The A to Z of Profit Growth – X is for Expand

It’s time for the next A to Z of Profit Growth… This week X is for Expand!

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KMA The A to Z of Profit Growth – X is for Expand

That’s it for this week’s edition. Watch out for next weeks episode.

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Hi, all. Kim here with your next profit growth advice. X is for expand. Yes, I know it’s not technically X, but bear with me.
Expanding into a new market area, new product or service offerings can transform a business and handled correctly can significantly increase your profitability. There are plenty of ways to expand your business, including adding new products and services to your mix, selling more products or services to existing customers, or even selling more frequently to existing customer base, and even targeting new markets all together.

Whatever method you go for, the end result must be that more money is being brought into the business. The goal and expanding any part of your business is to get a return on what you invest in it, and then you absolutely have a plan for your expansion. Expanding for the sake of expanding may lead to all manner of problems and inefficiency, which rather than increasing your profit, can have the opposite effect and even damage your reputation.

Good luck.

Tags: Profit growth formula, The A-Z of Profit Growth, X is for Expand