Hey Steemians, Today we are going to discuss this topic and resolve the arduous queries of our friends regarding Business Expansion. 💰💰
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In this contemporary era of competition is surging and leading to enhance numerous unique ways to expand the business and to take the company to a next level so today we are going to discuss those techniques which can surely take our business to a next level.
Exponential growth is one of the fundamental aspects considered by the numerous top entrepreneurs to attain lucrative outcomes in their business.
Now the question arises "What is exponential growth?"
Exponential growth is the spontaneous rise in the wealth of any company at the multiplied rate. Most of the entrepreneurs want to have an incremental growth for their company for example if the profit of last year surged by10% than they focus to mushroom the rate to 20% and then 30% in the following years. However, these type of statistics will never end up in conferring high beneficial returns to the investor. So to attain better returns from business the exponential trading technique must be adopted as this technique multiplies the rate of profit from 10% to 20%,40%and 80% in following years.
Three ways of getting exponential growth are -
1. Innovation
2. Sustainability
3. Scalability
1. Innovation
It is an inevitable fact that the novelty products is having a huge demand in the society as because of the latest innovation that is been considered while manufacturing these products due to which even with fewer advertisements these commodities receives a startling acceptance in the market and it results in contributing a major role in the upliftment of any company. So, every company should focus on introducing an exquisite product with which they can attain a monopoly in the market and then they must consider Patenting of these products or may attain lucrative profits through those products with the help other Recurring Revenue Model like Licensing, Product Certification, Royalty, IPR Intellectual property rights.
For example, IKEA is the world's topmost furniture company generate monopoly in the market where they set up their business and without being a manufacturer they manufacture their products from the local market by providing their patented designs so that no local manufacturer can copy those designs.
2. Sustainability
Next step is to maintain sustainability in the market with the help of Recurring Revenue Model, as with the help of it a gross profit of the company could easily be maintained and regular sustainable cash flow will stabilize the position in the market.
3. Scalability
Scalability of business is the most important and crucial aspect for exponential growth in the business. However, the scalability of any company is full of complexities but this phenomenon is fundamental to the foundation of globalizing the company and to become huge business commemorate.
As encapsulating the above line graph which clearly depicts that the exponential growth in the area of technology with the involvement of scalable products. As it is vivid from the graph that from the innovation of the printing press to the innovation of telescope the scalability level was constant. However, after the innovation of the car, an exponential growth has been noticed and with regular innovations and better techniques used for scaling the level of technology.
These ways are pivotal for a significant growth in the business.