Your Growing Company:
      How to Expand Your Business Carefully
                    by Gloria Martinez

When you’re expanding your business, there are many things to consider. The steps you take during expansion can have long-term consequences, so it’s essential to research and plan carefully before taking action. Here are a few areas to think about when expanding your business, presented by the FUNEL Business Management Group.

Hire New Employees

When expanding your business, you may need to hire new employees. When hiring, weigh each candidate’s qualifications and whether they’re a good fit for your company’s culture. You should also have a solid onboarding process in place to help new employees acclimate to their roles and responsibilities.

Move to a Larger Location

If your business is outgrowing its current space, you may need to move it to a larger location. This step can be a significant undertaking, so it’s crucial to factor in the move's cost, any necessary renovations, and the disruption to your business. Don't forget to factor in the price of inventory and any necessary renovations. For example, if you have a retail store, you’ll need to account for the cost of rent, furniture, and fixtures. If you have a service-based business, you may need to think about the cost of new equipment or additional office space.
Finally, consider the impact the move will have on your customers and employees. Will your customers be able to find you in your new location? Will your employees have longer commutes?

Consider the Costs of Expansion

Do you have the budget to expand your business? Even if you have the extra cash flow, you may need to take out a loan or secure additional funding to cover expansion costs. Prepare for a loan application. Then, update your business plan to include your expansion proposals and projections, so you can show potential lenders how the expansion can impact your business’s bottom line. Use software such as LivePlan to generate professional financial forecasts for your business plan. Also, add a personal financial statement to your loan application, so the lender can see your current financial situation.

Review Marketing Strategies

As you expand your business, revisit your marketing methods. If you’re adding new products or services, you’ll need to create new marketing materials and adjust your sales pitch. Also, consider how you’ll reach new customers in different markets. For example, if you’re expanding to a new city, you may need to adjust your SEO keywords to ensure your website appears in search results for that location.

Outsource Work

If you have a lot of tasks that are piling up around you that are increasingly out of reach due to your busy schedule, you may want to bring in freelancers to handle these tasks. Not only will it free you up to handle other things, but you’ll also have a trusted professional in your corner who may be better equipped to complete these tasks. So, if you’re feeling the crunch and you need some support, outsource your accounting, customer support, and more to ensure all of these important areas are covered by individuals you can trust.

Grow Your Business With Confidence

When you’re expanding your business, there are many things to consider. By taking the time to plan and research, you can make sure your expansion is a success. And if you need help with your growth strategy, be sure to work with the FUNEL Business Management Group to ensure your business is set up for success.