Are you at a stage where your business is running like a well-oiled machine, and you now have the time to think about exponential growth and multiplying the size of your business? Yes? Excellent, read on for examples of synergy in business. No? Click here to learn how to set your business up so you have the time and money to be able to say yes to the above!
So now that you’ve put in the hard yards in the stages of business mastery, finding your market niche, leveraging your business services and products, and building a winning team, your business now has the systems and processes in place that allow it to operate and make money without you being there. Welcome to the stage called synergy: multiplying your business!
Previously, organic growth of your business would have been expressed as a percentage, however the synergy stage is where you really look at multiplying the size of your business. How?
How can I multiply the size of my business?
There are some tried and tested methods for multiplying your business. They all involve YOU evolving from the business manager you once were, to the new and exciting challenge of being a true business owner, investor or entrepreneur in your business (and other businesses). Your business is ready for this stage because of the work you have put in, so we’re here to tell you that you are ready too, as long as you can truly remain in the mind-set of genuine business owner, investor or entrepreneur, and not be tempted to slip backwards into doing things in the business on a daily level.
5 examples of synergy in business:
- Mergers and acquisitions – buying or teaming up with a complementary business and joining forces to grow faster.
- Adding substantial new products and/or service lines. These will usually complement the products and services you already have, but they can be a completely new range.
- Geographical expansion – selling interstate or internationally and having offices located in these areas. Expansion allows you to reach a larger base of target customers and therefore increases your revenue.
- Franchising – creating a business model that can be replicated and sold to franchisees. You retain control of the core business elements but do not need to be involved in the everyday running of the franchised stores.
- Starting a new complementary or related business that fits in with what you currently do. You have an advantage of already knowing the market and what does and doesn’t work, and knowing the needs and wants of your customer base.
ActionCOACH can guide you through any or all of these example methods specific to your business to get synergy happening in your business and help you reach your ultimate business and lifestyle goals. Register for the 6 Steps to Building a Better Business Seminar here to find out more or contact us via +61 (0)2 9146 4439 to speak with a Business Coach.