Practical tips for expanding your business in today’s market

Much has been said about promising businesses that have expanded impulsively, only to get crushed under their own weight. While these frightening stories can compel some business owners to withhold the expansion of their own business, these have also been the reason why some of them experience a plateau growth in their business where things seem to lack development. Eventually, they miss out on the opportunity to grow their business. Knowing the perfect time to expand your business means having a well-planned expansion strategy—so you could tap new markets, add more products or  employees, purchase additional materials and equipment, and launch a new initiative— with the goal to broaden customers and gain a larger client base, and eventually boost  revenue.  

Here are some practical tips to help guide you in your expansion: 

Know your long-term expansion objectives 

Jumpstart plans by mindfully determining your long-term expansion objectives, which can include increasing profitability, expanding customer and market share, strengthening  brand awareness, building strategic and meaningful partnerships, and staying ahead of the competition. These things will guide you and help you navigate your business expansion.

Invest in crucial areas of your operations 

It is crucial to invest in research and development, including competitive analysis, as these are external factors that could make or break your business. Identifying your core  market and competitors, understanding market conditions, and evaluating innovation and  trends can help you move forward with your decision. If you are a new player in the coffee shop industry, for instance, you may want to launch a pairing of novelty coffee and artisanal bread to keep yourself abreast with the trend. Conducting external research will  also aid your organization in the evaluation of your company’s strengths and weaknesses,  opportunities, and threats metrics. 

Hire the correct workforce  

Hire individuals with certain knowledge, skill sets, and personal values that resonate with  your business goals, and be open to listening to their fresh and out-of-the-box  suggestions about new ways to help your business thrive in a seemingly crowded business landscape. They may be able to give you a fresh or new perspective on how to efficiently run your operations. 

Don’t be afraid to improve your product line or augment your services  

Embrace new hardware and software technologies, which include enhancing your  presence in the digital space and creating a professional website. By utilizing these  strategically, you will enjoy the benefits of increased operational efficiency and productivity while cutting costs. 

Try and diversify  

Trying new things and diversifying your services or products can greatly contribute to  business stability and growth. Your bakeshop could start offering baking materials and  ingredients. You may even expand the menu to include beverages, sandwiches, bento  lunch and snacks, and even other trendy and healthy desserts such as keto cookies and low-carb bread. Find ways to get closer to your target market. If you have a flower shop,  you may increase your customer base by participating in wedding or lifestyle fairs.  

All these being said, any type of expansion entails extra working capital. You may want to consider applying for a business loan to fund your operations and fuel business expansion. This could help augment expansion costs, allowing your business to reach your targets.  

BDO, one of the largest banks in the Philippines, offers BDO SME Loan — a financing solution tailored to cater to the different funding requirements of SMEs.  

With BDO SME Loan, SMEs can get additional funds to support their business plans such as upgrading equipment, construction of new stores, and even stocking up on supplies.

Applications are conveniently available online via https://www.bdo.com.ph/personal/loans/sme-loan 

The good news is, if you are a qualified loan applicant, you can save up to P30,000 in  fees when you apply for the BDO SME Loan today! With the BDO SME Loan Waived Fee promo, qualified applicants can enjoy waived loan fees of up to P30,000 until October 31,  2024. To avail, SMEs can apply at any BDO branch or online.  

To further help with your loan decision, you can use the SME Loan Calculator to get a quick computation or loan estimate of how much you can borrow. Whether you want to grow your business, enhance your products and services, or maintain your company’s  competitive edge, securing a BDO SME Loan will help fuel your expansion objectives. 

Visit https://www.bdo.com.ph/personal/loans/sme-loan/promo today for the full mechanics of the BDO SME Loan Waived Fee Promo. Per DTI Fair Trade No. FTEB 186503 Series of 2024.  

INQUIRER.net BrandRoom/JC 

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