Are you thinking of trying to expand your business? If you are, then we’re super happy for you. It’s one of the steps to getting your business exactly where you have always dreamed of, so just know that each step is important. Though, sometimes expanding your business can be super tough, and it’s hard to make sure that it goes according to plan. But, there are a number of different things that you need to know before you should get started here, and we’re going to be talking about them down below so that you are aware of what they are. So, if you are interested in expanding your business but you’re stuck on the how part, feel free to read on to find out.

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Have A Strong Budget

First, you should make sure that you are planning a budget for your business. If you don’t have the right budget in place, then it’s going to be all too easy for the costs to grow out of control in the future. The good news is that there are lots of different ways to set and manage a budget. For instance, you could think about hiring a chartered accountant. With the right support from a chartered accountant, you can easily identify where you should save and where you can spend more to get greater results. 
You might be worried about the cost of a chartered accountant and that’s understandable. The easiest way to deal with this is to make sure that you use a cloud accounting software instead. This will provide you with the opportunity to manage the costs yourself and ensure that you are monitoring your spending in real time.

Be aware that you do need to be aware of how much money you will need to spend to see the right results in your business. Overall, you should expect to put twenty percent of your total budget towards marketing. Of course, if you are expanding your business, then it could be significantly more than this. You’ll need to reach a whole new audience and the only way to do this is by paying for fresh marketing materials in the future.

Don’t forget, that if you are expanding it’s not enough to simply grow. The growth needs to be both obtainable and manageable. That’s why it’s so important that you keep your costs and your overall budget under the right level of control. If your expenses build, then so will the level of risk in your business model and this is the last thing you want. It will make your business more unstable overall and this could result in investors showing lower levels of trust in your company too. 

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Conduct Further Market Research 

Another thing that you’re going to need to do is conduct some further market research so that you know what is going on. You need to be aware of what the other businesses in your industry are doing, you need to be aware of any changing trends, and you need to be aware of any upcoming rule changes also. The number of businesses that get caught out because their information is not up to date is insane, and it’s got to stop.

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Market research can sometimes feel like the biggest pain in the behind in the world. However, it’s necessary to give you what you need to move forward. You need to know about buying trends currently, you need to know if there is room for you to expand, and what your target audience are currently looking for. If you don’t have this information, you can’t make the best possible business decisions, and then you’re going to struggle to take your company to that next level.

Network 

If you want to ensure that your business is going to expand, then you need to rub shoulders with the right people. That means attending business events around the globe. Particularly, if you are thinking about exploring an international expansion. While this can feel like a logistical nightmare, smart business owners use smart solutions to make things easier and more efficient like luggage storage. This means that you can literally hop on and off a plane at the next big business event. 

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Marketing & Branding 

You’re also going to have to take the time to go through your marketing and branding strategy. If you don’t have one, you need to start sorting one out right now, or else you’re never going to be able to expand. It’s even worth hiring a professional to get them to overhaul what you’ve got now, and replace it with something that stands out more, that’s more recognizable, and that is more alluring to the people you want to entice.

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Hire More Staff

Finally, think about hiring more staff then this is a great idea. The bigger your business becomes, the more staff that will be needed to handle the increased workload. You might also be in the process of opening other businesses around the globe. You will also be in charge of finding employees and staff members for these locations. 

Being in charge of hiring can be tricky as you want to get it right from the start. The last thing your business needs when it is in the process of expanding is a high employee churn rate. This happens when you hire people who then leave after a short space of time. It can be detrimental for any business, and it can even shut you down. If you don’t want this to happen then you need to be 100% confident about the individuals you are hiring. 

If you are hiring people to work in your locations abroad then you might need them to speak a certain language on top of English. Make sure you specify this when you send out job advertisements. You don’t want people wasting your time when you are taking time out of other tasks to go through the hiring process. Be sure to check references as well from previous positions held. 

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We hope you found this helpful and it gave you some ideas on how you can effectively expand your business. Remember, it won’t happen overnight but if you want it then it will happen eventually. Every business is capable of expanding; you just need to have the knowledge and budget to do so. 

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