Finance How to expand a business for profit

[Augusta]

One thing is to notice that your business needs expansion another thing is to gain profit after the expansion. It is good to take into considerations some things as you start expanding. The below things needs to be done:

• Reduce your overhead expenses that are not necessary
• Increase the price when your demand is actually high
• Go on radical marketing, to keep your workers busy which in turns means more sale
• Get feedbacks from your users and customers and work on the complaints
• Use the discounts and bonuses strategy to attract more customers and sales
• Apply for loans at this point, in case you need to grow some areas that really need financing

So how else can you expand your business for a profit?

 

[Mika]

Business expansion means you add more products to your product lines and you spread your market. Let say you are selling 2 products in a certain town. When you decide to expand your business, you will have to increase your product line by adding more products, and you will also have to penetrate the virgin market.

 

[Lens1000]

The points that you have raised are very important and should be taken seriously inorder to expand your bbusiness.A robust marketing is very important and no amount of money you spent on the marketing campaigns of your product is a waste. Also, if you need capital to expand and the money isn't available, you can take a loan.

 

[Chibson]

Before a business can be expanded, there are some certain things in which such business must put in place. Maintaining customer relationship is very important for any business whether growing or established because you need to know that without customers there is no way your business will be successful in the sense that there are the bedrock of your business.

 

[sincerem]

Increasing the prices of products in your business overnight without following others market value for the amount they are placing it, won't help grow our business. We should operate based on the market demand, and not pushing our products high to bring better reward. When the required funds is ready we can expand the business to accumulate More sales when we see their is always chance for it.

 

[Alexandoy]

I am against your point #2 to increase the price when the demand is high. The competition should always be on our focus because one minor mistake like a price increase can be taken advantage of the competitors. Having an increased demand doesn't meant that your business can lord it over the customers. Be careful on that issue of price increase.

 

[Chibson]

I am against your point #2 to increase the price when the demand is high. The competition should always be on our focus because one minor mistake like a price increase can be taken advantage of the competitors. Having an increased demand doesn't meant that your business can lord it over the customers. Be careful on that issue of price increase.

Of course that's really obeys the law of demand and supply which simply states that the higher The entity demanded the higher the price and the lower the quantity demanded the lower the price. the price of any product increases whenever there is high demand but the owners of such product must do everything possible in order to keep the quality intact because that is very important.

 

[btaliat]

The market price should determine the profit. It is very recommendable to consider the fact that the business owners need to consider the money they spent during production. But still, he needs to consider the demand and supply law lest no one will buy his goods if they are expensive compare to the general price in the market.

 

[Sherman198]

Expanding one business carries a lot of sacrifices. Without money or large market base, no business can be expanded. Before a business is due for expansion, customers ought to be many already, and the lack of some goods or products, which people are demanding for, this could cause the need for expansion. And business owner should work promptly to meet this target.

 

[Josemendez]

Increase the price when your demand is actually high

This strategy has it's advantage and disadvantage . Truly , you will make more profit when you increase the price during high demand but you also stand the risk of losing customers as well because they may be forced to look for alternative as your price is too much for them . I think it is better to keep producing or supplying so that you don't run out of order.

 

[Augusta]

This strategy has it's advantage and disadvantage . Truly , you will make more profit when you increase the price during high demand but you also stand the risk of losing customers as well because they may be forced to look for alternative as your price is too much for them . I think it is better to keep producing or supplying so that you don't run out of order.

Sometimes the business was during low pricing to lure its customers and when the people realizes the value of the products demand will surge. So it will be the time to increase the price now. People that knows the value will still buy and the aim of the strategy would have been achieved too

 

[Mataracy]

One thing is to notice that your business needs expansion another thing is to gain profit after the expansion. It is good to take into considerations some things as you start expanding. The below things needs to be done:

• Reduce your overhead expenses that are not necessary
• Increase the price when your demand is actually high
• Go on radical marketing, to keep your workers busy which in turns means more sale
• Get feedbacks from your users and customers and work on the complaints
• Use the discounts and bonuses strategy to attract more customers and sales
• Apply for loans at this point, in case you need to grow some areas that really need financing

So how else can you expand your business for a profit?

Before one can experience expansion in profit made in business one need to cut off some unnecessary expenses in the business and also make sure that only what is useful is bought.
There must be good planning because without that it will very hard to succeed or break even in business.

 

[Sherman198]

Before one can experience expansion in profit made in business one need to cut off some unnecessary expenses in the business and also make sure that only what is useful is bought.
There must be good planning because without that it will very hard to succeed or break even in business.

You are right mata! Too much expenses can weigh improvement down. Being prudent and wise in our spending is really the way to go. When you can save enough for yourself through cutting down too much unnecessary responsibilities, then you will have enough financial capabilities to fall back upon, then from there an expansion can surge.

 

[Augusta]

Before one can experience expansion in profit made in business one need to cut off some unnecessary expenses in the business and also make sure that only what is useful is bought.
There must be good planning because without that it will very hard to succeed or break even in business.

I think the whole issue hangs on reducing the liabilities of the business that's really consuming more than expected. I know some people think of reducing work force but other overhead expenses might just be the issue that needs to be tackle to reduce cost and boost a profitable expansion