Growth isn't just a priority-it's a necessity for your business. Growth doesn't just happen; it is most often intentional, and the result of good planning. Here are four strategies that can lead to the expansion of your business. The key is deciding which of these four approaches is best for your particular situation, since not all strategies will be appropriate for every business.

Diversification: selling new products or services in new markets. This is a high-risk strategy, since the product and market are not proven areas for the business owner. If your business is innovative by nature, this strategy will be easier for you. This kind of growth plan can be exciting and scary at the same time. In order to grow, you will need to clearly define your goals, and be realistic about the risks.

Market Development: developing a new market for existing products or services. This is a more common scenario for business owners. A new geographical market is not the only way to expand; you might find that changing the "packaging" on your existing products or services is the best way to expand into new markets. This strategy requires knowledge of the marketplace and gaps you might fill. You may want to consider hiring a marketing professional to identify these new markets for you.

Product Development: developing a new product or service for your existing market. This strategy often feels most comfortable to business owners, since they are already aware of existing market conditions. It requires the business to spend time in research of new products or services, and to develop new abilities to produce the new product or services. Success may not be achieved on the first attempt, so the strategy involves continuous adaptation of the new product or service.

Market Penetration: selling existing products or services in existing markets. Here the business owner is working for a larger market share, and must develop strategies to gain a competitive edge. Using of this strategy could include pricing, marketing, or customer loyalty programs targeted at your existing customer base.

All of these strategies involve planning for the financial impact of the decision: how much additional cash will be needed to fund the strategy? Will this plan require capital investments? What is a reasonable goal for profit from this endeavor, and how long will it take for that to happen?

Please don't hesitate to contact us with any questions you may have regarding business growth strategies. Our team-based service approach is designed both to provide the level of attention you deserve and to develop problem-solving plans and growth strategies specifically tailored to you. Your success is Mierendorf's success, and our relational, flexible approach to growing your business creates more opportunities for successful results.

REMINDERS FOR EMPLOYER OBLIGATIONS:

Changes have been made to the reporting requirements for Michigan Unemployment Tax. The requirement to file on-line is being implemented over a four-year period. Beginning in 2014, an employer with more than 5 employees will be required to file on-line. In 2015, all will be required to begin filing online.

Health insurance notice requirement: the Affordable Care Act requires that businesses with gross receipts in excess of $500,000 notify their employees about the company's health insurance coverage by October 1, 2013. Each employee must receive notice, whether or not the employee is enrolled in an employer health plan, and regardless of the employee's status as a part-time or full-time employee. Check our website for a PDF of the model notice.