Launching a business is not the hardest part of the process; it’s learning how to grow it and set it on the right trajectory for greater success.
Whether it’s growing your inventory, hiring more people, expanding your production capacity, or investing in new technology, there are so many ways to grow.
Expansion is an exciting process, yes, but it also entails added investment and risk. But fret not, you can map out the best way to expand your business by taking a more studied approach.
Here are a few things to consider to expand your business the right way.
Before making any important financial decision, decide the direction you would like to take your company. Is the next step fine-tuning your product or service, or offering your consumers more with something new? Create a blueprint for your growth, taking into consideration important factors such as demand, supply, etc.
Evaluate your situation and strategize. After laying down your plans, consider what’s needed to realize and get to that next stage. Is it by investing in equipment, opening up franchising opportunities, expanding your inventory or others.
2. DO MORE RESEARCH
When you first established your business, it was probably not on a whim. You put in the time and effort in doing research, consulting experts in the field, and studying your proposal before making the decision.
Do the same in the next phase of expansion. Study other business models, which are similar to your own and which have achieved certain sustainable success.
3. DO YOUR COMPUTATIONS
Crank up the numbers (even with the help of a financial consultant) and understand down to the last cent how much is needed to financially take your business to the next level. Also consider the time it will take to get a return on investment.
4. STUDY THE OPTIONS
When doing the research and studying the proposals, several options may arise and so it’s best to consult with your business partners or financial experts to evaluate the best option to grow your business. It’s important to ask yourself whether this is the right means to meet your goals and needs given all the factors.
If you're ready to take your business to the next level, you can rely on BDO's SME Loan to give you the financial support you need.
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