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Definition of expansion 1 : expanse. 2 : the act or process of expanding territorial expansion economic expansion expansion of the universe. 3 : the quality or state of being expanded.

However, expansion is crucial to increase profits and reach new customers. Expansion could involve increasing physical locations or offering more products or services. For example, you may want to diversify your revenue stream so that you aren't reliant on selling just one core product or service.

Although growing your small business will take time and energy, there are 10 strategies you can use to help accelerate business growth. Do Your Research.Build a Sales Funnel.Increase Customer Retention.Participate in Networking Events.Practice Corporate Social Responsibility.Form Strategic Partnerships.

It is a stage when companies look for additional means to generate extra profit. In other words, business growth is simply a function of a business life cycle, growth trends of an industry and entrepreneurs' desire to create equity value. A growing business can expand in more than one way.

A growth strategy allows companies to expand their business. Growth can be achieved by practices like adding new locations, investing in customer acquisition, or expanding a product line. A company's industry and target market influence which growth strategies it will choose.

Different forms of business expansion include opening in another location, adding sales employees, increased marketing, adding franchisees, forming an alliance, offering new products or services, entering new markets, merging with or acquiring another business, expanding globally and expanding through the internet.

6 Tips for Expanding Your Business ? Regardless of the Economy Add new products and services to your mix.Sell more products and services to your existing customers.Expand into new territories.Target new customer markets.Tap into new sales and delivery channels.Acquire another business.More AllBusiness.com: