So your Business is running smoothly and growing organically year on year but you would like exponential growth and increase the size of your business? Yes? Perfect! read on for examples of synergy in business. No? Let us show you how we can 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 blood, sweat and years into mastering your business, 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: Super size your business!
Organic growth is usually expressed as a percentage increase of your business, however with Synergy you can 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.