Many small business owners take comfort from the fact that many of today’s big businesses started out small as well. Time and again, the reasons for their success have been a good idea pursued in a diligent manner and marketed in an effective way. This is apparent in many big corporations. Who would ever have thought that pieces of silicon could be the basis for several multi-billion dollar industries? But, of course, computers have become one of the main components in any business, home, school, and other places all around the world.
This does not mean that the computer must be re-invented. Exploring new channels for doing business is just as effective as coming up with an entirely new idea. The computer and the Internet is the modern version of the wheel, enabling more people to do more things in more ways. It is merely a tool, a tool that has been used successfully in ever-widening ways. It is the way a tool is used that will spell the difference between success and failure. In any business, expansion can be achieved with the use of the product, the people and the path of distribution.
Thorough knowledge of the product and the service will present unique opportunities for expansion. If the product can be improved, or the service can be utilized in a novel manner, these could lead to increased revenue as well as added value for the product or service. It may open up new markets just by being re-discovered, so to speak. One example that comes to mind is biofuels. Environmental concerns had created a market for products that would normally end up in the trash heap. Today, biofuel production is a growing industry.
People who are well-trained and motivated are perhaps the most valuable asset of a growing company. Properly channeled, they can be a dynamic source of ideas and new perspectives. Often, people who are out in the field or doing the drudge work have a clearer picture of how the industry is going, and have a feel of where opportunities may lie. By people, it is not only the more experience employees who can be valuable. A company should also consider what a fresh eye can contribute to the business. It is important for business owners to have open communications with their employees to supplement the “big picture.”
Paths of distribution are no longer restricted to what can be physically reached, or exposed using traditional media such as newspaper, television and radio. Because of strides in information technology, people are more easily exposed to what they can see, desire and buy in almost anything they do, whether at work or at play. Information can be posted with the appropriate keywords and an effective public relations campaign can be done with minimum effort to provide hype for the business, such as through weblogs and other e-published information sites. Most businesses, even previously brick-and-mortar ones, have realized that distribution and marketing through the Internet is the most efficient way to do business, especially for small enterprises with limited resources. However, marketing online without a good unique product and enterprising people will not be enough to open up new channels for the business.
By exploring new channels for your business, you can benefit from the great opportunities and take your business to the next level.