Strategy
3. Innovate or modify your product
Every product or service has some life. It is always sugges ble to go for product innova on or
modifica on. This will help in adding new customers also. However, research & development wing should
be strong enough to perform this. Just think of transforma on of offline business into online business.
4. Extend your market reach.
You may start locally but increase the market reach. Many businesses have gone this way and grew
tremendously. There are many ways to get it- open stores in new loca ons, go virtual, acquire other
companies, make e-ups, use social media, use website etc.
5. Par cipate in trade shows and arrange seminars
Trade shows can be a great way to grow too. Because trade shows draw people who are already
interested in the type of product or service you offer. They can powerfully improve your bo om line.
6. Win the niche market
Big market customers try to follow the customers of niche market. Once your product or service has
got hold in niche market, it will be easy to extend the present big market. Think of branded apparels, use
of home appliances, mobile handsets and many more.
7. Reduce the costs.
Don't forget that reducing cost directly helps in increasing bo om line and thus valua on of business.
It is not necessary to cut costs in all the areas. Few areas where it can be done are- reduce wastages,
electricity cost admin costs and other indirect costs.
www.Venture-Care.com/Magazine
October 2017
21