You can grow your business by finding ways to increase sales or by looking for new markets.

To increase
sales you may have to introduce new products or services, expand your market, increase your marketing
activities or improve customer service. If you are a manufacturer, this could mean increasing your
productivity to meet demand.

INTRODUCE NEW PRODUCTS OR SERVICE

Provide a broader range of products or services for your clients. You'll need to research your market to
see if there is a desire for your proposed offering. Consider using some of your existing clients as a test
group. Getting feedback from a test group can help you manage some of the risks and learn how the
product or service can be improved. Pay special attention to marketing and promoting your new products
or services so that people know about them.

EXPAND TO NEW DOMESTIC MARKETS

Expanding into new markets can be costly, but it can increase your client base. Market research will help
you understand the potential new market and help you devise a strategy. You'll also need to consider
marketing, sales, distribution, and increasing your production to meet the new demand.

ENHANCE YOUR SALES CHANNELS

Evaluating and optimizing your sales channels could help you reach more clients, increase your market
control, and improve profitability. For example, you could:

 Provide your sales staff with enhanced training

 Contract independent sales representatives or hire your own
 Add retail outlets
 Use resellers
 Implement an e-business strategy
MARKETING ACTIVITIES
You may be able to improve the efficiency of your marketing activities. Track the outcome of your current
marketing or advertising and be prepared to change your strategy if you are not seeing your desired
results. Study your intended clients to know how best to reach them, and plan your marketing strategy
accordingly.

CHANGE YOUR PRICE

Changing your prices, terms, or conditions of billing could stimulate market demand for your products or
services. Be aware of what your competitors are offering and what your own profit margins are to
determine if you can reduce your cost. If lowering your price isn’t an option, improving a deal with
favourable terms can often influence customers.

If the Cost of Goods Sold increases, the net profit of the company will
decrease. While this movement can be considered as beneficial for purposes
of income tax, the company or the firm will have low profit for its investors or
the shareholders. Businesses or the companies at the end of the day try to
keep their cost of sales low so that the net income can be reported higher.