How to develop an expansion strategy in your business

Stagnation is never positive in a company, and one of its objectives must be the opposite, grow and add to improve its results and not be left behind. Maritime exports of goods can be one of the means of growth. However, it is not good to export your products if you do not have a strategy previously prepared with which you can ensure as much as possible of the success of the operation. “In an expansion strategy we can not avoid the risks. What we can do is minimize them to ensure success. “In this sense, developing an expansion strategy is essential to grow your business with guarantees assuming the minimum possible risks (we can never grow without assuming some type of risk). If you are determined to grow your business pay attention.
Ansof Matrix: 4 Strategies for Expanding Your Business
Igos Ansoff, Russian consultant and mathematician, defined in 1957 the 4 ways of growth that a company has to develop its expansion plan. The well-known Ansoff matrix, or Product / Market Matrix, has been accepted internationally as a basic rule for the growth and expansion of a company.As we say, this matrix establishes 4 expansion strategies:Market penetration: this strategy tries to grow in the current markets with the current products. This is important for marketing and advertising, making products more visible and generating a greater need in consumers.Product development: refers to offering new products in the current markets in which the company works, attending to new needs that may have the current customers, for example.Market development: is to offer the current products in new markets, increasing the public and therefore potential customers. You can choose to approach new audiences or geographical expansion.Diversification: try to change products and markets. While the previous ones worked on both or some of these factors, with the diversification a new line of products in a new market is offered. This is the most risky expansion strategy.To develop the plan to expand your business you will have to choose what strategy you are going to follow and from here work to carry it out, taking into account what new services, supports and supports you will need in this whole process.