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Scaling Your Business: a Guide

Posted By Administration, Friday, November 22, 2019

Reaching the point in your career where you are ready to start a business is a big one, but even that won’t compare to the moment you realize your business has hit a wall and the only way forward is to expand. Expansion, however, can easily go wrong. You never want to expand without a solid plan in place or before ensuring your business has the tools and systems in place to facilitate it.

Expansion can help your business grow in ways you’ve always dreamed of, but you must follow this guide so that you are ready for it:

 

Evaluate and Plan For Expansion

Scaling a business can feel natural, but no matter how natural the progression is due diligence is a must. You need to know for a fact that your business can handle the increase in sales. This applies regardless of whether you open a store, or just expand your shipping options for online sales. If you are going to grow, you need to know that you are:

  •  Ready for growth
  • Able to increase sales
  • Able to handle the accounting of increased sales
  • Use the new data to your advantage

Doing this will often mean investing in more advanced systems. You need all your systems from your accounting to payroll, to sales, to inventory management and beyond to be able to work together. Automation is going to be your friend, but without the right infrastructure, you won’t be able to benefit from automating tasks and could run the risk of falling behind.

 

Invest in the Necessary Infrastructure

Chances are you won’t be able to invest in the infrastructure until you have the money to do so. In fact, it is expected. Knowing how to get the money is going to help you ensure that you budget correctly for both your digital and physical expansion. We have already discussed how you will need to expand your company’s internal infrastructure to allow for automation; now we will discuss what infrastructure you will need to know what your website and digital presence needs, and what your stores need.

 

Digital Expansion

There are many ways you can expand digitally, from creating a foreign language version of your site to adding a new location page. Consult an SEO specialist to ensure your expansion efforts see results.

 

Physical Expansion

Acquiring a new store means you need to research where your demographic lives and what retail opportunities exist.

 

Acquire the Loan

Small Business Association loans are notoriously difficult to achieve. Having a solid and well-researched plan can help, of course, but regardless of how good your idea is you will need to be prepared to wait months, even a year, for your application to go through.

If there is an opportunity that you need to take advantage of right now, and you haven’t been approved for a loan through the SBA, then there are loan options for businesses on Biz2credit.com.

Banks in this matter won’t likely be a big help to you unless this is the second business you are opening after successfully selling on your previous company for a huge lump sum. That is because they will not provide a loan without a good business credit history or collateral.

 

Regroup and Solidify

Once you have the plans and the loans, it is time to put your plan into motion. Don’t try to expand too quickly, however, and remember to regroup and solidify your new business. You need to ensure everything runs smoothly before expanding again, no matter how successful that initial expansion was. 

Tags:  Growing business 

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