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How to expand your manufacturing business

  • Highlights

  • Upgrade your machinery and adopt the latest technologies

  • Expand product lines to boost sales

  • Improve visibility with marketing strategies

  • Explore partnerships to meet your goals

Running a manufacturing business comes with its own milestones. From setting up the manufacturing unit to successfully fulfilling the first order, the entire process takes time, effort and resources. Once you establish your business, the next step is thinking about growth. Here are 5 ways in which you can increase revenue, get new customers and expand your business.

1. Invest in better machinery, equipment, and staff

Focus on growth by upgrading your equipment and machinery to the best models available. This may need you to embrace new technologies and alter your set-up accordingly. Or, if you find that your machinery is already top-notch, investing in production software will help you streamline and organise the manufacturing process better. Similarly, you can add units of machinery to increase your production capability and benefit from increased output. In addition, adding skilled employees will help your business achieve more.

2. Diversify into new products to increase sales

It is important to understand market changes in order to stay ahead of the curve. Tweaking your product offerings or adding newer products will help you do this. For example, if you manufacture smartphone covers and cases, you can diversify into manufacturing allied products such as screen guards and pop sockets. Since you have experience in the mobile accessories business, you will be able to gauge the interest and likings of your customers, and manufacture and market your new line of products accordingly. By increasing your offerings, you can create a new revenue stream.

3. Gain better visibility with strategic marketing

Use social media to engage with customers by letting them experience your offerings virtually. You can upload a digital catalogue of your products to attract new customers. For example, if you manufacture smartphone covers, you can ensure that you visually show customers how the cover will look on various popular smartphone models. Identify the social media platforms that your customers use and publish content regularly. Post videos of satisfied customers to build your brand’s credibility. You can use a business loan to hire a social media marketing team to take care of this task for you.

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4. Consider meaningful partnerships

An alliance with a company that specialises in marketing, for example, can help your business sell more. For instance, if you are a manufacturer of high-quality socks, you can partner with a marketing firm that targets overseas retail to enter a new market. Such a tie-up will help you increase sales and enter a sales domain with relative ease. Similarly, if your company manufactures golf clubs, you can partner with a company working on the technology that goes into making superior golf clubs to improve the quality of your products.

5. Learn from your competitors

Keep an eye on what your competition is doing and replicate efficient systems and production techniques. This will also allow you to learn from their mistakes or improve their business plan. For example, you can borrow from a firm’s distribution model or replicate another firm’s strategy of setting up regional offices in key markets. An easy way of keeping track is by subscribing to newsletters and monitoring their social media activity.
Once you’ve set up your business, half the battle is won. Focus on the aforementioned measures to increase sales. In case you are postponing the expansion plans due to a lack of capital, explore the possibility of collateral-free business loans to put your business back on track.

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