Tech and Trends:- Colin Luther Powell was United States Secretary of State and a four star general who served under President George Bush. He once said something about success and I quote, “There are no secrets to success. It is the result of preparation, hard work and learning from failure”. Success is a success weather you are talking about a war or a business of daily life. I totally agree with his statement though I might be a bit skeptical the way they lead the war against terror. But like the guy said one learns from failure or mistakes, I leave it to them to identify their mistakes. Key to success is continuous concentration and a working plan. This working plan has to be up to date according to the trends of the market and competitors strategy. If a business wants to be successful it has to be an expanding business. If there is no expansion within a business, there is really no prospect of it and it is doomed to slow down inevitably.
Here are few tips to bring the best out of an existing business and expand:
An existing business might be covering a particular region or a market, to expand it one needs to offer their services to the residents of the other areas as well. While some business claim that they are serving a whole city from one location, it is certainly impossible to handle different regions from one main office or headquarters. One needs to open at another location to show their presence and ensure easy reach. A good marketing strategy requires brand name establishment and that is only possible if your brand is seen at more and more places.
Allocation of Funds
Raising funds in right amount either by a facility or from the profit generated form existing business is important to expand. When you are running a business, this has to be in your plans to expand. Either by having another location or by expanding the product range. Both things require proper fund raising and work plan which has sound market knowledge. So allocating funds for a future expansion or possible introduction of new product range requires proper plan and techniques for fundraising. Like the working capital this head has to be different and may involve funding for research and development department as well. Many major multinational companies have their research and development department specifically for this purpose of expanding.
In a situation where you are not able to allocate funds in time and your market study shows that there is a need of expansion from start or any point of time in business, franchising might be good idea. Now franchising is only possible if either you brand name is already established or you are launching from start with strategy of opening at different locations. This scenario is perfect for service providing companies and business like pharmacy, maintenance or food restaurants. Franchising is specially best in situation when you do not have enough finances and work force to open at new location and you set some standards and quality policy to be followed by the franchise taker. This way you not only expand in terms of business but also doing good brands name establishment.