Excitement builds when business owners consider expanding their business. There’s potential of increased revenue and new markets to explore. However, growing your business without compromising your customers’ relationships must be a strategic move. Are you ready to expand your business? Here are 3 things you need first.
Effective Team of Employees:
The right team will allow your company to run successfully when you aren’t there. Evaluate your team’s efficiency to determine any oversight on processes that need to be fine tuned. This is important especially if expansion includes hiring more staff. Your business is ready to expand once every team member understands, executes and can communicate their role and responsibilities fully.
Targeted Marketing Campaigns:
Are you introducing a new product to your current customers or are you introducing your current products to a new market? Once you have determined how you will expand, be specific about who your customers will be and design your marketing campaigns for them. Your products and services will only matter if your current or potential customers know about them.
Expanding your business may require not only hiring new staff but also additional equipment and inventory. Evaluate your current business and financial plans to determine exactly what you need and how you will fund your expansion. With adequate funding, you will be able to deliver quality service and products to your new customer base.
Our team at LiftFund can help you through this process. Our business support team, along with our lending team, is a group of professionals dedicated to serving as a sounding board, being responsive to your needs, and a resource that will connect the dots for you on questions you may have about your business strategy. Read more about specific programs on our Small Business Support Services page.