Business Expansion Tips

Looking to expand a business? What are some important do’s and don’ts to consider? Here are several tips.
As Nina Ngai, writing for American Express Open forum, advises:
  1. DO research and prepare a business expansion plan — “Consider hiring a financial adviser and attorney . A financial adviser can help create a comprehensive analysis of the financial investment required and tax implications. An intellectual property attorney can help ensure that your business’s important assets are in place and protected.”
  2. DO stay realistic about your expansion expectations — “While you may dream about having store locations from coast to coast, try to be realistic on the location of your stores. The further apart your stores are, the more difficult it may be for you to travel between each location. Consider finding a store location that will be close enough for you to easily travel to, but not so close that it will cannibalize sales.
  3. DO develop training plans — “Many small-business owners are accustomed to running all aspects of their company. But when expanding, you may have to relinquish some control. Be ready to train team members and hire managers who can run your store location in your absence. As business expands, daily activity should fall to your staff while you focus on future plans.”
  4. DON’T over expand — “Expansion can be exciting, and you may be tempted to hit the ground running. But try not to overextend yourself and your resources. Rapid growth can put a strain on your company. Be patient and grow at a sustainable rate.”
  5. DON’T let quality suffer during business expansion — “Try not to let the quality of your brand suffer while you’re expanding. You may be tempted to focus all your attention on your new store location, but don’t neglect your flagship location.”
  6. DON’T ignore cultural differences if expanding internationally — “If you’re planning on expanding globally, be aware of business etiquette in different countries. Do your research on the cultural nuances of the countries you’re planning on expanding to. Consider learning the language and respect different styles of communication.”

 


 

This entry was posted in Career Useful Information, Careers in Retailing, Part 1: Overview/Planning, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 5: Managing a Retail Business and tagged , , , , , , , . Bookmark the permalink.

2 Responses to Business Expansion Tips

  1. Pingback: Business Expansion Tips | Marketing | Scoop.it

  2. Matthew Pontbriand says:

    A lot of time when people try to form a business and succeed they might venture off from their path that they started with in the beginning. This is bad because it can ruin a company, and damage business relationships. When reading this article many people might get turned off because the ideas seems so basic and just common knowledge, but yet whenever something goes wrong you can look back to these tips and clearly see where you went wrong. So many different complications and movements come with expansion and attempting to tackle them all at once is not the best idea. Expansion has many steps, and it is very possible to have even more steps that come about just to complete one step. This was a great article that should be read by many people because it can really help a small company survive and thrive in today’s competitive environment.

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