You may want to carry out extra research as well - for example, to test customer reaction to a new product.
As a business grows, different problems and opportunities demand different solutions - what worked a year ago might now be not the best approach.All too often, avoidable mistakes turn what could have been a great business into an also-ran.At the same time, you need to invest in innovation to build a stream of new, profitable products to market.Information sources Published information can provide useful insights into market conditions and trends.A market-leading offer one day may be no better than average a few months later.
Apparently loyal customers can be quick to find alternative suppliers who provide a better deal.
As products (and services) age, sales growth and profit margins get squeezed.
Understanding where your products are in their lifecycles can help you work out how to maximise overall profitability.
Recognising and overcoming the common pitfalls associated with growth is essential if your business is to continue to grow and thrive.
Crucially, you need to ensure that the steps you take today don't themselves create additional problems for the future.
Newer relationships may increase turnover, but the profit margins may be lower, which may not be sustainable.