Is Now The Right Time to Grow Your Business?
The aim of any business, whether it’s an SME or one of a larger scale, is to earn revenue so that it can sustain its day-to-day operations and, eventually, enable the company to grow bigger.
But for businesses that have been around for a few years, expansion in the midst of a fluctuating global economy can prove to be challenging – even for entrepreneurs with substantial corporate experience.
This is because in a bid to maintain profitability, there is often a struggle to find the right balance between satisfying the core customer base and making the brand appeal to newer audiences.
So if you’ve been harboring thoughts of expanding your business, here are some things you should consider before you start making concrete plans:
Can your company’s infrastructure handle growth?
It is important to assess your company’s current resources to determine if it can accommodate growth. The office space should be able to take in not just more customers but also the possibility of additional personnel, upgraded IT equipment such as computers and Canon printers, and floor area for expansion.
Similarly, find out to what extent your finances can handle increased procurement of materials such as ink and toner stock, office supplies, and salaries of added staff. It would help to do a realistic projection of the impact on operations you expect to happen and how much these changes would cost.
Do you have a proper game plan?
As with any major decision involving your company, it is essential to plan strategically. If possible, you may want to enlist the help of a business expert to list down every aspect of your expansion plans.
This can include the current and projected needs of your potential clients, the targeted outcomes once the strategy is implemented, itinerary of activities that promote collaboration among concerned parties, and a chart outlining the timeframe and responsibilities of the concerned parties dealing with the expansion on both short and long term.
Do you have the financial means to expand?
There are at least 100 financial incentives available to SMEs looking to gain assistance for their expansion, mostly sponsored by SPRING Singapore. There are also several loan programs available like the Micro Loan Program (MLP) and the Loan Insurance Scheme (LIS).
For tech-savvy companies, you can take advantage of grants such as the Technology Enterprise Commercialization Scheme (TECS), or the Productivity and Innovation Credit (PIC) which gives tax deductions for the purchase of better office machines like Canon’s all-in-one laser and inkjet printers.
Canon eco-friendly printers
Will the expansion have a positive effect on the environment?
Running a bigger company means having more responsibilities. By expanding your area of influence, you also affect more lives with your products and services. Lessening environmental impact is one way for companies to help out.
From a business viewpoint, a green platform increases the marketability and integrity of your company as a socially-involved organizational entity. Furthermore, going green can also help your business cut costs.
Also, by teaming up with eco-friendly companies like Canon, you help strengthen its green efforts such as the reduction of CO2 emissions, recycling, and green product development.
If the answer to all the questions above is yes, then you’re business is ready for expansion. During the process of managing growth, keeping employees and clients informed throughout the process is important to prevent confusion, while at the same time helps to build consumer confidence.
To do so, create a systematic routine for acquiring and imparting information. This should be integrated in training procedures as well. This will ensure that your business growth will be a smooth-sailing one.