What Pointers Should I Consider Before Expanding My Business Wings?

What Pointers Should I Consider Before Expanding My Business Wings?

Business is not just the way to fulfil the life goals, but a means of living a self-dependent life. I have read multiple sources available in the search engines, articles, blogs and personal experiences of many successful persons. It helps me in choosing the right path, and at the same time, it creates a ruckus in my mind about what should I do?

This question has two backgrounds.

  • First, all the options have their importance and choosing the best one is difficult
  • Second, only one or two ideas have been successful and implement them is the primary concern.

Well, I am not alone with having such confusion. I have met several people in my family, my friend circle and in my company, who also have the same questions in their mind. Yes, I cannot expect the right solution from them, as they are already hunting hard for the perfect answer.

A few months ago or in the last year, I certainly needed the specific suggestions that could take my company to the next level in 2020. With regularly searching on the internet (as I am also a tech-savvy), I prepared a list of renowned financial experts to hire a most experienced one. After consulting with my close friend, I chose a professional that belongs to a direct lending firm in the UK, called Everyone Loan. I decided to hire him as a financial consultant for my company. The best thing was that he correctly suggested to me and I able to expand my business wings in other parts of the United Kingdom and more in the pipeline this year.

Here are the three suggestions that he gave me:

1: Analyse the annual performance of your company

The first thing that he advised me is to analyse your business’s annual growth properly. If it is at the par level, then move forward. However, he also asked me these questions before walk the next step ahead:

  • Is your business eligible to have another branch at other cities?
  • Is it extremely needed to do that?
  • Are you capable enough to hire more staff at the different location?
  • How will you manage two locations single-handily?

These were the questions that he asked me to work on them. I did not hurry up the things and gradually finding the answer to all these questions. Once I finalised everything, I able to locate another branch at Edinburgh with already having the main office placed in Manchester.

2: Calculate the profits and losses at prior

The business expert further advised me to calculate the profits and losses if I open up another branch of my company. The benefit is in the sense where I can expect more investments and can gain more capital to increase overall earning. The loss is in terms of losing out more capital by paying location charges and by paying to more staff members.

Your spending should not be more than your earning. It is the thumb rule to taste success. If you spend money only to fulfil your expectations of business expansion, then it may be risky. On the other hand, if you need another branch and you have enough funds to utilise, then there is no harm to fly more.

3: Should you choose savings or look for borrowing options?

It was another query that the expert posted on me. In my opinion, it was the most significant pointer that he guided me. Initially, I thought I should use my savings to locate one more branch. Thanks to the professional, who promptly stopped me from doing that and suggested to take out the borrowing options.

He ultimately took me towards the website of his lending company where long term loans are there. I was extremely convinced with his loyalty, where he informed me not only the pros but cons of these funding sources too. After comparing everything, I decided to apply for these loans to fund the expenses of locating another branch.

Last discussion in the end

Hiring the financial expert was indeed one of the correct decisions that I took last year. Now, I have one more company branch, and I have been following the repayment schedule properly. Of course, it does bring a positive impact on my business credit ratings too.

One conclusion that I want to share with you is business expansion is always a beautiful thing to have for the steady growth. However, it should not be done in a hurry; instead, you have to do this step-by-step or better to have the guidance of the business specialist (like I did). Once you have such backups of the right direction and relevant funding sources, no obstacle will come in your way.

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