In this age where startups pop up every other day, the idea of finally becoming your own boss and setting up your own company is no longer a faraway dream.
The truth is, with Singapore being one of the best nations on the planet to set up your own business, it is possible to be sure the daring and risk-taking amongst us will find little harm in trying to strike it out on our own.
The important idea isn’t around starting out. It’s around booming and growing. With new ideas abound and competitors staring you in the face regular, it’s about how fast the business can grow that will finally determine its survival.
Why Expanding is Significant
But growing the business and being lucrative is not the same.
Think about a guy who developed a promotion applications which proved to be successful in the first 2 years. He managed to get a few key customers, made some cash but by year 3, the business begins to stagnate.
Firm increase has been impendeded by new adversaries, work force shortage and lack of networking. Are you really going to invest in this firm, if you should be an investor?
Greater returns and chance of longer-term achievement are merely two of the many reasons why firms should grow quickly.
Depending on the type of business, growth comes in different ways. We present some growth strategies below for firms which recognise the need to grow fast or die slowly in today’s changing market:
1. Physical growth – This is an incredibly common way for companies to grow, particularly for brick and mortar stores. Nevertheless, this way of growth usually involves high costs and requires huge capital. Funding may be considered by a company owner as a way to power the company forward if excellent advancement has been made by its first outlet.
2. Forming partnerships – Partnerships and network is essential in every company. Win win a barter a with or alliance related business only that is not opens your business to more audience, it creates a win-win scenario for both parties too.
The venture with sports and health clubs of Fitness ration studios for clients in Singapore to pick up their food delivery, credit card discounts with selected retailers or perhaps a cafe supplying java for a bakery?
3. Target marketplaces that are other – Typically with a small dwelling market like Singapore, company owners appear to other markets to increase their customers. It is common to target the surrounding region that’s so much growth potential.
4. Taking your company online – Ecommerce is common in Singapore that we generally do not believe much about it. Traditional brick and mortar companies that’s taken their businesses online will however, have another story to tell.
Additionally, it brings convenience to customers who may only be available to shop after work, and brings international clients also to you.
Couple your e-commerce strategy with online marketing or societal selling can permit you to scale your business efficiently with a comparatively little costs.
5. Improve Business Productivity
From inventory management to process automation, the numbers when you see how technology can help scale a company effectively might amaze you.
With their increased production capacity, it also helped them to establish their catering business, as they may be assured of the production ability to fulfil more orders.
If you should be a brand new entrepreneur, begin thinking ahead about growing your company, for growth might be more significant than profitability.