The role of being a business owner in Bangkok comes naturally to some, to others, it can be an uphill battle. Nonetheless, if you run a business it needs to grow or be extremely successful in producing profit in order for you to survive. Either way, business growth is usually high on the agenda list for most business owners, with that in mind, here are 3 extraordinary ways in which you could choose to grow your business.
Loss Leaders
This idea needs a bit of clever planning but, when in place, can help to boost revenue which, in turn, should then help to boost your profits and help you to grow your business. Essentially, you’d look at which items you sell the most of, usually small items. For example, if you run a DIY store, it may be something like a screwdriver, you’d then strategically place them at the entrance to your store and deliberately mark the prices so low that you make a loss.
Not by much, it need only be a penny but the idea is that you would be enticing more people into your store who will then likely buy something else which would in turn make you more money than what you lost on your screwdrivers. It may sound mad but, some of the biggest organizations on the planet use this type of strategy to increase their profits, and whilst the idea of making a loss may not sound like a great idea, the proof really is in the pudding.
Virtual Office Space
There are a few reasons why you might choose to rent a ‘virtual office space’ and how those reasons can be linked to business growth. Not only can a virtual office help you to expand into new territory it can help to give the idea that your business is bigger than it actually is promoting business growth. Here are a few of the key ‘takeaways’ from some of the best virtual office packages.
- You can get a dedicated telephone number
- There is also a mail-handling service
- A top feature to make use of that can save you timeis a virtual receptionist
- A reasonably standard feature but very useful nonetheless: Call forwarding
- You’d also get a Telephone answering service
- If you need it, you’d get a meeting room
- If you’re planning to use the office space, you’d also get use of the work lounge
- One of the best benefits would be a legitimate business address
Invest in Your Own Personal Development
It goes without saying that startup businesses likely won’t see any profit for the first 3 years or so, which makes this one a hard one to master however, if you’re able to invest any potential profits back into the business it could be what sets you ahead of the rest! Some experts say that it’s crucial to re-invest heavily if you want your business to grow quickly.
It can be enticing to start putting your money to one side, especially if things are going really well and the profit starts mounting up, but, resist you must! Invest in yourself and your business and those investments should come back faster than you made money in the first place.
