Business Expansion in Brisbane
Diversify Or Specialise?
There are a number of ways to grow a business in size.
You can seek to grow a market by concentrating on a particular niche and perfecting your service delivery in that niche. The use of direct marketing and application of economies of scale should eventually see you dominate the market if you provide the right product at the right service or price level to enough customers. To grow this sort of business you usually need to add more customers. An example of this type of operation is an electrical maintenance business.
Alternately, you can broaden your product range, to cover more of the needs of your existing customer base. By diversifying in this way you can sell more times to fewer customers than you can with a limited range. Supermarkets and department stores are probably the best examples of diversified businesses.
Merger & Acquisition
There is another way to grow a business, without incrementally adding more customers (often already customers of a competitor) and that is to negotiate a merger with, or the purchase / acquisition of, a direct competitor in your industry.
This has the advantage of giving you a quick boost in the number of customers you are serving a particular product, without having to source those customers the hard way. Then it’s a matter of delivering as good, or better, service than that previously provided by your predecessor.
This approach also permits you to perhaps centralise the administration, storage and logisitical functions of the business, furthering benfitting you financially.
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