Expanding your business can be a challenging yet rewarding journey. After all, it can lead to increased sales, profits, and brand recognition. However, it requires thorough calculation and planning to succeed. Even so, you can still achieve it as an SME owner. Keep reading to learn how to grow and expand your business!
6 Steps to Expand Your Business
1. Set a specific and measurable goal for expansion
The first step to expanding your business is to set a specific and measurable goal. This goal should be aligned with your business plan and long-term strategy. It could be increasing sales by a certain percentage, entering a new market, or launching a new product.
One excellent example is increasing the sales of a particular product by 25% within the next six months. This strategy is specific because it’s focused on a particular product. Furthermore, it’s measurable because it specifies a specific percentage increase and time frame. By tracking the sales data over the next six months, you can determine how to adjust the strategy as necessary.
2. Create a thorough business map
Once you have set your expansion goal, it’s time to create a thorough business map. This map should include all the details of your expansion plan, including market research, financial projections, staffing needs, and marketing strategies. It’s essential to consider every aspect of your expansion plan and create a step-by-step guide to achieve your goal.
3. Focus on building brand credibility through marketing
Marketing is crucial when expanding your business because it will help you build brand credibility and awareness among potential customers. You can achieve this by developing social media, influencer, or traditional marketing strategies to reflect your core values and provide valuable information. You should also consider investing in search engine optimization (SEO) and content marketing to increase your online presence.
4. Establish an orderly SOP
Standard Operating Procedures (SOPs) are written instructions that outline how to perform specific tasks in your business. Establishing an orderly SOP when expanding your business is essential to ensure consistency and efficiency. Moreover, it will help your employees understand their roles and responsibilities and provide clear guidelines.
What makes an orderly SOP? For this example, let’s say you own a bakery and want to provide guidelines on how employees should bake your best-selling cupcakes. Your SOP might include the following steps:
- Gather all necessary ingredients and equipment.
- Preheat the oven to the recommended temperature.
- Mix the dry ingredients in a bowl.
- In a separate bowl, mix the wet ingredients.
- Combine the wet ingredients with the dry ingredients while slowly mixing.
- Continue mixing until the batter is smooth and free of lumps.
- Line the cupcake tin with paper liners.
- Use a scoop to fill each liner with the batter.
- Place the tin in the preheated oven and bake for the recommended time.
- Remove the cupcakes from the oven and let them cool before decorating.
In short, an orderly SOP should be comprehensive enough to cover all necessary steps for a specific task while still being easy to follow and understand for your employees.
5. Recruit the right people for new business location
When expanding your business, hiring employees with the right skills and experience to meet new market demands is vital. After all, they are the ones who will be responsible for daily operations. Next, remember to recruit a local team to help you navigate the new market and understand the cultural differences.
6. Ensure that you have enough funds to expand your business
Last but not least, securing a loan or seeking investment from venture capitalists is crucial to support your expansion plan with adequate funds. However, choosing a reliable financial partner, such as Funding Societies, is advisable.
From Funding Societies, you can enjoy flexible and affordable financing solutions suitable for fledgling and growing SMEs because they are adjustable according to your business scale and needs. This benefit will help you ensure you have enough funds to expand your business.
Expand Your Business in Malaysia Today
Increasing the scale of your business or even reaching the overseas market requires thorough planning and calculation. But many SMEs in Malaysia are overcoming challenges and scaling internationally. By following the six essential steps mentioned above, you can successfully grow and expand your business in Malaysia. Best of luck in your business expansion journey!