Business expansion can be an incredibly exciting time in the lifecycle of a company. It focusses on increasing 3 key areas of the business: customers, brand awareness and profits.
Different types of expansion will involve different types of activities, the more common ones being the purchase of new assets, the opening of new offices or units, adding team members, increasing the sales force, investing in marketing, exploring new markets and introducing new products or services. Some may also consider a franchising model to widen their brand exposure whilst also offering other entrepreneurs with the ability to run their own businesses.
Of course, any business expansion cannot happen without the right infrastructure and the right research. Making sure the market conditions are right for expansion and grabbing the opportunity when it presents itself is hugely important.
It is important to make sure that the business expansion strategies being put in place are adaptable and can be changed or modified if goals, objectives or circumstances change. Different types of strategies can be implemented depending on the market or the expansion plans, for example a business strategy will be different if you are just looking at a new location as opposed to looking at a new market.
Here at NGI Finance, we can help facilitate business expansion with the provision of business finance and franchise funding (through our sister company NGI Franchise Funding).
We are often approached by business that are looking to kick start their growth plans. Currently businesses within the Estate Agency and Wealth Management sectors appear to be thriving with many looking to fulfil ambitious business expansions plans. Initially, we will assist them with finalising their expansion strategy and then assist with making sure their funding needs are met. The key components for shaping a business expansion plan are:
- Develop a template for the expansion strategy
- Finalise targeted area of growth
- Complete market and industry research
- Establish expansion goals
- Plan what needs to be done
- Outline the support and funding required
- Execute the growth plan
If you need help with your business expansion plans, then our team would be delighted to help. Feel free to call us on 01993 706403 or e-mail enquiries@ngifinance.co.uk.