There’s a very valued aphorism that says, “Stick to Your Knitting.” And it’s an excellent point when you’re running your own business – focus on what you do best, and become an expert in your niche.
But it is only natural for a good company, one with a sound team, and a sound message, to grow. Not only that, but as a staffing company owner and /or operator, you no doubt know that change is inevitable, especially in uncertain economic times.
So how do expand? You can do it organically, growing your segment into a natural expansion. You can certainly do it geographically.
Also, you can sell your products or services to other clients who will be able to tap into your resources, and work at a partnership level.
If you are thinking of some sort of expansion, here are some tips to keep in mind.
Know Your Limits
How much are you prepared to invest in moving into a new niche? Or, for that matter, expanding into a different geographic area? This is a great opportunity to talk to your customers, and see if they are encouraging you to grow (hopefully along with them). We’ll touch on this again later.
Some points to think about: Do you need additional people, either service workers or sales reps?
Consider also how much you’ve got in your going concern. Can you put an equal amount of funds, or, more importantly, commitment, energy, and quality into a new growth opportunity? This is a question only you can answer.
Keep Your Eye on the Ball
New growth, new experiences…. Great fun for an entrepreneur like yourself. But a good business doesn’t run by itself. The nuts and bolts of business, while not exciting, are crucial to success. This is where companies such as Madison can help, from IT to business intelligence to payroll funding.
Know Your Customers
This goes back to knowing what you are good at. It sounds simple, but it’s not, or everyone would be successful. If you have a good relationship with your customers, they’ll help you grow with them. This goes back to what we always recommend: a partnership with your clients, which allows you to help them follow and enhance their goals and plans. This is what we mean by an organic, and successful, growth model.
Do you need a strategic partner to help you diversify your business?
At Madison, we pride ourselves on helping staffing firms take the next step to growth. contact us today and see how we can help you.