4 Tips To Seamlessly Expand Your Business Services

New competitors, political unrest, industry changes, and evolving consumer expectations can all force businesses to reimagine how they deliver their services.GETTY

The greatest enemy of growth is not decline: it’s stagnation. A business that does not find new ways to earn revenue opens itself to increased competition in its primary niche with no opportunities to make up the difference. Extending business services allows companies to diversify their income while increasing their flexibility.

As 2020 showed, inflexible businesses struggle when the unexpected happens. No one could have predicted the specifics of the disasters from last year, but the principle of disruption is not unique to the pandemic. New competitors, political unrest, industry changes, and evolving consumer expectations can all force businesses to reimagine how they deliver their services.

With more uncertainty on the horizon, businesses should not seek a return to pre-COVID norms. Some industries may resemble their past selves, but in most cases, the pace of change will continue, not slow down. New technologies and new demands will force businesses to get creative to stay competitive.

That creativity looks different for every business, but a few common themes can help companies across the board insulate themselves from risk while opening up new opportunities for potential revenue. 

Keep your company strong with these four business services expansion ideas:

1. Serve A New Market

Perhaps your B2B business only serves other small- to medium-sized businesses. You may not have the capacity to go after the biggest enterprise contracts, but that does not mean you can’t take a small slice of the enterprise pie for yourself.

Large businesses are just a lot of small businesses working together toward a common goal. How could you expand your business to serve a specific department or team within an enterprise-scale organization? 

Perhaps one part of your primary product would make sense as a SaaS option for companies that can already do most of what you offer but that could use help in your niche of expertise. Uber Eats and Doordash, for example, offer packages to businesses as a way to provide a new perk to employees working remotely. Both companies focus primarily on B2C, but the B2B angle introduces a new revenue stream.

Read more: www.forbes.com