You might have reached a point on the market where your company is successful. You’re making a nice level of profit, perhaps exceeding 100K each year in revenue and your finances are fairly stable. If you’re in this position, you shouldn’t squander it. You need to use this advantage wisely, and there are a number of ways you can use power like this.
Slim Down The Competition
If you’ve reached a stage where your earning profits almost without even trying you might be in a position where you can cut some of your prices down to make them more attractive to customers. You can learn more about this on articles.bplans.com. It’s worth exploring this possibility as a price reduction will force other competing businesses to follow suit or fall out of the market completely. It’s a rather vicious way of thinning the herd, and it can be very effective. You might feel guilty about taking a step with the intention of pushing another business off the market. But you have to remember that price changes are part of competition and if you have the option you should use them to your advantage.
Borrow And Go Bigger
If you are stable financially, you will be able to borrow money at great interest rates that are more than affordable to make massive advancements in your company. If you have a rather healthy credit score of 500+ and your business brings in a sizable income annually, then you will be able to borrow from reputable lenders like workingcapital.co. Here you will be able to borrow as much as 500K and use it in your business however you want. You might fund an expansion or you could use it to produce a fresh and innovative marketing campaign. The choice is entirely yours.
Marketing Magnificence
Speaking of marketing, you should certainly consider using your power to put a giant promotion in place. If you have power than you have money to spend. Do yourself a favor and put most of these funds towards marketing. By doing this, you can seize the attention of customers who might currently be buying from your competition. If your promotion is exciting and interesting enough, you’re sure to be able to steal these clients right from under their nose.
Form Partnerships
Of course, not all business is cutthroat, and by having more power on the market, you might just be able to form partnerships with different companies that share your target audience without being a direct rival. These partnerships can lead to bigger, brighter branding moves or possibly the potential of sharing clients. An example of this would be a car service company sharing clients with a tire supplier. You could see how this would benefit both businesses.
As you can see then, there are numerous ways for businesses to use their power effectively once they reach a certain level on the market. It’s crucial that you don’t waste this opportunity because it could easily give you the step up you need to take your business to the next level on the market.
