Top Tips for Expanding Your Business

For the vast majority of entrepreneurs and business owners, expansion is one of their biggest goals.

However, scaling up can be a daunting and challenging task, with no single path or strategy to follow.

If you feel that now is the time to grow, be it from a startup to a small business, or from a local SME to a larger national firm, you may be unsure where to start. In need of some guidance? Here are some tips that could help.

Build New Relationships

As the old saying goes, ‘it’s not what you know, it’s who you know’. When it comes to business expansion, forming the right relationships can be beneficial.

From sharing goals and tips with likeminded people in the business community, to seeking support and advice from investment experts like Hymans, making new connections can help during growth.

Prepare to be Flexible

You may know exactly how you would like your company to grow, from new locations and services, to investing in training and more efficient processes.

However, while having a well-defined plan in place is a must, it is also important to be flexible. For example, you may encounter new challenges or opportunities that require some adaptability.

Consider Measurement Strategies

In addition to a clear vision and maintaining flexibility, being able to monitor progress and track growth is essential. As such, consider setting measurable goals when expanding your business.

Depending on your chosen strategies, this could be done through quarterly financial reviews or by asking for customer feedback.

Know Your Figures

During a period of growth, knowing your figures and staying on top of finances is key.

This could mean creating spreadsheets with projected costs and regularly evaluating company profits. This will help to ensure you have the cashflow required to maintain expansion rates and meet long-term goals.

Re-Evaluate Competition

Before starting your company, you likely completed a business plan and marketing strategy.

Similarly, when planning growth, it is advisable to revisit these documents, to ensure you understand both your competitors and your company’s key values.

This could help in identifying areas for improvement, ultimately strengthening your business.

Stay True to Your Vision

Lastly, during the expansion process, it can be tempting to grow into new areas in order to maximise profits or secure customers in another market.

Before doing so, consider your original vision.

Why did you start your business? And what does success mean to you? Answering these questions could assist when making decisions as your venture expands.