Taking your small business to the next level is a significant undertaking that could be quite complex. Basically, business expansion in form of pursuing larger markets or developing new products is a high risk but potentially high reward endeavour that requires well strategized approaches. Thus, the decision to broaden your business, as a CEO, bears the responsibility of getting vital directions and guidance beforehand.
Valuable advice for expanding your business
Typically, expanding operations is easier said than done. Establishing an idea into a fully-fledged company in locations like New Zealand has its unique challenges as well as frustrations. Here is some valuable advice for expanding your business with resource efficiency in mind.
1. Do your due diligence
The odds of business expansion success can be dramatically increased through the mindful use of due diligence. Systematic analysis of potential risks of expansion could ultimately result in successful avoidance of failure. Engaging the appropriate experts in the evaluation process is highly recommended for adequate due diligence.
2. Develop a solid business plan
The best and most logical way of conquering new markets is coming up with a game-plan. As it is easy to get lost without a road map, a strategic plan should set the course of the business. Well defined and reasonable targets play a key role in resource allocation therefore it is essential for financial management.
Finding new avenues for growth by establishing new products and services could be an excellent growth strategy to increase overall sales as well as profit margins. Finding an attractive market base requires a business to consider exploring alternative approaches in product and service delivery.
4. Go global
Creating a strong international presence not only applies for sales but also for production quality. Offshore manufacturing through global integrated manufacturing networks offers a myriad of advantages among which cost effective, high quality production and timely delivery of products stand out. Countries like China are well savvy with vast mechanical and technical equipment plus a robust of software that is vital for product quality control and exploring possibilities of new products.
5. Focus on key tasks
Needless to say, a business is not a business if it is not up and running. This necessitates major focus on key tasks to keep the business afloat. However, most business ventures require equipment and software that might initially be more of a liability than asset offering little or no incentive at all to invest on that particular task. This not only delays business but also costs you time.
Rather than committing to unnecessary purchases, consider expanding globally for more integrated and speedy technology, low-cost production as well as quick progress with minimal investment.
Bottom line: One of the primary reasons as to why business expansion of any kind in New Zealand might not go beyond the planning process is simply because investors tend to overlook the benefits of acquiring global partners to minimize production expenses.
In an effort to gain resource efficiency thus competitive advantage, we offer business expansion strategies that are realistic and add value to your business. We focus on our clients’ global survival and thriving from offshore manufacturing NZ to lean manufacturing in China; whatever you need jump-start your business growth. At www.linkeight.co.nz if you are ready to grow, we are ready to help.