A question most small business owners ask themselves at some point, is when is the best time to expand my business? While there’s no perfect answer, it would depend on where your business is right now and where you want it to go.
It is important for small business owners to start thinking about what growth would really do and mean to their business and start constructing a plan.
Why Do You Wish To Expand Your Business?
- You want to attract more customers.
- Your competitors are expanding their businesses.
- Your employees aren’t happy with the current position of your business.
3 Important Things To Remember Before Expansion!
1. Check What You Have!
Take stock of your company’s current resources, i.e. your employees, before going ahead. Take a hard look at your financial position and your current offerings. Then you can decide how you would like to expand i.e. establish a new store in different locations, or introduce new products or servicesyou have the right people with the right skills to make it happen. If not, you will need to invest in getting more people onboard.
Expanding your business often involves taking a financial risk. Are you financially stable and secure at this point to move forward with your expansion plans? Does your business seem attractive to a new business partner or a potential investor?
2. Make Sure There Is Enough Demand!
If you are looking to expand by developing a new product or service, consider your local community before planning the details of your expansion. If there is some unmet demand, make sure your company fulfills it effectively.
For example, if you have a coffee shop and you feel the need for a good bakery, you can combine these two and make a bakery cafe, therefore increasing your customer base.
3. Check Your Options...
If you need some help in order to move forward with your growth plans, consider your options. Explore various government schemes for small business owners, speak to investors, utilise your savings, or speak with a bank representative to see if a bank loan is a possibility. Ensure that you opt for reducing balance method.
NBFCs are also a good option as they have a simple application procedure, flexible interest rates, and faster disbursement of loan amounts.
If you have any such financial requirement, visit Gromor Finance for more information. Gromor provides loans up to 10 lakhs for small businesses at affordable interest rates and a simplified online application process which is transparent, safe, secure and confidential.