Is your business ready for expansion?
Manage and grow your business.
Our additional services include cloud software and virtual credit control.
Step by Step
We can help you develop your business strategy and create and update ongoing cash flow projections for your business. Please get in touch to find out more.
Funding is a challenging area for small businesses, and whilst a good bank relationship manager can often help there are also other options to a 'traditional' bank loan.
Invoice factoring, short term overdraft facilities or leasing equipment could provide funds you'll need to finance expansion.
Expanding in small steps will prevent you overstretching beyond the market you can realistically attract. You should have achievable goals and deadlines to reach. This will keep the focus on the next step without the whole process becoming overwhelming. Try to set up systems at the beginning that can expand with your business without requiring wholesale change every few years. Involve staff wherever possible - especially if they have skills in areas where you might not. To retain your existing customers make sure that service levels don't drop off. As your business expands you should aim to make sure existing customers benefit too.
Cash is the lifeblood of any business, and this simple fact can be easily overlooked by putting too much emphasis on 'paper' profitability. Poor cash flow management can even force a profitable company out of business. The cash flow problem is greater for an expanding business. For example, if billing customers is delayed but at the same time additional stock is being purchased to fulfil increased orders, it's easy to find your business quickly becomes short of the cash it needs to pay it's suppliers and employees. In a growing business cash flow projections are a useful tool to help foresee and prepare for any potential cash shortages. Proper cash flow management procedures also help to ensure that any outstanding customer invoices are chased quickly and effectively.