Posts Taged business-expansion

Tips for Recruiting and Managing Contractors to Grow Your Business

Hiring contractors can be a great way to facilitate business growth. Getting a new person in to assist your business, however, can be an awkward venture.

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Questions to Ask When Hiring an Overseas Distributor

The relationship with an overseas distributor can be a difficult one to negotiate. Although the distance between the business and the distribution of its products may be great, the communication between the business and distributor absolutely must be clear. Distributors are, after all, the people you’ve given trust to for your business growth. For this reason, distributors must be screened and re-screened before any contracts are signed.

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Getting an Agent or Distributor to Help You Expand into International Markets

For Australian businesses, the international market offers an excellent opportunity for business growth. For companies looking to expand into international markets, sourcing an agent or distributor is generally the first step. Before this step is taken, it is essential to understand the role of the agent and distributor, and to research the type of agent or distributor that will be of benefit to your business.

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Business Investment: Getting Funds to Expand Your Business

A business consultant can be most helpful when you are starting to look into equity finance. Equity finance is a way of raising capitol (funds) from external investors (other people outside the business) in return for a share of the business (profits earned by the business).

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How a Grant Could Help Your Business

Part of the strategic plan for your business could include a grant from the state or federal Australian government. This is worth considering particularly if you are having cash flow difficulties.

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Make Better Business Decisions By Testing & Measuring

An experienced business coach or adviser may use the phrase “test and measure” as an answer for the questions you ask.

For example when you ask them ‘what new product should you develop’, they say you need to ‘test your market and measure the response’. When you ask ‘how do I get more customers’, they say you need to ‘test your offers and measure your conversion rate’.

But what’s so great about ‘testing and measuring”? And why should I be paying attention?

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The Importance of Investment and Money Management for Funding Future Business Expansion

Have you ever planned for an expansion of your business in the future? If you are intending to go big with your business, it is vital that you understand the important role of Investment and Money Management for your business.

Basically, business expansion is what happens when your business hits the stage where too many opportunities come your way and you’re unable to take advantage of them all. That is why as future business tycoons, it is best for you to learn the basics of managing your business to achieve a healthy and productive business.

Whether you find yourself a business coach, engage the services of a business mentor or work with a business consultant, anyone of these people can help you understand the importance of investment and how you can effectively manage your money during the process of business expansion.

Money management is a skill that every individual must learn whether you are just an ordinary person or a business magnate. Basically money management is the art of learning how to preserve the money you have and wherever possible have it grow. Obviously being good at money management is very important for your personal funds as well as the funds of the business. Melbourne business coach, David Guest has set forth his guidelines on the important aspects of money management that you should know.

Learn to Manage Your Money

When engaging in business, you need to learn on how to manage your money. By doing so, you can help protect your business from money mismanagement (usually this shows up as ‘loosing money’).

Consider your business taking out a loan to finance your business costs during business expansion. By doing this, you are banking on your business increasing profits enough to repay the loan through earnings very, very quickly. Should things go wrong for whatever reason and you’re unable to make a loan payment, have you risked putting your business into insolvency?

Every decision you make about money matters is either growing your money or shrinking it. As your business coach will tell you, it’s important to back yourself as long as you’ve got the downside covered.

Know How To Handle Your Sources of Funds

Since you are expanding your business, it is a must that you know how to handle your sources of funds.

If your funds are coming from multiple sources, such as several banks and a venture capital group, then you need to have a very clear idea of how those different streams of money are being put to use.

Not all money is equal in this type of situation, as different sources of money are likely to have different expectations as to how you report on how it has been used as well as account for it differently in your records. It is of paramount importance that you know and can forecast the future of your business in every sense including cash flow, income, debt and profitability.

Investing and Risk

 

With business expansion comes the risk of a bad investment decision. Before investing your money, you need to think of the time, risk and the expected return for the investment that you are about to make. You must ensure that your rate of return on the investment is going to be more than your capital cost.

If a deal looks too good to be true, make sure you go over the numbers with a fine-tooth comb. Just because a business looks great on the outside doesn’t mean that their books aren’t a mess.

Expanding your business through business investment in another business is an excellent way to grow exponentially, as long as there’s no hidden debt or complex legal agreements that bind you to an unprofitable deal.

Investment Preservation

Preservation is just as important as increasing or growing the value of the money you’re making. It’s easy to get caught up in the thrill of chasing the next big take-over deal, buy-out or joint venture.

If you take your eye off the ball and allow it, others will help you spend your money, rapidly eroding all the great work you’re doing with your investment and money-making strategies.

Get into the habit of learning about money management so that you have the skills and knowledge required to protect your money too.

To get yourself ready for having these types of problems in your business consider working with a business coach who will assist you with laying the foundations needed in your business for sustained success and opportunities for growth. In Melbourne, David Guest has assisted many business owners in taking their company from seven figures into nine and ten figure businesses. 

So if your goal is business expansion, remember these guidelines to help you manage your business well now and give you the right foundations for achieving your company’s future goals and objectives for business expansion.
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Assessing Business Growth Opportunities

Have you been planning for business growth lately?  Have you learned the things that you need to look for when assessing for an expansion? Well, if you’ve been thinking about this for several nights or even several months, then you need not fret about it. This article will guide you through the things you need to look into when looking for opportunities for expansion.

A lot of business owners look forward to the time when their business is ready to expand; however, achieving this can be a lot more challenging than is usually given credit. There are many elements that you need to consider first such as whether your business is stable financially or if the timing is right to expand given the current market conditions?

9 Things To Look For When Assessing Business Expansion Opportunities

Here is a list of 9 things you need to consider when assessing whether to go on a business expansion or not

  1. Re-examine your Business Plan. As your company grows, planning can be crucial which means you’ll likely need to update your business plan. Your business plan is the first place to look to see where opportunities exist for you to expand your business. Your numbers need to stack up and you may discover that when reviewing your business plan that it’s not the right time or that there’s a future project that hasn’t yet been realized with the potential to sabotage your business expansion.
  2. Set Goals and Targets to Achieve. Know in intimate detail what you want to be achieving through business expansion. Any good Business Mentor or Business Coach will tell you that for every expansion opportunity, there needs to be a real reason, set goals and targets that the company wants to achieve. These goals must be realistic enough so that they can be achieved in due time despite the often unpredictable challenges that business expansion can cause. Having goals set firmly will ensure your business has a path to follow and you get the best opportunity for the smooth flow of operations.
  3. Financial Stability. Before considering business expansion, you must see to it that your business is financially stable to support the many operations that may be undertaken during the process. Make sure your numbers really do add up, that you’ve got risks covered as best you can and that you’ve got a financial life-line you can grab hold of should things really go badly.
  4. Assess for local expansion. While you may have visions of global dominance, test your readiness for business expansion locally. This is the easiest way to assess how able you and your team are at adapting and just how committed to the project you are. Local expansion will take away some of the inconvenient barriers to smooth transition such as language, time zone, legal structures, taxation, records keeping, off book transactions etc. Basically you can easily monitor the progress of things that aren’t difficult to coordinate and even have closer and better control.
  5. Assess for international expansion. This option can be a challenging one since it is likely to consume a lot of time just in the research and investigation stage. Establishing your company and brand in a foreign country is something that you’ll definitely need expert help with particularly if you’re unfamiliar with the language, customs, culture or traditions of the target market for your expansion. Make connections through business associations and talk to business owners who have already made the move successfully. Learn through the mistakes of others so that you minimize the cost of your own mistakes.
  6. Industry and Market. Generally, industry and market play a vital role in any business expansion since they will help you decide whether the target market is worth the investment for your company. David Guest, advises business owners to hire market specialists in the target market who will conduct market research to assure them of favorable market demand before even considering putting down any money.
  7. Duration of the Opportunity. Time based opportunities can be the absolute downfall of a successful business expansion. The best way to take advantage of an opportunity to expand your business when the window of opportunity is only open for a short duration is to do all your research, groundwork and verification of the opportunity ahead of time. A good business mentor will tell you to be ready and patient – wait for the opportunity to approach you. That way you have the upper hand in the negotiations, with time on your side rather than anyone else’s.
  8. Competence & Your Winning Team. The competence factor must be examined carefully since as an entrepreneur, you must be highly motivated as well as competent enough to hurdle every challenge in the business. And even then to be the victor in a high risk, high return business expansion it pays to surround yourself with smart and talented people who know what the goals and targets are and will work as diligently as you to make it happen.
  9. Economic Environment. It is a must that you be able to analyze the economic and to some extent the political environment of the target market you’re looking to expand into with your business. Long before you have any plans, begin watching the monetary situation of the place as well as the government’s policy on licensing and taxation. Only with continuous monitoring will you be able to determine with some certainty whether you’re going to get the timing right or not.

These 9 things will give you a heads up on when you’re ready, the timings ready and the markets ready for business expansion… And with these insights anything is possible for you.

9 Things to Look For When Assessing
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