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20 Nov 5 Tips for Expanding Your Small Business
It’s time to think about expanding your small business. All the signs are pointing in the right direction. You have strong cash flow. Your employees are happy. Your local market is thriving. The time has come to branch out and expand your reach or product footprint. But how do you do it?
Of course, you probably look into small business loans to help you. You may also consider bringing in some specialist staff or pursuing some personal professional development to help. But as you pursue those avenues, here is a look at five tips to keep in mind:
1. Focus on Culture
Expanding your small business can dilute your culture. The original ideas that got you moving can fall to the wayside when you start growing and dealing with new challenges. An Entrepreneur report advised that small businesses looking to expand take some time to focus on culture. Dealing with issues of why your business exists, what you value, and what your vision is can give you a measuring stick to help you make good decisions. What’s more, it can keep your employees connected to the work they’re doing, helping them handle the uncertainty that comes with the changes inherent in expanding your small business.
2. Get Your Historic Data in Order
You can’t figure out where your business is going if you don’t know where it’s been. If you can’t precisely track your cash flow, expenses, employment trends, and similar details over your business’ past, then you’re going to find it extremely difficult to anticipate what they may be when you grow. Expanding your small business into new markets, products, or services comes with a great deal of uncertainty. Historic data is your bedrock for forecasting. If it isn’t maintained at a high quality and easily available for reports, then your ability to project into the future will be limited.
3. Engage in Market Research
A Small Biz Trends report recommended that small business owners engage in market research and segmentation as they try to expand. Becoming more aware of overarching market trends and your ability to find a niche in the industry can help you expand more efficiently. This is another example of how knowledge is power when expanding your small business.
4. Formalize Your Sales Funnel
It is nearly impossible to sustain growth if you are unable to standardize the processes that drive success in the first place. One area where this can really pay off is in sales. A structured sales process makes it easier to maintain success across markets. An Entrepreneur report explained that, when working on expanding your small business, building a formal sales funnel can serve as a great step toward growth. A clear, structured sales funnel makes it easier to scale your sales processes over time.
5. Don’t Forget About Financing
Small business loans can hold the key to growth. When you’re expanding your small business, you’re going to have lots of expenses, and the risk involved in a major expansion can make you worried about taking on too much debt. Working capital loans give you a different kind of option.
Expanding Your Small Business with Alternative Lending
Alternative lenders provide access to working capital in the form of small, short-term loans that can be used flexibly for a variety of business needs. When it comes to expanding your small business, the wide range of uses for such funds really pays off. Lenders like QuickBridge can get you funding in as little as 24 hours, letting you enact your growth strategies – or respond to an unexpected cash flow hiccup – more easily. The small size and scheduled repayment plans that come with our loans make the debt manageable, letting you combine multiple loans over time as your business expands.
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