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Is Your Business Ready for Expansion? [Infographic]

IS YOUR BUSINESSREADY FOR EXPANSION? TO CONSIDER BEFORE 7 THINGS EXPANDING Do you have enough savings to get through the first few months? 1 REVENUE STREAM • Do you have a lot of repeat business or referrals? 2 • Will your expansion cannibalize some of your existing sales? • Do you get good feedback from customers regularly? CUSTOMER SATISFACTION Customers may tell you if they want a new product, new location, etc. Do your employees tend to stick around or do you notice high turnover? 4 • Establish specific target markets 3 EMPLOYEE LOYALTY Keep your employees engaged and excited to work every day • Create and maintain a strong presence in the market – with traditional and digital media MARKETING STRATEGY • Use recognition, bonuses, team-building exercises, etc. Define specific, achievable goals, such as: Do you have enough savings in the bank to cover the costs? 7 FINANCE THE EXPANSION 5 Open more stores • Introduce a new product line • Will you need a loan? Where will you get it from? LONG-TERM BUSINESS GOALS • Control X% of the market share Provide more management/leadership opportunities (for employees) Restructure your leadership hierarchy 6. • Promote from within OPERATE THE EXPANSION • Segment your business into product line divisions • Do it all yourself (Probably not the best idea) 4 TO EXPAND WAYS YOUR BUSINESS Expand your company rapidly in new markets 1 Make sure your current location is stable OPEN NEW LOCATION You need to be able to give plenty of attention to the new place • Make sure your business model/strategies can be easily adopted FRANCHISE The International Franchise Association website has more info: Target new markets 4 Expand your digital presence - be more active on social media, blog. etc. • This will allow you to diversify your offerings and not put "all your eggs in one basket" Consider hiring additional staff or an intern MODIFY YOUR MARKETING STRATEGY 3 INTRO A NEW • Open up a potentially larger market of customers PRODUCI Keep tabs on what your competitors are doing Learn from competitors' successes and take advantage of what they are lacking BROUGH TO YOU BY SOURCES Funding Merchant Source

Is Your Business Ready for Expansion? [Infographic]

shared by FundingMerchant... on Apr 02
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If you’ve been in business for a while, you might be thinking about what that next step should be. How can you take your business to the next level?




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