5 Amazing Ways to Broaden Any Business
Grow your Businesses and Their Benefits With Examples
Business doesn’t merely increase by attractive marketing or product development. To your imagination, big-dreaming can take your business to stars but people say sky is the limit.
Ways to broaden businesses and their benefits:
Companies are compelled to sense and operate out of the box. Those following this new demand for time are famous and appreciated. Some strategies or ways they use are:
1. Exploration to new territories
It is quite necessary for the present scenario. Your brand can not be approached by people until and unless you approach their territory. One outlet, branch or shop is not enough to become famous as a brand or a known business tycoon.
Example: McDonald’s was initiated as a small hamburger shop, but today it has many outlets in a single city of any particular country, therefore it is far from our imagination that how many outlets it has all around the world.
2. Additional delivery channels
The way you serve your customers, bring you more customers. The logic is easy accessibility is now preferred by everyone. Businesses have to go online to be approached by anyone at any particular time.
Example: Banks, which are highly active in the pace of diversity and availability. Banks are working online, through ATMs, online, and even the apps are designed for providing all the possible customer service channels.
Even big businesses are merging with other useful businesses to come up with astonishing inventions.
Example: Google and Android acquisition is a fantastic innovation to the world of smartphones. Both Android and Google were not in need of each other, in general. But their merger has made them popular and extremely profitable.
The involvement of an agreement between two or more parties (companies or single entities) is structuring partnerships to broaden their respective businesses. The parties equally share losses and profits.
Example: Louis Vuitton & BMW, apparently look two totally different parties, but share some common traits i.e. providing travel-related products or service along with high quality. BMW created a car named the BMW i8; meanwhile, Louis Vuitton created a four-piece set of bags and suitcases that effortlessly fit into the rear parcel shelf in the BMW. Such partnerships are showing the shared values of technological creativity, innovation being stylish too.
5. Joint Ventures
While structuring a joint venture it is not mandatory that the companies, firms or businesses are of same industry. Several different but legal entities can form a joint venture. Therefore, businesses can gain a lot of profits and may lose their own capital. Be wise while entering into any joint venture.
Example: Google and NASA developing Google Earth. Isn’t it an amazing invention that came out from this joint venture? Of course it is, extremely accommodating and appropriate. Many businesses are now running on the invention i.e. Uber etc.
Recently, a joint misadventure showed up in Iraq, which is curbing investors from initiating projects or forming joint venture with Iraq. Iraq, being an emerging market, is able to attract many European investors. In 2011, Iraqi telecom Korek signed a joint venture with France’s telecoms Orange and Kuwaiti logistics firm Agility. This venture became a victim of corruption by Barzani family as they had the major shares in the company. And they used the money to purchase real estate in London. Such cases make it difficult for other companies to take part in joint ventures.
If a company is choosing to broaden it, a variety of solutions can be chosen. It is not important that only small businesses choose to do so. Opportunities are similarly open to all companies from all the industries. Move ahead and grab more customers by using different tactics, ways, and strategies.