Editor’s note: This article was first published in November 2010, in the context of the economic crisis; the list of markets where companies were expanding (China, India, Brazil, the United States) reflects that year.
Although the title we have given this article sounds like a self-help book, the reality is that companies spend so much time analysing the crisis that they fail to explore new ways and ideas to grow their business. Coming back to new technologies and how easy it is today to expand our business into new markets, it is simply a matter of knowing the possible alternatives. Here are some ideas to grow your company.
1. As we said in our previous article, when a market becomes too small for you or is simply weak, the solution is to move into new markets, and when old strategies are no longer effective, we have to adopt new measures.
To start, you should analyse your company’s product: what you sell and in which market it might be needed. Remember that many companies are carving out a place for themselves in markets such as China, India, Brazil and the United States.
You may think this way of growing is not very viable, perhaps rather expensive, or simply that it takes a great deal of time, effort and investment. Nothing could be further from the truth. Let me remind you that there are now companies that specialise in introducing products from one country into new markets. They will run an advertising campaign for you in the country you want to “conquer” with your products and, in many cases, they will advise you on how likely your company is to succeed in other countries, so be sure to look into this possibility.
2. Charles Denney (President of Empresarios U.S.A.) told us about five ways to grow your business.
In that article, Charles Denney gave companies a few ideas, including running strong advertising campaigns announcing impressive offers, giving something away free with any purchase and, most important of all, interacting with other companies.
I want to stress that last one, because it is the least used in Spanish-speaking countries. It is as if we had wisdom, customers and sales to spare, when sadly that is not the case.
Unity is strength in business: if you, as a small or medium-sized company, join forces with another small or medium-sized company, you become a large company. You do not need to merge or form a partnership (although don’t rule it out if it pays off); you simply need to reach an agreement with another company that has a product or service complementary to yours.
Pubs and nightclubs do it every day. The pub gives its customers invitations or tickets for nightclub “X”, and vice versa. Why not do the same in other sectors? If your company does home renovations and you have the chance to team up with another company that (to give an example) sells and installs floating floors, why not give customers the chance to get a bigger discount for hiring both services?
Another example: an estate agency and an insurance company. The estate agency can arrange a rental or purchase contract for a property, and it can lower its property management fee for clients who take out a policy with the insurance company.
Think about what your company does, and I am sure you will be able to work with another business that complements yours. This is very common practice in the United States, and it is how the huge American corporations end up being built.
3. At the risk of sounding repetitive, I insist on making the most of new technologies. We wrote an article on how to increase your company’s sales in three simple steps.
Improve your website and its search ranking, invest in SEO, and create an online store where customers can buy from home. Put your company on social networks, take part online and build a brand for your company on the internet. If what you offer is good or catches people’s attention, you will not have to wait long for results.
You can also turn to companies that promote your product or service online on a commission basis.
In short, you can do a thousand different things to rescue your company from the crisis. You can do anything except stand still.
Falling is allowed; getting up is mandatory (Russian proverb).
Further reading
- Differences between American and Hispanic entrepreneurs
- Common mistakes of Spanish business owners
- How to run a business in times of crisis
- Tips for choosing a business partner
Featured image: Daniel Ramirez, CC BY 2.0, via Flickr.
