Has the time come for you to think about expanding your business? Maybe your business is doing very well, but you are ready for a new challenge. Possibly, you need to consider expansion in order to remain competitive in your industry.
Expanding a business can be the most challenging stage in a small business. Why?
- Your business needs to have “expansion capital” – money dedicated primarily to hiring additional staff, marketing campaigns, and/or to open additional geographic locations
- The owner of the company or top management may find it difficult to focus on business as usual during expansion
- Your business may need to completely update the technological systems used to keep track of sales, inventory, and accounting
You will find the following four expansion strategies useful in planning your business growth: Read More