6
SPRING 2014
GrowWith
the Times to
Grow Your
Business
I
t’s impressive to be a longstanding business with
deep roots in the community. Keep inmind, however,
that holding on too tightly to traditions from the
past may be hurting your business in the present. Why?
Because blindly following tradition causes us to turn
off our brains and can get in the way of critical thinking,
imagination, and innovation.
Think about these questions: Do you handle tasks a certain
way simply because that’s the way you’ve always done
them? Are you using outdated computer or communications
technology? Do you still have the samemarketingmaterials,
merchandising displays, or products that you had five
years ago?
To foster growth, stay open to fresh ideas and encourage
your employees to look for better and faster ways to
do their jobs and serve your customers. Many resources
are readily available to help plant the seeds for new
opportunities. For example, join a local business or
community group to hear inspiring speakers and
network with new people. Expand your knowledge
by studying the success stories of businesses in other
industries. Browse around Pinterest for images that
may spark a more creative tactic for items such as
your office interior, product packaging, or advertising.
The U.S. Small Business Administration also offers a
variety of growth tips at
, including:
•
Offer your business as a franchise or business
opportunity.
Franchising your business will allow
for growth without requiring you to manage the new
location. This will help to maximize the time you
spend improving your business in other ways, too.
•
License your product.
This can be an effective, low-
cost growth medium, particularly if you have a
service product or branded product. Licensing also
minimizes your risk and costs less than the price
of starting your own company to produce and sell
your brand or product.
•
Form an alliance.
Partnering with a similar type
of business can be a powerful way to expand quickly.
•
Diversify.
Diversifying is an excellent strategy for
growth because it allows you to have multiple streams
of income that can often fill seasonal voids. Some of
the most common ways to diversify are to sell comple-
mentary products or services, teach adult education
or other classes, andbecome a paid speaker or columnist.
•
Target other markets.
Your current market may
be serving you well, but are there others that could
use your products?
To stay relevant and successful, branch out and explore new opportunities
To grow your business, it’s important to take advantage of today’s powerful and cost-efficient
options in communications services. For details on the solutions offered by RTC, call 888.862.3115.
