Your business may be starting to grow, but how can you really take it to the next level? The thought may seem daunting. Fortunately, there are various strategies to propel the growth of your business. Not all strategies work for every type of business; however, here are a few general tips, as well as a strategy to expand through exporting to foreign markets with the help of EXIM Bank!
Franchising is a tried and tested mechanism for business expansion. By enabling individuals to sell your product/service while decentralizing the management and day-to-day operations of that outlet to your new franchisee, you can quickly grow your revenues through franchise fees and expand your brand’s awareness through an increased local, national or even international presence. Franchising can help you expand significantly without the worry of having to raise excessive capital and own all of the physical locations of your business. However, be aware of the need to stay true to your company’s mission and vision, which your franchisees should also align with.
What about diversification as a means of expansion? Once your business has gained some credibility you may think of selling complementary products or services to continue to grow, and additionally and importantly, retain existing customers. Your diversified business will allow you to have multiple revenue streams, and a hedge against a significant downturn in one of your product/service’s performances. It also broadens your target market, enabling you to attract a wider range of potential customers.
Finally, you may think about finding new foreign markets to sell your product/service. Around 95% of all global consumers live outside of the U.S., so there are ample opportunities to grow your business by exporting. EXIM can help by providing your company with export credit insurance, enabling you to gain peace of mind to protect against nonpayment and provide competitive credit sales terms to your foreign buyers, terms which often make the difference to win over new global business. EXIM staff also works with your commercial lender to provide you with the financing you need to fulfill those new orders with a working capital funds. It’s easier than you think to get started! If you’d like to find out more about how you can utilize EXIM products to expand into foreign markets and grow your business, request a free consultation with your local EXIM Trade Finance Specialist today: