Entering a new market is a crucial step. It’s true for multi-billion dollar conglomerates, and its also true for service-based businesses with revenues between $1M and $50M.
Yet, quite a lot of companies are unable to perform a comprehensive analysis of the market they’re thinking of entering. From the potential size of the market to the behaviors and strategies needed to grow in that market, there’s a lot to cover on assessing new market.
Every small business prepares a budget on an annual basis. For some companies, this exercise provides a dynamic and powerful tool to monitor financial and business performance during the course of the year.
But for other firms, preparing a budget is merely a routine activity that is carried out without much thought or deliberation. The companies that adopt the latter approach are losing an opportunity to plan and grow their businesses in a structured manner that allows corrective action to be taken as the year progresses.
So you have had your business for a number of years and you are successful for all intents and purposes. You have an excellent product, you have an active client base that purchases from you regularly. You know how and where to get new clients and how to keep the ones that you have. Your team is pretty stable; you have a low turnover rate.
Question is: what is next?
Whether it is through the impact of social media or the increasing efficacy of crowdfunding, the power of collaboration is evident. Smart entrepreneurs and business owners are well aware of the advantages of collaboration, especially for expanding their businesses.