Growth is key to a successful business, and all over the US, the fastest growers are not limiting themselves to one service. According to Inc., over 70% of the fastest growing businesses are in diverse arenas. These include retail, construction and government contracts; the likes of New Credit and CrowdStreet typify Oregon in this regard.
Finding new ways to generate growth in your business will help it to grow and remain competitive. A great way of finding that growth is through exploring entirely new business lines. There are a few key opportunities for most modern businesses.
Enhancing product delivery
Every product requires a delivery service. This can be physical or digital, and taking control of your delivery medium is a good way to add value to your business. For instance, if you serve a local area, it can be advantageous to conduct your own shipping or courier service; while there are costs associated with covering your vehicle, but carefully managing your expenses to make sure you keep costs own is a great first step. From there, your own delivery service can add value to your initial service and, by branching out in the local area, flourish; gas is currently cheap, at $2.54 per gallon, and this can be used to your advantage.
Developing your own digital platform
Digital delivery often requires a home-made platform to set it apart from competitors. The knowledge you need for this can be learned at home, as coding, while complicated, is an incredibly open-source theater, with the likes of Stack Overflow providing on-the-go assistance. Adding your own digital delivery will reduce costs for maintenance and support while improving your own customer service and adding an asset; furthermore, it provides the prospect of private buyout in the future. Most notably, application platform CSRA was bought out for $5.8 billion in April.
Improving your speed
Convenience is one of the most desirable aspects for a modern business. According to CNBC, researchers from Lux found that consumers will pay 11% more for each layer of added convenience in grocery shopping. This can be extended to other business types. Can you speed up any part of your business? Simply adding convenience will encourage customers to pay more for the service, adding value with little upfront investment.
Adding value to your business doesn’t need to be a complex task. Look at what you offer, and how you deliver it, and see if you can take control. All the while, see what you can do to make it easier and more convenient for the customer; that way, you’ll find increased revenue without needing to do much at all.
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