11. Form Strategic Partnerships
When you’re considering ideas to expand your business, think about aligning yourself with a company that complements your own.

Creating informal partnerships with businesses that cater to similar clientele can offer benefits to both businesses. Send business their way, while they send business to you. Entice clients and build your brand by offering discounts or promotions when they buy from both of you.

For instance, if you run a catering business, you could team up with a DJ. This would be a great way to get dual business when people are hiring for a special event, such as a milestone birthday party or a wedding.

12. Network
Another way to expand your reach is to network with other business professionals and potential clients. Attend in-person networking events, maintain relationships with former colleagues and make contacts at social gatherings. Not only can you expand your business, but you can gain valuable insight from other professionals, particularly if they’ve had success with their own business expansion plan.

13. Contemplate Franchising
If you have a recognized brand that’s been successful and are looking to expand your business, franchising can come with advantages.

You can continue growing your brand by licensing your trade name and benefiting from franchise fees and royalties. Provide your franchisees with established business resources you’ve put in place to grow. Then they’re responsible for their everyday operations, all while building your brand name.

14. Be the Go-to Business for a Key Good
Have you noticed that one product or service you offer outperforms all others? If so, consider focusing on that niche.

Your customers are loyal and you know they’ll keep coming back. Let them know to spread the word that you’re the go-to resource in your community for that good or service. Plus, focusing on your top-seller can reduce costs involved with maintaining non-performing inventory.

15. Employ the Right Talent
There’s only so much time in a day and only so many things you can tackle at once. Maintain high customer service and business standards with the right group by your side.

Having knowledgeable, trusted employees who can support your goals when you aren’t there is vital, whether they’re entrusted with leading a new location or maintaining the same level of success with another team.

16. Consider Hiring Additional Staff
If you’re looking to expand, hiring more staff might make sense. For instance, if you’re currently unable to meet demand and there’s simply too much to get done in the time you and your customers expect, additional employees can help your business improve response time and customer deliverables.

When Hiring More Staff Could Make Sense
Let’s say you operate a flower shop and are planning business expansion into new territory. If you’re intent on offering expedited delivery, you’re going to need to hire more people and potentially add additional vehicles.

On top of the additions to equipment and employees, your logistics and inventory demands will be expanded, too.

17. Contemplate a New Space
The most basic requirement of a business expansion can sometimes come down to one simple question: do we have enough space? If your office has each co-worker stacked on top of each other or your store is bursting at the seams, expanding to a larger space may be your next step.

You also might consider expanding your business to another city or location. Keep in mind, this is a major move that requires planning as well as an analysis of your business and budget. Research all the additional costs involved, such as leases, business licenses, payroll and advertising before making a decision.

18. Manage Your Cash Flow
Funding business expansion is a capital-intensive process. Before you consider expanding, make sure you’re currently being paid on time, even if your business is experiencing an uptick in sales. You want to make sure you’re maintaining a steady cash flow.

Also, be sure to forecast your short- and long-term cash flow in terms of your business’s expansion efforts.

Once you begin expanding, analyze your cash flow throughout each step of your business’s expansion. Identify and address any potential problem areas.

19. Get the Right Financing
When you’re looking for the best way to expand business operations, sometimes you need capital. However, it can be challenging to know what type of financing is right for your company. If your funding needs are short-term, for instance, a long-term loan likely wouldn’t make the most sense because you’d be on the hook for years for an expense that ran just a few months.

When weighing lenders and loan types, determine what factors matter most to you. For instance, are you looking for one lump sum of funds or do you need flexible funding? Are you looking for the highest loan amount, or are you seeking the lowest interest rate? Once you’ve assessed your priorities, find a lender who will work with you to get you the financing you need.

20. Be Patient
Patience is a virtue. This wisdom applies to business as well. If you’ve only just begun experiencing success that outpaces your revenue forecasting goals, you’d be wise to tamper your ideas of global domination. However, if your profits have steadily increased year over year, you’ve likely found a winning formula worth testing in other markets.

A Final Word on Business Expansion
At its core, expansion involves a series of decisions designed to bring about change. While it’s a calculated risk, moving your business forward is one many entrepreneurs have done before and will do in the future.

To determine the best approach for you, identify the procedures and activities that you need to address to be successful.

Keep in mind, expanding a small business takes a considerable amount of effort, time, planning and working capital, but the rewards can be quite fruitful. Be sure to take a hard look at your business’s past and present, as well as what opportunities may await you with the right decision-making.