Operations are running smoothly, leadership is securely in place, and there’s a healthy revenue stream. Your thoughts at moments like these naturally turn toward growing your business. Once you’ve carefully considered all the implications growth will have on your people, process, and technology capabilities, then here are eight strategies to consider.

Build on competencies. There are likely new market opportunities stemming directly from your core products, services, and capabilities. Conduct conversations with your customers to find those strategic opportunities that help solve their cost or efficiency challenges. Then use the information to create a new platform for growth. A manufacturer, for example, might leverage its expertise in supply chain management to move into an adjacent market by offering logistical services to its customers.

Expand geographically. You’re on the north side of town, but the south side is booming and you’d like a presence there too. Physical expansion requires rigorous research and prudent planning. Be sure to choose a location that’s truly best for your business, not just what’s affordable. Your staff and operations must also be top-notch to get that new southern location up and running while still maintaining business at its best to the north.

Find a niche. Explore a new product or service introduction targeted to meet an unfulfilled need. Keep in mind that a successful niche product requires appropriate niche marketing. Create messages and strategies tailored to the niche. 

Grow your online presence. There has never been a better time to expand your business online. Establish, enhance, and promote your Internet presence to gain new business and attract new customers. Make full use of e-commerce possibilities and search engine optimization.

License your intellectual property. Licensing can be a way to grow into larger markets when your access or funds are limited. Find a licensee who will produce, market and distribute your product. They assume the risks and make the necessary investments in exchange for more of the profits.

Offer franchise ownership. Does your independent business model have what it takes to make it as a franchise system? Creating a franchise requires heavy lifting just to get it to market – research, testing, legal issues, and packaging, not to mention the deep financial commitment needed. You’ll need to identify what’s unique about your concept and determine whether there’s even a market for it. Once the arduous startup work is done, a franchise venture can be an effective expansion strategy.

Acquire or merge with an existing business. Combining two great companies is a venerable growth practice that isn’t just for big or public companies. Small to mid-size businesses can also benefit from acquisitions and mergers by gaining an expanded customer base, improved efficiencies, and shared resources. Due diligence is essential to finding the right partner and avoiding unexpected surprises.

Secure a government contract. Why not count the federal or your state government as a customer? As the largest buyer of goods and services in the world, the U.S. government makes various contracts available. Complying with the government’s terms and conditions for proposals requires a great deal of energy and patience – but if you’re serious about it, winning a bid can make the effort well worth it.