Like most businesses, you have probably experienced a decrease in sales- or even their complete disappearance - during the coronavirus crisis and you now have to step up your efforts to compensate for the losses. And you have probably lost some customers or had to recover bad debt as a result of the global pandemic.

To be able to emerge from the crisis, it would be wise to develop your business, identify prospective customers and target new markets. Check out our tips below to grow your business with confidence

Grow your business is what every entrepreneur wants. There are many ways to grow your business. But how do you develop your business in a safe and responsible way?

Here are some examples of growth opportunities:

  • Develop your activities with your existing customers
  • Expand or narrow your market (specialize)
  • Establish cross-connections with other sectors
  • Carefully examine the market and react proactively
  • Set up intelligent (digital) marketing

Share your growth plans with others. Discuss your ideas with your employees and other entrepreneurs. They like to think with you and share some ideas. However, the approach must fit with the way you work. Therefore, never blindly copy someone else's growth strategy. All roads lead to Rome. Every business is different. Stay yourself.

Are you excited about a particular idea? Always make a growth plan. You cannot predict the future, but you can make assumptions and consider the consequences. What are the opportunities and risks you will face and how do you plan to respond to them?

Paradoxically, rapid growth can also be synonymous with threats. In the rapid development phase, you have to know how to be vigilant when faced with a larger than expected number of orders. The euphoria of success can mask a very different reality. Do identify prospective customers, but also focus on the most reliable business partners. Do make sales, but be sure to also get paid on time.

Entering a new market can be a vital part of your business growth strategy. You create new opportunities, you access to new customers and you safeguard your business against domestic economic stagnation.

But international development also involves significant risks which must be assessed and reduced to the greatest extent possible. Local business practices, laws and culture can be very different in other countries. Your experience on the Belgian market will not necessarily be valid abroad. Take the time to educate yourself before entering a new market.

Do you want to develop your business abroad? Control the risks and seize the opportunities right now, thanks to the advice of our experts.
Buying a trade credit insurance is one of the best ways to limit your risk. It allows you to accurately assess your national and international prospects and protect your business against non-payment and bankruptcy of your customers. If the unexpected happens, you know you are protected as you expand into new markets.

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