Knowing when to expand your business
Is your business throwing around the idea of expanding but you just aren’t sure if the time or funding is right? Whether you are thinking of adding equipment, personnel, or services, it’s important to consider a number of questions.
What is within your strategic plan?
Is your market wanting or needing more?
Are your internal capabilities and staff able to support the new equipment or services?
As you add any new services, will you be discontinuing others?
What are your competitors offering? How will any of your changes fill any voids or compete with your competitors?
If you add new employees, will you shift current responsibilities from other employees or have new employees take on completely new responsibilities? Do new equipment or services leave any employees without work?
Are the proposed changes worth the added cost? How will the changes affect your current business operations? Will you be willing to further delegate responsibilities and projects?
Have you thought through the expectations you have for any of these areas? That can also include the projected revenues and expenses related to the areas you are wishing to expand.
What is your timeline for implementing these changes?
How will you finance the changes? Do you have private investors, or will you be offering equity stakes? Will you use available cash, or will you need a business loan? Our business bankers are ready to discuss your expansion plans and financing needs. Just give us a call!