So, you’ve decided that you want to expand your business. The next question is; how do I effectively manage business expansion
If you expand sales, this means that you need to make sure that you’ve got the correct product and you’ve got the deliverability around the service or product that you serve. You also need to make sure re that you’ve got the backend infrastructure behind you to handle these extra sales, whether it be processes around delivery processes around sourcing, extra admin, linking of technology to try and cut down human error.
There’s a lot to think about when we’re looking at effectively managing business expansion, and one issue that’s not considered very often is cashflow.
Let’s think about it from a retail point of view, you decide that you want to expand your business and you’re going to increase the sales of your product. To do that, you need to make sure that you can purchase your product. Quite often, you may need to buy that product before you actually sell it. So, you need to have the cash flow, to be able to, to buy the product to sell to expand the business.
The best suggestion I have is to talk to your accountant. Let us sit down and brainstorm with you what’s going to happen, what the processes are, what the cash flow implications are, but also have a general discussion about systems and processes.
Ultimately, if you want to expand your business, it can’t rely on everything that’s in your head. It really needs to rely on good systems and processes that you can pass down the work that you’re doing or the hats that you’re wearing. Delegation is the key. Making sure that you’ve got other people to do the work that’s involved. So, it’s not all reliant on you. Because ultimately, if everything relies on you, you’re either going to burn out you’re going to get sick or the business isn’t going to grow because you don’t have the capacity to do what you need to do.
Have you considered how technology influences business expansion? Explore the insights into the impact of technology on growth by reading through this link.