When it comes to business, you either grow or stagnate until your business dies. Use these tips to help your business grow.
By Alex Friedman, for the American Express Open Forum
For many companies, worrying about expansion and diversification can seem like a luxury. After all, one of the biggest struggles for a young company is identifying even a single core offering that will drive the brand and business in the first place, let alone expand beyond its current parameters. A startup is like a controlled experiment. At the start, it’s nothing more than an idea or business plan that you think will be successful. You hope your experiment works, and how you choose to handle your expansion and growth will determine your company’s long-term success or failure.
The Benefits of Expansion
Expansion allows you to add value to your existing offerings. If you expand by focusing on complementing your current business, you can create related upsell opportunities that naturally lead to further demand and growth. You can also address market needs that are a better fit for your offering. Grow and convert consumers by solving a bigger problem with your product. This might require adding features based on what your competitors are offering to bring value and to differentiate yourself in the market. As you expand, remember to:
Ruckus President Alex Friedman contributed this article for the American Express Open Forum. The original article can be found here.