The success of any business depends largely on how it innovates and expands to drive its growth. The business environment has a role to play in this regard, and every entrepreneur must understand how the business environmental factor influences the business's growth and expansion. One thing is to be aware of this factor, another thing is to be able to take advantage of it for business growth and expansion.
Last time, I wrote about how I added a POS terminal machine to my clothing business to ease payment challenges and make some more profit for me. Picking pennies may seem like a waste of time to some people, but if you are an entrepreneur or a business oriented person, you need to think like the Banks.
It's not the size of profit you made on one time business deal that makes a business grow, but the frequency of such deals. So, it's not about the size of profit made, but the frequency of profit return which can be determined by the rate of turnover of the business products.
An entrepreneur or a business owner must be innovative and use the business environment to grow and expand his business.
So, I have gone down the rabbit hole again to add a new face to my business. The newest addition is men's footwear and bags. As a clothing business owner, I understand what people need as a complement to their regular products.
My new product which we call mens palm slippers and bags are very popular among young boys as they are a perfect match for them. Boys here like wearing palm and bags around their neck especially when they are going for outings. This is a very profitable addition to my business, and it will make my business grow by leaps and bounds.
I know that this is not something new, but the ability to spot a potential market need and fill it with an item that has a market demand is what distinguishes an entrepreneur from an ordinary businessman.
Most of us are looking for ways to expand our business' growth, and by all means when one is looking for such expansion options, one should take a business angle. This is because of the constant search for sustainable growth and expansion that will serve your business for years to come..
As an entrepreneur, remember that there is no business area too small to be managed. You need to be able to create wealth and expand to the point that you are able to retire from the business, and leave for others to manage it for you.
So, as a business owner or entrepreneur, here is the question you must ask yourself: How much is your business worth? And how much business do you need to expand to grow further?
This is the basis for being able to grow your business profitably. Yes, you can invest big into your business to see business expansion, but the type of products you offer must be able to reflect and create enough revenue to expand your business. This is why I added a product that has value to complement my clothing products.
Was this addition profitable?
Definitely yes! My first consignment was fully sold out only a few days from the day I introduced it. And in the second batch, I reduced the price because of the demand. 120 pairs of palm slippers and 50 bags got sold out in 6 days. That was a remarkable achievement for me.
Someone may say that the beginning does not determine how well a business can progress. That's right, but I understand how the law of momentum works in respect to business. It does not matter how you start, but how you grow and expand. Keep following that growth path that works for you, and your business will grow and expand.
So the verdict is in. I am growing my business by looking at every opportunity to put my items in people's hands and creating value for my business. This is what I call a follow up of adding value. I know that this is not a new idea, but what I do differently is to target a very lucrative market which has the potential to sustain my business for the next 10 years.
At the end of the day, an entrepreneur must have money in his pocket. He or she needs money to meet the needs of the business, take care of his or her personal needs, and to survive the storms of the business. So, I keep innovating and looking for more ways to put more money into my pocket.
The attached images are mine