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Growing Your Business Joseph Leoni Bus. Communication Research Paper For a company to reach international status the firm’s foundation must be rock solid. Once you have successfully started your business and continue to maintain the business the next step is to grow the business. Growing the business is essential to going global with the business for a couple reasons. One reason is that the costs alone for going international are substantial. Your business needs to go from being profitable to very lucrative in order to fit the bill for overseas costs. The second reason growing your business is important before going global has to do with the companies success formula. What happens if your business starts booming overseas at an unexpected? With an understanding of how to grow your business here in the U.S. you will be able to reproduce the successful formula overseas as well. Before steps are taken to start growing the company it’s important that the company be as efficient as possible. This means that a very analytical view of the companies operations need to be addressed. Where can the company cut back on costs without hurting the company? Are there any redundancies? Cut back any unnecessary costs that seem fit, but keep in mind your employees morale can be affected by these changes which will in effect hurt the company. Also ask what, if any, technologies you can implement to improve your profit margin. New technology is constantly coming out and it’s usually the companies that best implement it that get ahead and maintain efficiency. Once all the excess spending and redundancies are fixed it’s time to look at the different possibilities as there is always more than one way of doing something. With a successfully maintaine... ... rising another assessment similar to the first one is suggested. With growth of the business comes new variables and changes to the company thus effectively changing the company. Go back again to cut unnecessary spending, keeping in mind employee morale. Franchising your business can be a very rewarding venture especially if your business success formula has been tried and tried again. Franchising can also be your way into the international market although it depends on each businesses needs. Food and consumer businesses usually do very well as the formula can be duplicated easily. Service companies are still possible to franchise but more difficult as they usually require people with special skills or training to get the job done. In general, franchising your business will lead to increased revenues because the customers for the product or service already exist.