Business Growth Given the current low interest rates, economic
recovery and increased consumer confidence, is now an opportune time to consider business growth?
Research is key in making an informed decision as to whether your business should expand. Study the demand for your product, your potential market place, your competitors and your customer base as well as the impact expansion may have on your internal processes.
Asses your current business performance thoroughly, to ensure that you have a solid base that can take the inevitable pressure and upheaval that expansion will present.
Funding an Expansion Funding remains a challenging area for small businesses, but there are other options you could consider instead of the traditional bank loan. Invoice factoring, overdraft facilities or leasing equipment could provide you with more funds and reduce the amount you need for expansion. You could also consider investment finance, which would mean that an investor would share some of your business risk, although if you are unwilling to relinquish some ownership of the business, or are a sole trader or partnership, this option will not be suitable. If you do decide to apply for business loan, remember to make sure you have a business plan before presenting your application to the bank.
Growing a business is challenging and it is important to consider the risks associated with expansion. There is potential for financial loss and you will have to navigate through unfamiliar territory and face numerous other issues along the way. It is therefore important to make sure you feel capable of taking on such obstacles. If all of these issues have been duly considered, the benefits of business expansion can be numerous and extremely rewarding.
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Making it Manageable Managing a business expansion, like any other business project, will mean you need to plan extensively in order to make sure the task in hand does not become overwhelming. Of course, you will not be able to plan for every eventuality, but the more planning you do, the more likely it is your expansion will run smoothly.
Here are some tips to help. 1. Marketing Plan If you don’t have a Marketing Plan, start to produce it, but be aware that it will change as you proceed. Your business is changing, but remember the business priorities are to ATTRACT, MAXIMISE and RETAIN customers. 2. Goals and Deadlines Achieving goals will help build confidence and maintain enthusiasm, share these with staff. Set realistic and achievable targets and continuously review these targets. 3. Managing Expectations Where appropriate make your staff and customers aware of these changes. Not all your initiatives will work, but be able to measure success and at the same time, if it is not working, cease it and move on to another initiative. 4. Communication Ensure that you communicate with your staff, customers and suppliers on a regular basis. Any of them might be able to provide you with feedback and suggestions.
We can help you with all aspects of business planning. Please contact us for further advice and assistance.
Kindly provided by The A9 Partnership Ltd For further information, please contact us on dunblane@
a9partnership.co.uk or telephone 01786 822 066
To advertise in thewire t. 07720 429 613 e.
the.wire@btinternet.com
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