You own a business and are doing incredibly well. Congratulations! You’ve probably been giving some thought about how to expand your small business, whether it be opening a new location, expanding into a new market, hiring more staff, buying new equipment, or something else. If you need financing for you business, you’ll want to make sure you’re business is ready for expansion. Here are some tips to know you’re are ready to expand your business.
Establish S.M.A.R.T. Goals
If you already have an idea in your mind where you want to expand your business, it’s best to set a goal. Many business owners, both large and small, set goals without giving much thought if the goal is feasible or not. Without a well-defined goal, you may spend all our time making moves but never scoring.
SMART Goals are goals that have been clarified through 5 different criteria so that they are easier to accomplish.
A goal should be both clear and specific. If a goal is vague, you’ll feel less motivated to achieve it. To help shape an open-ended goal use the 5 “W’s”:
- What do I want to accomplish?
- Why is my goal important?
- Who needs to be involved to achieve the goal?
- Where does this goal take place?
- Which resources are needed?
Goals that are measurable allow you to track your progress towards achieving those goals. Being able to track your progress will also help you stay motivated.
To help determine if your goal is measurable, ask these questions:
- What will tell me when I’ve accomplished my goal?
- What are the steps I need to take towards these goals?
Lofty goals are great, but sometimes business owners set goals that are well beyond their current reach. Your goals should be realistic within your own constraints. Attainable goals will keep you from burning out before you see actual results.
Avoid setting goals that are partially -or entirely- out of your control to fulfill.
It’s important to determine if your goal matters not only to you, but to everyone in your business as well. After all, your goals should be focused on driving the growth of your entire business.
Determine if your goal is relevant by asking:
- Is it the appropriate time to pursue your goal?
- Is the goal economically feasible?
- Can the goal be achieved with the resources available?
Every goal needs to have some sort of time frame, otherwise, everyday tasks will always take priority. Establish exact start and end dates to drive your work forward. Continuously evaluate your progress and adjust your timeline accordingly. It will also help to determine where you expect to be with your progress a week, a month, or even year from the time you start.
Partner with familiar brands
Partnering with other brands can be a great way to introduce your business’s product or service to new faces.
When choosing a business to potentially partner with, make sure that their customers would be receptive to your own business’s products or service. Furthermore, get to know your partner’s own strategies. If their strategy isn’t fleshed out by the previous tips we’ve mentioned or don’t have a clear motivation to partner with your business, then you may want to re-evaluate your options.
Connect over social media
Through social media, you’ll be able to connect with your customers and create brand awareness. Social media is a great tool to let your customers know about events, promotions, discounts, new products, and so much more. It’s the perfect way to promote your business’s growth and expansion!