In the US, 99.9% of all businesses are small ones—a fact that shows how difficult it is to grow a corporation. The major challenges with expanding a business include a lack of capital, inexperience, and poor financial management.

But there are solutions to these obstacles. With a solid financial plan and the right team, growing a company becomes easier than you think. You’ll also need to manage your cash flow and closely watch your expenses.

But in the end, it’s all worth it. Owning a successful business leads to greater financial freedom, better work-life balance, and the ability to provide for your family. Keep reading to find out how to expand your business, and what to consider when doing so.

Research Your Industry

It’s important to research your competitors and their customers to understand the type of experience buyers are getting. Use this knowledge to your advantage when building relationships with potential clients.

For example, if you’re in the design industry, you’ll want to know whether buyers prefer modern or traditional home decor. You can use this information when meeting with potential clients and emphasize your expertise in one area over the other.

Define Your Goals

To be effective, your goals should be specific, but not too ambitious. Wanting to increase sales by 10% in 6 months is a fantastic objective. However, it’s too broad to be actionable.

Break down your big objectives into smaller, more manageable goals. If your goal is to increase sales, set specific objectives like increasing sales calls by 50% and improving customer satisfaction by 5%.

Analyze Your Strengths

Running a company requires you to be self-aware so you can recognize your weaknesses.

If you’re struggling with business finances, maybe it’s time to hire a company that specializes in financial management, such as Fidelman & Co. If you’re not hitting your sales targets, consider bringing on a marketing agency that can help increase your brand awareness.

You also need to figure out your team’s strengths. If someone has strong organizational skills but lacks communication, pair them with an employee who can help bridge the gap.

Consider signing up for training courses that can help you and your team members improve. LinkedIn Learning, for example, offers a wide range of courses to boost your team’s communication, productivity, and leadership. You can also hire consultants to provide one-on-one training sessions.

Make Expanding a Business Simple

There’s no one-size-fits-all solution to expanding a business. Every company is different, so what works for one may not work for another. The key is finding out what works for your company and following through on those plans until they get results!

Don’t be afraid to seek help from professionals, such as consultants and financial advisors. They can help you navigate the complex world of business expansion and give you the tools you need to thrive.

Or explore our business blogs for insights and advice on being successful. It’s free so you won’t be overwhelming your budget with consulting fees!