What’s one of your biggest goals as a business owner?
You could say it’s to provide the best service to your customers. Or beat your competition. But if you think about that question again, you’ll realize that your biggest goal is to grow your business into a massive corporation.
Beyond being a big goal, it’s also a big challenge. Considering that many of the businesses started today will fail within 10 years, it’s easy to conclude that many entrepreneurs don’t achieve this goal.
In this article, we’re telling you how to handle business expansions. Believe it or not, one of the top reasons small businesses fail is getting an expansion wrong.
Read on for deeper insight!
Is Your Business Ready for an Expansion?
A mistake some entrepreneurs make is expanding their businesses before they are truly ready for an expansion. Doing so is akin to taking the engine out of your saloon car and replacing it with that of a truck. It can’t work.
As such, the first step to handling an expansion the right way is to establish whether your business is truly ready for an expansion.
The question is: how do you determine this?
There are fairly obvious signs and there are signs that aren’t so clear. For example, if thousands of customers from another state are enquiring about your product (because you only ship to customers in your state), that’s a clear sign it’s high time you expanded your business into the state.
Do a thorough assessment of the state of your business before making a decision to expand.
Which Type of Expansion Suits Your Business?
There are a couple of ways you can expand your business.
You could set up a physical store or office in new locations. You could make your business website accessible to foreign markets or even worldwide. You could introduce a new product to the market. You could also turn the business into a franchise.
Which expansion type suits your business? Choosing the right type of expansion will make a big difference.
A lot will depend on the nature of your business and its business model. If you’re an ecommerce store, for example, there’s no reason to open physical stores in new locations. You just need to ramp up your shipping line so you can ship products to new locations.
Build an Expansion Team
Expanding a business might seem like a simple task; something you do after you’ve completed your day’s main tasks. It’s not.
Such a casual approach to expansion can sink your entire business. You need to build a dedicated expansion team; professionals who know what it takes to grow a business.
Your team will work to identify and solve the challenges your business is bound to encounter. They’ll find the tools the business needs for a successful expansion.
If you’re expanding into foreign territory, your team will work to tackle the language barrier that may exist. With document translation tools and services, this is an easy problem to solve. Here is what you need.
Business Expansions Made Easier
Some business expansions have led to the development of today’s mega-corporations. Others have ended in disaster. The side yours ends on depends on whether your approach expansion with the seriousness it deserves. Use these tips as a guiding light.
All the best and keep tabs on our blog for more business tips.