Business expansion can make or break your business. If you expand too quickly and without any research, you may break your business. But if you take your time and do the research required, you can build a stronger and better business. Building a business is a bit like building a house if the foundation is solid then the business will be solid but if the foundation is crumbling then a few years from now the business may start to crumble so let’s look at the ultimate checklist of items to consider when expanding your business.
Item 1: Your goals and values
It is crucial for you to write down the goals you have for the business as well as the values which you want the business to reflect. By writing down your goals, you can distribute them to everyone in the business and ensure that any decisions will be in line with what your medium- and long-term goals are. You will also be able to ensure that the values you want to have in your business are adhered to if you have written them down and made everyone aware of them.
Item 2: Research your market
Is there a demand for you to expand your business to a different region? Interview your current customers and see what they like about your offering and what they would want to change. By getting this information you can make a more informed decision on how and where you will expand your business.
Item 3: Review your business processes
Are you still critical in the day-to-day running of your business or can the employees successfully run your business without much input from you? You need to ensure your first business runs well and the processes are scalable because it will be the blueprint from which you base your next moves. Therefore, it needs to work well and be scalable so you can build a bigger business.
Item 4: Check your legal obligations
When you started your business, it may have been a sole proprietorship but if you expand you may want to change the structure of the company. It is important to note that the change in company structure will lead to a change in how taxes are paid and what type of taxes you need to pay to the government and what your customers need to pay to you. Next, if you develop an innovation in your industry you will want to ensure you have your intellectual property protected before you launch the new product or process to the general public.
Item 5: Fine-tune your team
Does your team want your business to succeed? You need to ensure that the people you employ will see expansion as a positive step. When you start to grow the business, you need to advise your employees that there will be some changes and growth in the business, and they need to be able to embrace it. By preparing your team for growth, they will be excited to see how they can contribute to the growth.
Item 6: Revise your marketing message
Times change and what was relevant when you started may not be that relevant now. It is important to look at all your branding assets and ensure they are in line with the times. If you need to change your branding, then consult a great branding business to see how they think you can update your brand. You should also look at the content you have available for your customers and potential new customers to ensure you are still relevant for the time and beliefs of your customers.
By going through these six items, you will have created a great strategy to grow your business to the next level.
Proudly brought to you by the NSBC
