By Hannah Whittenly
In a nutshell, a business ecosystem is the network of organizations and customers that support your business. This involves your suppliers and those who help you deliver your product or services to your customer base. An ecosystem can either be derived through cooperation or even competition. It’s basically what drives your business to be successful in the industry. Here are ways that you can work towards fostering and developing your business ecosystem.
Schedule sit-downs
Set up meetings with the organizations in your ecosystem. You have to get everyone on board with your plans for the future to be successful. It may seem counterintuitive for how this would benefit these other organizations that are involved on the periphery. Your business being more successful can help to drive up their business potential as well. Developing these relationships will help you move forward towards the future.
[amazon_link asins=’B005L9X174′ template=’ProductAd’ store=’succeeding0d-20′ marketplace=’US’ link_id=’a939e2f6-7634-11e8-9342-6b2458387b15′]Consider relocation
In certain instances, it may prove to be beneficial for you to relocate your business. This may be because your current customer pool isn’t conducive to your continued success and growth. Another common problem is having too much competition in your current location. Look into using a moving company to help you make this transition. It will be hard enough having to reestablish yourself in a new place. These types of companies will take at least one big thing off of your plate.
Growth potential
Expanding upon your ecosystem is another solution to help you grow and foster your business. This could mean that you seek out new partners or suppliers. Having a backup plan in place will ensure that you don’t experience delivery issues. Another solution is to add to your customer base. You may be able to do this by introducing a new product line or service. Having a more well-rounded ecosystem will allow you to better weather any financial hardships or downturns in the economy.
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As with any type of ecosystem, those that are more diverse are more likely to survive. Diversification involves expanding outward from your primary business focus. Look into new and emerging markets in which your product would be useful. There are lots of case studies in which thinking outside of the box has made a business more versatile. Conduct a survey to determine if there would be any marketable uses for your product outside of your current industry.
A business ecosystem may seem like a trendy term that’s used interchangeably with other words. No matter the word used, fostering yours will help to grow your business.
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Hannah Whittenly is a freelance writer and mother of two from Sacramento, CA. She enjoys kayaking and reading books by the lake
