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Are You Planning To Expand In The New Year?

With Christmas now two weeks away, most retailers throughout Canada are thinking about the various ways they can enjoy huge boosts in sales before the big day comes. But that’s not all they’re thinking. The savviest of business owners are considering how to keep those sales high well into the new year.

In many cases, sales growth isn’t possible without expanding. Is expansion on the horizon for your brand?

It will help you to attract new customers.

Your store can be limited by its sole location. Naturally, it is bound to enjoy a customer base made up predominately of individuals who live in its surrounding areas. To attract new customers to your brand, it would be wise to set up shop in a new location. Running two or more locations of your business is great way to reach out to a new group of customers. Expanding your products and services is another excellent way to grow your customer base.

“For example, let’s say you own a comic book shop that has gained success selling all types of graphic novels and monthly-serialized comic books,” offers Sampson Quain on Chron.com, “You decide to expand by offering a space within your store where noted artists will display their original works for customers to buy. You can now tap into anew market of customers who are primarily interested in artwork rather than just in reading comics.”

You will lower your risk of customer reduction.

What if one or more of your competitors sets up shop near your place of business? By opening up a new location and/or expanding your product and service line, you bring greater prestige to your brand name. Expansion makes it a lot less likely that your business will lose its client base to the competition.

“If you are a small company, the chances are that you have a small number of Clients and work in just a few sectors of industry,” says StayOutFront.com,“This means that you are susceptible to a severe drop in income if some of those customers stop buying from you or a sector goes through a tough time. It is best not to have too many eggs in one basket.”

It helps to strengthen your team.

Remember that business growth involves more than growing your customer base and your sales numbers. It’s also about expanding your team. To attract new talent to your company, you’ll need to gain a greater foothold in your marketplace. Expanding your products and services and/or opening a new location will grab the attention of talented job seekers.

 “Always working to expand your product portfolio won’t just generate new business for your company; it will help you attract new talent too,” notes Robert Cordray on Business2Community.com,“The most talented people tend to flock to the most innovative companies. By continually working to design new products, you’re more likely to have the best of the best on your team.”

Expansion plans are among the top reasons that Canadian merchants decide to enroll in Synergy Merchants’ unique merchant cash advance program. Perhaps, we can help you expand in the new year. For information, please don’t hesitate to call Synergy Merchants at 1-877-718-2026 or email us at info@synergymerchants.com.

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