In Show 146 – 5 Reasons to Expand Your Business originally broadcast on Facebook Live on Monday 5 November 2018 we explore this interesting topic.
You’ve finally done it! Your business is up and running and humming along nicely. Now comes the question every successful company has to face. Should we expand? There are a number of reasons why expanding your business is a good idea. Today we offer the top 5.
There’s an old adage in business that says if you’re not growing you’re going backwards. That’s especially true if you’re a sole trader.
2. Risk reduction
If you’re a small company you probably have a small number of clients. That puts you at risk if some of your clients stop doing business for you.
3. Expand your expertise
The more sectors you work in the more expertise you can accumulate. This will help you to focus on more niches to increase your income.
4. Increasing your buying power
As you become a more important customer you will be able to get more favourable terms from your suppliers. This in turn increases your buying power.
5. Reducing costs
A bigger company should be able to reduce costs by stretching existing resources. For example, you could use one receptionist for two different locations.
#Expansion #smallbusiness #top5 #RiskReduction #Entreprenuer
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.