Grow your business without leaving town

Do you feel like your business has reached its full potential in Plymouth? If you are eager to continue growing but are pushing market saturation in the local area, then you have options.

One strategy is to physically move to a larger market. However, fully relocating to a larger population centre may not be a reasonable move for you, your employees or your business, and it comes with its own complications and added expenses. Larger markets come with higher rents and costs of doing business, and more competition.

Opening additional locations can be a reasonable compromise, adding capacity without destabilising success thus far. Local digital learning company Sponge UK responded to fast growth with additional locations in London and Nottingham.

Another approach is to extend your reach with automation. Self-service kiosks are helping some businesses in the South West to reach customers where they are at, without adding significant additional real estate and staffing costs. This is a solution for some retailers, but a wider variety of SMEs, including professional services providers, can similarly use automation to their advantage to reach a wider market.

Faster broadband internet is spreading across the region, and remote work technologies make it possible to work with clients in the next town, London, the Continent, or anywhere in the world. While the technology exists, it still takes some effort to reach potential clients who are not situated within a few hours of Plymouth. Use your website, social media and strategic networking to connect with international clients. The occasional trip to the Middle East, Asia or likely locations in Europe or America could also be worth your while.

If your business is more oriented toward production and distribution of a product, consider the exports market. Britain has a very strong brand on the world stage, and Plymouth is a well-known area with an excellent port. You could produce locally and ship to customers around the world with the right marketing and distribution contacts. Access to the Middle East and Africa via Spain is right on our doorstep.

Middle Eastern and Asian markets are particularly keen on British-produced goods. Exporting can be good business but may come with tight margins, so be careful to factor in exchange rates and allow for variances due to market fluctuations. Particularly when it comes to wholesale distribution or larger supply orders, you will want to be able to minimise fees and get the best deal when you transfer money from Spain to the UK or vice versa. You should also do thorough research on taxation, duties, import/export fees and any other additional charges that could impact your profit margin before committing to expansion into international trade.

Plymouth businesses have shown a strong performance on a global scale, and are well regarded in many countries. Expand your reach with a branch office, strategic business development outreach to clients or suppliers abroad, or import/export business. Automation at the point of retail, communications technology and savvy financial management can help your Plymouth-based SME thrive on the world stage.