There may come a time when your small business has achieved a level of success that practically demands an expansion to maintain it. Whether your customer base has increased dramatically, you need extra hands or skills, or you have an opportunity that’s too good to pass up, growing your business is often a certainty. Expansions come in all shapes and sizes, but there are several crucial considerations to keep in mind no matter how significant yours is.
Running Your Expansion
Often, growing a business involves increasing the size of the current location or opening a second location. Either way, you’ll need the proper staff to support that growth. A good team means workers are not struggling to maintain their workloads or using overtime regularly. Plus, you want to ensure that your more experienced workers use their skills properly, not stuck completing basic tasks.
When hiring new employees, consider diversifying your staff. Diversity improves company values, enhances innovation, and helps ensure that your business is respectful of various customers’ cultures. Immigrants are an excellent pool to draw from. Research estimates that, for the next few decades, immigrants will be the driving force for this country’s economy, so you’ll be diversifying your staff while also aiding the nation’s workforce. Consider where you might use part-time workers or contractors instead of full-time employees. Flexibility with staffing can allow you to contract and expand depending on business demands.
Funding Your Expansion
Of course, growing your business is an investment and may require a significant amount of money at the start. In some cases, if your business is doing exceedingly well, you may be able to fund your expansion just with the extra capital from the business’ cash flow. Typically, though, business growth requires external financing, usually in the form of loans. Conveniently, banks offer short-term and long-term loans for various applications, such as purchasing expensive equipment, acquiring property, or increasing working capital. The Small Business Administration also provides federally backed loans without the stringent eligibility requirements of bank loans, such as high credit scores and long years in business.
If you’d prefer not to work through a financial or federal institution, private investors always look for new opportunities. Be sure to write up a robust business plan. This document can convince investors that your business is worth investing in. You don’t need a complex plan – you might need a few-page plan to explain your hypothesis for growth.
Upgrading Your Expansion
Growing your business isn’t just about getting the right people and finances. You’ll need to spend some of that funding on all the necessary technology, including internet technology. Make sure you do your research and look at customer testimonials before purchasing equipment to ensure its quality. To check out the most up-to-date products on the market, visit Tech Pro Daily. The goal of any tech should be to remove friction in the buying process. In other words, make it easy for customers to buy from you.
Marketing Your Expansion
Let your customers know that business is booming and specify that you’re expanding to meet their demands. Customer loyalty is critical to increasing profits and maintaining cash flow, often more than acquiring new customers. By marketing effectively, you can get the word out to everyone. If you need help with marketing, consider hiring a business or marketing consultant to get you ready. The right consultant can also add new products or services to appeal to a broader customer base. Don’t do what everyone else is doing – look for a distinctive approach to raising awareness and telling your story. There is a lot of free advice given on podcasts about marketing for small businesses. Become an avid learner.
Expanding a business can be a rewarding next step for your career. Your business will be ready to grow if you have sufficient staff, adequate funding, and the marketing to broadcast your expansion.
This is a guest post by Marcus Lansky, founder of https://abilitator.biz Marcus was born with a spinal condition so severe that his parents were told he would never walk. Lansky was a spunky child, and despite all the odds against him he learned to walk with the help of countless doctors, physical therapists, and cheerleaders.”
You can set up a time to chat with me about your marketing challenges using my calendar. Email me jeffslater@themarketingsage.com Call me. 919 720 0995. The conversation is free, and we can explore if working together makes sense. Watch a short video about working with me.
Photo by LinkedIn Sales Solutions on Unsplash
