Factors to consider when expanding a business.
Successful leaders know their businesses need to grow to stay competitive in the market and increase revenue.
But with growth come new challenges and risks. Before embarking on business expansion, decision-makers should conduct market research and map out a growth strategy considering financials, infrastructure, and management.
How to expand your business.
Business expansion is a worthy endeavor that takes time, effort, and willingness to adapt. In a nutshell:
1. Conduct market research to assess the feasibility of expansion.
2. Develop a detailed business expansion plan that considers target-specific implications.
3. Secure financing or funding to cover the costs of expansion.
4. Leverage technology and digital means, including social media.
5. Hire external talent and build a team to support rapid growth.
6. Track performance metrics to ensure the expansion is progressing according to plan and positively impacts your bottom line.
7. Stay adaptable and flexible in response to changes in the market.
For additional information or questions, please contact our Economic Development Officer, Sandra McIntosh at 780-985-3604