Small business entrepreneurs are always looking for ways to grow their revenue. These three tips can help expand a small business into new markets and increase sales.
1 Consider other Vertical markets
Small business owners should determine what other vertical markets the small business can serve. For example, a business selling paper to school districts is in the educational vertical market. However, paper products are also consumed by other vertical markets such as healthcare or retail. To grow, it is important to know the other consumers of the products and services the business provides.
2 Expand into New Areas
A business can grow by expanding its sales coverage into a new area through a direct salesperson or by leveraging indirect sales channels or distributors in that area. The Manufacturers Representatives of America, a national non-profit trade organization, can assist in finding an excellent sales representative.
3 Introduce New Products and Services
A good strategy to increase the revenue of a small business is to introduce new products or services to its existing customer base. These products and services can be obtained through purchases, consignments or through a sales commission agreement. As an example, gasoline stations and small local convenient stores can increase sales by introducing products from cellular operators.