Talking Cents

Tips to expand your business into new markets

With every successful business, there comes a time where you need to invest in expansion to accelerate your growth. This expansion could be many things, such as selling a wider variety of products or services, investing in high price products, or looking into new streams of revenue. Here at M.A.S Partners, the leading small business accounting in Sydney, understand the importance of proper business expansion, and the impact it can have on a business’ growth if done effectively. With over 55 years of experience, we have helped hundreds of small businesses expand, and have listed some tips.

Are you ready?
Business expansion is something you definitely do not want to rush. With such a large investment, a failed expansion could lead to the downfall of a business. Make sure you know exactly what you want to gain from the expansion, and how it will impact your business. Are you in a position where you have enough funds to expand comfortably? Will the expansion fit with the brand image and business culture? Will your target market respond well to your expansion? If you answered no to any of these questions, you should reconsider.

Listen to your customers
Like every business, it is important to receive customer feedback. Your customers are the most important part of your business, so be sure to ask them what they want. Try to send out surveys asking what type of products they are looking for, or products that you should sell. Additionally, your customers may use your products in unique ways- where you can capitalise on this. Take Adidas for example when they released their “Ultraboost uncaged”, which was initially a fan creation. They were able to market the product to a target market that were already looking for the product and grew greatly.

Build on trends
The safest way to expand your business to go in the direction of trends. When offering new products, it is much easier for it to be successful if it is trending. The last thing you want is to offer a product that nobody is interested in. Try to look at comparable industries and businesses for inspiration, and look at how they are better serving their customers.
Consider small business accounting services from M.A.S Partners

Business expansion can be financially taxing for many. That is why, it is important to have a small business accountant that accurately tracks all your financial records, to ensure that you have the funds to undergo such an investment. Additionally, small business accountants provide expert advice, on whether expansion is actually a good idea, and how to do so. For more information on our small business accounting services, click here.