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Tips to Support Your Business Expansion

The idea of expanding your business can be simultaneously exciting and frightening. After all, it’s a huge step that requires a great deal of planning, timing, good leadership, and budget. If you have decided to expand your business, here are a few tips that’ll help support your new venture.

Talk with your lawyer and accountant

Is your business already set up with the proper tax status, bookkeeping, and other legal requirements to manage an expansion? Discuss with an attorney and an accountant to define how you should set your company up for future growth - should it be a corporation or a sole proprietorship? Get familiar with the local laws by signing up for courses in Australian tax law - not just to ensure you won’t run into legal troubles in the future, but to also secure your finances.

Nowadays the biggest thing that can make or break a business is often not the people involved but the technology they implement. Technology can make the most complex tasks incredibly simple but if you don't know what to use then your starting on the back foot. VoIP systems are just one example of how the proper integration of business and technology can revolutionise the workplace.

Diversify

With good market research and a thorough understanding of what your clients want and need, you can add new products and services into the existing mix. Find out what your existing clients are looking for, how much they’ll be willing to pay, how much it costs to manufacture or deliver, and if you can sell the new merchandise or services at a profit.

Embrace new markets

If your current market is serving you well, why not introduce your business to other markets as well? They can also be viable to your products and services - you just need the right advertising and marketing strategy to get them to come - may they be baby boomers, elderly folks, or millennials. For professional advertising solutions brandsten media melbourne corporate video service can provide services to compliment your marketing strategies.

Tap into online opportunities

If your business hasn’t been online yet, now is the time to take it to the internet. Not only does it provide a new channel for sales and delivery, it’s also a powerful marketing tool, locally and globally. You can make good use of social media - Twitter, Facebook, Instagram, etc. - to advertise and market your services and products. Make your brand reach a broader scope by employing SEO (search engine optimisation) and get into content marketing. This will make it easier for your prospective customers to find you and reach you when they conduct web searches for your products and services.

Getting your company information online for ease of access for all your employees on a cloud based system can increase efficiency, but can be a daunting task if you have a lot of files that will need uploading, speak to a company that can private scan your documents and make the task a quick and easy process.

Train your staff

Did you know that companies with strong learning cultures are 46% more likely to become leaders in their respective industries? According to numerous studies, effective employee training results in 37% increased productivity, 34% improved response to the needs of the customer, and 58% increase in readiness to meet future demands.

In other words, effective training helps your business stay competitive. Make sure to include not just the technical stuff but also soft skills, professional ethics, local law and tax awareness for employees to be well-rounded - consider giving them courses in Australian tax law,environmental responsibility, and such. And aside from face-to-face courses, you may also invest in e-learning tools for training materials you can easily use in all your branches.

To further help you with your training and marketing strategies necessary in making your business remain competitive, we offer voice over services for your e-learning and video marketing needs. Just send us your script, and we will deliver.