs.
We all have heard about using promotional presents to attract customers. We have also heard about advertising some valuable presents which you are ready to offer someone who comes to a certain event you are hosting. What these presents have in common is their use which is attracting more customers to your brand. While that is quite an important task we have to also think about keeping the customers who are already under our brand name with us.
One of the ways in which you can make the customers who are quite valuable to you stay with you is offering them corporate gifts Singapore. Nevertheless, if this special present you offer them contains any of the following qualities they are not going to be impressed by your effort to please them.
Every special present you offer has to be attractive. If it does not make the customer glad that they got it when they see it, all your efforts will be wasted. Having a great value does not make it okay for you to present it in an unattractive manner. Customers only get to know about the value later. There are such special present providers who can make sure every special present you choose is attractive.
Cheapness in both quality and price can make this present not so special. There are certain items in the market which are known by all to have this wonderful look and yet the worst quality as they are provided to you at a really low price. The knock-offs in the market of any branded item can be taken as an example. If your customer finds out you have presented them with a knock-off which is sold at a very cheap price they are not going to be impressed. They will feel angry about your effort to trick them.
Malfunction in any special present is also quite disastrous. Especially, with technological devices you have to find a reliable provider because otherwise you will pay a good price to get malfunctioning items. This means if you are going with a Bluetooth speaker supplier they have to be completely reliable to provide the best quality items.
Quality of Being Out of Date
Presenting an out of date item as a special present is also a terrible idea. Especially, presenting them with any kind of item which is out of fashion is a blunder.
If you can avoid choosing presents with these qualities you will have a chance at making a good impression in the minds of your special customers with your presents.