Booming Business: How to Help Increase Chances of a Successful Company Expansion

Establishing a business and helping it to grow is a time-consuming process. From the initial concepts to the early meetings, organising finances to the first official working day, business owners put an extortionate amount of effort into their company.

Building a company from the ground up is an achievement not many business owners get to celebrate. Recent reports suggest that 20% of start-ups in the UK will fail in the UK within the first year of being in business, whilst 60% are unlikely to pass the first three years of operation. There are many contributing factors to this, some of which could have been avoided. For instance, a lack of planning and preparation before launching, insufficient funds and ineffective business processes.

Companies that successfully launch and keep their business in operation are always considering the next step. How they can grow their company to help it reach the next stage, search for ways to expand their business, whilst keeping to the values. Understandably, companies are looking for ways to grow their business successfully.

If you are looking for ways to help increase your chances of a successful company expansion, keep reading to find out our top tips.

Strategies to Help Grow a Business

Growing a company is undoubtedly an exciting, albeit terrifying, time for a business owner. The prospect of being able to take the company they have founded and built to the next level marks an exciting chapter in the company's journey. It indicates the company is on the right track to doing well and ready to expand its services or product line. Of course, companies preparing to launch want to ensure they put the measures in place to launch successfully.

To help grow a business successfully, here are a few strategies that could be useful in helping a business owner to expand their company.

1. Create a Plan

Businesses are formed and built with a solid foundation. These well-thought-out plans have been an influencing factor in a company's success so far. Looking at possible risks and finding ways to reduce the chances of said risks occurring forms part of the strategies implemented to help a company go from an idea to a successful operation. It can feature a timeline for when they hope that projects and plans will be implemented and targets reached.

When expanding the business, creating a plan could be an effective way to help the company grow. These plans could detail how much the company intends to develop, such as new services it plans to offer or products it aims to launch. It might also involve researching the market to assess interest or demand for these new offerings. A solid foundation allows a company to feel more confident about the launch. Additionally, if you need to update your company's primary location as part of the expansion, be sure to include this in your plan and know how to request company authentication code from Companies House to facilitate these updates.

2. Expand Knowledge and Skills 

As preparation planning for growing the company continues, expanding knowledge and skills could also be worthwhile for business owners. It provides a chance to learn new skills and expand their knowledge that could be used during the growth of the company.

One important aspect of managing a growing company is understanding how to embrace innovation. Implementing innovation strategies can lead to increased levels of productivity. You can understand this further by taking an automation course from The London School of Economics and Political Science. There are experts here that can help you to overcome potential problems that exist within your business. This will help you to implement innovation strategies. This will help your business grow and could boost your expansion.

3. Build a Marketing Plan

Consider how the company will announce the launch of its expansion. Will it be a gradual growth where the teams expand in size, or will it be more noticeable, such as a new range of services or products? Regardless of choice, having a marketing plan to help with the growth will benefit the business. A successful marketing campaign can be a powerful tool when expanding a company. It could help the company to reach a broader audience, potentially generating new leads that could later become sales.

Spend time discussing ideas with the marketing team, and utilise their knowledge and skills to help devise a marketing plan. Additionally, you should ensure you know the strengths of everyone within the marketing team. This will help you get tasks done more efficiently. If you’re unsure, consider asking them or conducting surveys to find out key skills that you weren't aware of. Share the current ideas with them to get them involved in the process. Asking for the opinions of those in the company will be beneficial in boosting morale in the company. Employees will feel valued about their views being heard.

4. Monitor the Competition

In every industry, there will likely be competition for almost every business. Competition can be healthy in business as it encourages companies to be innovative and deliver outstanding customer service to their clients. Before a company launches, it will learn about its competition to ensure that it puts measures in place to help them stand out. As they stay in operation, they monitor any developments or progress the competition makes. Additionally, keeping a close eye on what the competition is doing could be beneficial to a company as it plans to expand.

When expanding, spend time looking at how competitors within the industry are performing. This could be looking at how much content they post, how much they interact with clients online and what services or products they offer. Use this insight to help calculate various ways the company can expand and how to stand apart from competitors. Standing out will help with attracting potential clients to the business, and many are interested in learning why they should invest in the company over the others.

5. Update Cybersecurity Measures

Modern-day companies will likely experience many risks. One factor that can have the most damaging impact is cyberattacks. They could prevent a company from completing its work, potentially losing vital information. Additionally, it could have a detrimental effect on their brand image. Potential customers might be more hesitant to invest in the services due to the data breaches and attacks the company has been victim to.

Some companies will already have implemented a robust cybersecurity system, with measures designed to keep the team and the company safe. As the company expands, these security measures must be able to continue protecting the business. Companies should ensure that these security measures are in place prior to expanding to help minimise the risks of a breach occurring. When growing, it could also be an ideal time to update all processes and offer employees refresher training sessions on cybersecurity. Expanding a business is understandably an exciting time. However, companies should aim to ensure that they are growing their company safely and not putting their business at risk.

In Summary

When expanding a business, be patient with the process, as it will likely not be an overnight development. As time progresses, the company's advancements will become more noticeable, and hopefully, the expansion plans will have been a success. It could open the door for new opportunities, helping the company to test the waters in new business areas.

To help create a booming business, keep some of these tips in mind when aiming to increase the chances of a successful company expansion. Some could be beneficial in helping a company achieve its goal of reaching new heights.