Friday, May 31, 2019
Growing Your BusinessJoseph LeoniBus. CommunicationResearch PaperFor a company to reach foreign status the firms foundation must be rock solid. Once you have successfully started your business and continue to maintain the business the next step is to grow the business. Growing the business is inseparable to going global with the business for a couple reasons. One reason is that the be alone for going international are substantial. Your business needs to go from being profitable to very lucrative in order to fit the bill for overseas costs. The second reason growing your business is important onwards going global has to do with the companies success formula. What happens if your business starts booming overseas at an unexpected? With an understanding of how to grow your business here in the U.S. you will be able to reproduce the successful formula overseas as well.Before steps are taken to start growing the company its important that the company be as efficient as possible. This means that a very analytical view of the companies operations need to be addressed. Where croupe the company cut back on costs without hurting the company? Are in that location any redundancies? Cut back any unnecessary costs that seem fit, but keep in mind your employees morale can be affected by these changes which will in effect hurt the company. also ask what, if any, technologies you can implement to improve your profit margin. New technology is constantly coming out and its usually the companies that best implement it that dismount ahead and maintain efficiency.Once all the excess spending and redundancies are fixed its time to look at the different possibilities as there is always more than one way of doing something. With a successfully maintaine... ... rising another assessment similar to the first one is suggested. With growth of the business comes fresh variables and changes to the company thus effectively changing the company. Go back again to cut unnecessary spendi ng, keeping in mind employee morale.Franchising your business can be a very rewarding venture especially if your business success formula has been tried and tried again. Franchising can also be your way into the international market although it depends on each businesses needs. Food and consumer businesses usually do very well as the formula can be duplicated easily. Service companies are remedy possible to franchise but more difficult as they usually require people with special skills or training to get the job done. In general, franchising your business will lead to increased revenues because the customers for the product or service already exist.