Your business has been doing well and has a solid name in the industry you’re in. You have now reached the stage in which your business will expand and spread its roots into new markets and distribution channels. In order to start capitalizing on the success of your business, you will need to capture a larger market share and find new revenue. Businesses in this stage often see rapid growth in both revenue and cash flow as the blueprint has now been established, but be warned about getting too comfortable. In business, if you are not moving forward you are moving backwards, and without a constant, almost nervous itch or desire to expand, complacency can set in, and you might get caught off guard. Look at your resources, be realistic about the effort and cost and potential returns, and always keep an expert eye on how expansion might impact the current quality of service you provide to your existing customers.
Challenges
- Increasing Market Competition
- Accounting Management
- Moving into New Markets
- Adding New Products/Services
- Expanding Existing Business
As your business expands, so will your need for infrastructure, trained staff and efficient systems. It is also likely that you will need additional financing to allow you to service your growing market.
Below are names of organisations that can help you to grow capacity in your business, and others that can assist with finance.