What to Consider Before Expanding Your Business

Your business is going well, you’ve successfully developed a loyal customer base, and figured out how to effectively juggle all of the responsibilities you face as the owner of a trucking business. You’re able to keep your accounts current, employee morale is high, and your vendors are willing to increase your lines of credit. You feel proud of yourself and are considering taking your business to the next level. You should feel accomplished and expansion can do a lot for your business, however, consider these important elements before growing your business.

 

  1. Strategic Plans

I’m sure you’ve heard that “Rome wasn’t built in a day” before. The same can be said about expanding a business. Opening up a new location, adding more trucks, offering more services, or carrying a larger product selection requires a detailed plan as well as realistic goals. Having a strategic plan will help you know where your business is and where it’s heading. It will also allow you to clearly define what goals you want to achieve, set a timeline for achieving them, and determine who needs to do what to cross the finish line.

  1. Funding

No matter how big or small your business growth goals are, you’ll most likely need additional funding for expansion. How you plan to fund your expansion is equally as important as your strategic plan. A major factor to success is keeping any expansion monies separate and liquid. There will most likely be unforeseen changes or costs that will require fast funding. If you’re looking for quick funding, we offer a smart and simple solution to improve your cash flow: invoice factoring. It’s a quick and simple process, approval and access to funds happens within just a few short days. Lines of credit and loans are other options, but they may negatively impact your credit score or require business (or even personal) assets for collateral.  If you’re in the process of finding funding for your business expansion, contact us today to hear more about how we can help.

  1. Your Market Share

You’ve built a loyal customer base and you’ve put a marketing plan into action to attract new clients. However, do you know what your real market share is? Knowing what your competition and neighboring businesses are doing can help you understand how much growth is possible for you. Knowledge of your market share allows you to ask yourself questions about performance that you might not have before.

 

Potential growth and business expansion is very exciting. Making sure you have all of your bases covered makes the process move along a lot smoother.

 

Post written by Senior Copywriter “Nikki Wakefield” of CoreFund Capital, LLC.