How to grow your business

There are four ways to grow your business.  First, you can sell more of your existing products to your current channel.  Second, you can offer new products and services to your current channel.  Third, you can offer your existing products and services to a new channel.  Fourth, you can offer new products and services to new markets.

It is easiest to expand in your current channel because you know the players and with a little effort, you know their needs.  Unfortunately, the size of the opportunity is typically more limited as well.  This is because you and your competitors have been trying to grow your businesses this way and have already realized many of the opportunities.

Going after new channels frequently has a larger opportunity for growth but it typically requires a larger investment of time and resources.  The key is to not lose focus on your bread and butter business while expanding.

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