24 Hours to Expanding Your Small Business
It’s so easy to procrastinate when you start to think of expanding your business. Questions can go through your mind like: is it worth the risk? Can we afford it? Will it be successful? If you are suffering from these delaying tactics why not go for a quick and painless method instead. In just 24 hours you can have everything in place to expand your small business.
Action plan – 3 hours
The first thing you need to do when expanding your business is to collect your thoughts. How do you want to grow your business? Will it be a new product? A new market or a new advertising campaign? Mind map or jot down your answers. Then and go through then with a trusted member of staff to get a second opinion. Then write down one action for each thing that will get you closer to achieving it.
Merchant cash advance – 1 hour
Expanding your business is going to take an influx of money, which I guess you know already. A fast way of doing is this is with a merchant cash advance. This is a quick and easily accessible loan that you can use to develop new products, get better materials or spend on advertising.
Speak to your suppliers- 2 hours
If you are planning an expansion, then it’s a good idea to talk to or email your suppliers beforehand. If you are expecting to be making or shipping more products, you may be able to get a further discount on your bulk orders. It’s also important they will be able to fulfill any increased orders due to the expansion. So it’s best to give them some warning as they may want to speculatively order in some more stock.
Get a website – 5 hours
One way to expand is going from a real life market to an online one. If you haven’t already got a website, then now is the time to do it. The web is a great business resource. It as it provides customers with potential access to information about your product and the ability to purchase it instantly.You can have a custom website built for you, but you can also put together your own with hosting services like Wix.com. This is a cheaper option, to begin with, and a good way of testing the water on the online market. If it proves to be a profitable decision, then you can always have a website built by a web designer later on.
Get digital payments – 1 hour
Another thing, whether you sell online or not, is the ability to take digital payments. Many bricks and mortar stores now accept PayPal and contact less card and phone payments. Customers are becoming used to the convenience this provides. Remember you don’t want to lose a sale, because you only take cash. So make sure your expansion, includes payment method updates.In just 12 hours, you should be in a place where you can get cracking on expanding your business. You also get another 12 hours to rest up, so you can hit the ground running tomorrow!