A successful small to medium size business often runs the risk of feeling “too comfortable.” Even though revenue is coming in, your customers like you, and your sales force is calling on customers regularly, you aren’t seeing the growth you are looking for. This lack of desired growth may be a result of new competitors, new products or services in the market, or that the market itself is growing stagnant.
Never Stay Too Comfortable
If any or all of these things are happening it should cause you to take a hard look at your business and consider going out of your comfort zone to continue to grow. It may be time to consider looking for new markets for your product. If you’ve grown comfortable selling to one or a few vertical markets, going beyond them may cause fundamental changes in your company. You may have to learn new industries, call on different kinds of buyers, and maybe have to recruit new sales people with knowledge of this new category.Market Expansion
Most of all, you will have to take a hard look at your business and decide what kinds of problems you can be solving for new and different companies. Really getting into the guts of your business and looking beyond the obvious answers can sometimes be a painful exercise. You may be required to change the culture of your company in order to accommodate this new market opportunity that you have uncovered. But, the growth that comes with it is definitely worth the effort.Alternative Strategy
Of course the other market expansion strategy for growth is to sell more products to your existing customers. Often it takes a fresh pair of eyes from outside the company to look at what you are doing, and make recommendations on new markets, or new products, that represent increased revenue opportunities for your business.Source: ChiefOutsiders
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