As the New Year quickly approaches, many small businesses will be preparing to analyse their performance over the past year and look at ways they can improve. One goal your business may have, is to expand.
While expanding your business, particularly on a global level, has never been easier, there are still a lot of factors to consider before you attempt to branch out. Here we’ll look at some of the best tips and advice you can follow if expansion is in your sights in 2017.
Where will you expand to?
If you’re looking at expanding on a more national level, you’re going to need to decide where to base your business. Location is extremely important; particularly if customers and clients will be travelling to your premises. Therefore, it’s vital you take the time to not only choose the best location, but also to ensure the premises match your brand.
One thing you might not have considered is moving to a temporary building. Renting out a temporary building from a company such as Neptunus Limited, gives you plenty of time to renovate and ensure your new premises are fully suitable for your business. It can also work out cheaper than staying in your existing premises if you’re relocating completely.
Update your business plan
If you’re considering expansion and have made it to this point without a business plan then now is the time to invest in one. Expansion of any type is complicated, time consuming, and expensive – spending the time on a business plan up front will save you both time and money in the future and should be your first step when looking to grow your company.
If you’re looking to expand and already have a business plan in place then now is the time to update it. Most companies create their business plans once and never revisit it – this can be a risky gamble if you invest in growth without much thought given to how you’ll manage it.
Without adequate preparation, your expansion could end up costing you a lot more than you envisioned, leaving your business vulnerable and threatening to shut you down completely if you don’t have the right funds to proceed.
Consider a merger
If you have the funds, it may be worth considering merging with another company or buying out a company similar to your own. This is one of the most aggressive, yet successful ways to expand your business. While most commonly associated with larger brands, acquisitions and mergers are still open to small businesses. You just need to know where to look. If you do choose this option, it’s really important to ensure any business partners, investors and board members agree with the decision.
Overall, the New Year is a great time to take your business to the next level. The above are just a few tips that can help. It’s important to do your research and prepare as well in advance as you possibly can if you want to ensure expansion is both right for your business and that it’s successful if you go ahead.