Now that we have created a well-oiled machine, the question becomes – can we utilize the machine to provide new products to existing markets or take our products to new markets? This is a time when the Company looks into expanding its markets, its geographies, its product offerings and its services offerings. Acquisitions become a strategy whereby the Company may continue to grow and thrive.
Continued growth through new markets, products, geographies and acquisitions is the emphasis of the New Product/Market Expansion Phase. Both vertical and horizontal expansion should be discussed.
Items to Consider:
During the New Product/Market Expansion phase of the Company, the following questions are some of the essential issues which must be resolved in order to continue moving our business wave forward:
Product/Service Considerations – What new products would fit into our current sales force’s/channel’s product mix? Can we deliver new versions of the product we’ve been delivering? Does our product lend itself to peripherals which we can deliver to our customers? Can we expand our services to include competitors’ products? Are we making our products as simple to purchase and as accessible as possible?
Market Considerations – Is it time to expand geographically? Can we deliver our products into new markets? Do we have a complete understanding of the competitive landscape? Should we acquire a competitor, vendor or even customer in order to expand our market presence?
Operational Considerations – Do our systems need to be upgraded to meet current and future requirements? What policies and procedures are necessary to put in place in order to operate and sell into foreign countries? What management changes need to take place to expand into new geographies?
Financing Considerations – How do we finance growth into new products, markets and geographies? Is it time to finance through public equity? What does the company do to ensure that it is not adversely impacted due to foreign currency concerns?
Business Plan – In order to properly consider the effects changes in the business will have on the overall plan, a comprehensive analysis should be undergone as to plans related to new products, new markets, new geographies and planned acquisitions. These plans should be documented as part of the overall Business Plan
How We Can Help:
Whether your Company is contemplating movement into new markets or geographies, or whether they are contemplating an acquisition, with every change a Company makes, there is inherent risk and potential reward which follows the change. CXO Vantage can help to analyze those risks and rewards, and can help to implement a strategy that is most likely to succeed for your Company. To set up a free introductory visit with CXO Vantage to discuss your current situation and how we can help guide you as you Expand your business, call (801) 930-0842 or email us at firstname.lastname@example.org