Things are going well with the business, but you suspect it could go even better. Then maybe it’s time to expand. Whether it means hiring new people, opening up another branch, or extending your offering, expanding your business can be the difference between merely treading water and breaking new boundaries. However, not every business is in a position to expand. Expanding your business before the right time can have disastrous consequences. So first see if any of these seven signs are applicable to your business.
You may think that because you have good bookkeeping and accounting processes in place and your cash flow is under control, you can sit back and relax. Unfortunately, you'd be wrong. This is the perfect time to do an in-depth analysis of where your business stands financially. If you're not so clued up about the accounting and financial side of your business, you may not realise how an in-depth financial analysis can benefit your company. Learn how to get the most out of your financial information.
Seeing your business consistently growing is something every entrepreneur strives for. But not being prepared for the implications can do more harm than good. Getting too big too fast can lead to overworked employees, disgruntled customers and financial strain – not to mention a frazzled owner. Stay in control by taking it step by step and planning ahead. Here are 7 tips to help you control your business growth.
Clients are and remain the treasure of every business. This article will try to answer the following question: “Who is the ideal client for my business?” by identifying which demographic indicators to use if your ideal client is an individual or a business. It also encourages you to think about whether your product/service fits the problem/need of your identified client as this will help determine if they are an ideal client or not.
The Business Fitness Analysis (BFA) culminating in the Business Fitness Report (BFR), assists the SME owner identify their own high level business needs. The BFA is a questionnaire (created and provided by Sanlam) that requires mainly YES/NO answers and takes approximately 20 to 30 minutes to complete. It does not seek any private or business financial information, and covers financing/finances, business continuity, business management, wealth creation, employee benefits.
There are a number of instances when you may need to determine the market value of a business. Certainly, buying and selling a business is the most common reason. Estate planning, reorganization, or verification of your worth for lenders or investors are other reasons. Valuing a company is hardly a precise science and can vary depending on the type of business and the reason for coming up with a valuation. This article looks at some of the common methods used to determine the value of a business.
Buying a truck for your business is no negligible expense, never mind buying a whole fleet of trucks. Therefore you want to make sure you get the best truck for the job. If you get the specifications right from the beginning your vehicle will be more fuel-efficient and provide maximum reliability. Here are the most important pieces of information to talk to your truck dealer about.
This Business Plan e-book is widely regarded as one of the best preparatory publications on writing a business plan. It deals extensively with the all-important background information required for a business plan – everything that potential financiers may require before considering a business loan. More than just a business-plan writing aid, the Business Plan Book constructively helps the would-be business owner or existing business owner wanting to expand his/her business to identify and deal with potential problems before they arise.
A growing business needs to have appropriate expansion policies in place, plans to motivate key employees and the know-how in handling common business problems. In this article, you will learn how to face the challenge of making your business grow. You will receive advice from been-there-done-that experts.
When you approach a potential financier to provide a loan for starting or expanding your business, it's best to be aware of some of the terminology that may be used and what they mean. This article provides you with a list of terms related to financing and finance that it would be helpful for you to know. While this list isn't the complete financing lexicon, it does point you in the right direction.
When we plan a journey by road, we choose the destination, the vehicle which we will travel in, the route we will follow and the money required for the journey. Do you have a written plan of action, or strategy, for your business? This is the route map that should be directing your resources in order to realise the business output you expect and plan for.
In a healthy/growth economy, entrepreneurs should be looking for ways and means to take advantage of the opportunities the market is offering, and almost more importantly – the opportunities that will manifest in future. However, economists agree that economies can be volatile, and caution must be applied when evaluating growth opportunities and finding finance to make such opportunities possible. Here are a few pointers which could assist with gearing up for growth.
The South African government is well aware of the importance of developing the economy, creating employment and attracting foreign investment. To make these goals a reality, there are grants and assistance programmes available from the government and associated organisations that can get your business off the ground and expanding. Here is a list of these funding opportunities.
If your business is established, you already know the ins and outs of your business environment. However, with market trends changing as often as they do, it is important to stay abreast with these changes and keep your options open. With the SME environment becoming increasingly competitive, it's important to keep an eye out for new opportunities and possibilities. If expanding your business is something you want to explore, here are some tips to get your creative juices flowing.
Owning a successful business is difficult. A small business needs business loans to cover cash flow gaps, add to the working capital or to grow the business. There are many ways that you can finance an upgrade for your business by applying for a small business loan. Knowing how to get finance is important for small business owners. Here are a few helpful tips on how you can receive funding to upgrade your small business.
Marketing is one of the aspects of business that managers and entrepreneurs often struggle with the most. From determining the appropriate marketing budget to developing an effective marketing campaign or strategy, this business operation can be a source of a lot of stress. Especially when marketing efforts don't have the intended effect. This article shows how effective content marketing can grow your business.
There will inevitably come a time (or many) in your entrepreneurial journey when you begin to consider or actively try to grow your business. This time often occurs at a point where you may not have the financial resources to grow your business according to the plan you identified. However, that should not stop you from doing it anyway. These 8 tips will help you achieve business growth at a fraction of the cost.
InvestorsNetwork.co.za is platform and meeting place for South African Entrepreneurs and Investors. The business provides both face-to-face networking meetings in Johannesburg, Cape Town, Durban, Bloemfontein and Port Elizabeth as well as on-line networking facilities. Founded by a group of South African Entrepreneurs frustrated with the lack of availability of such services in the country, the network has gone from strength to strength.
Generally, small businesses set out to grow. You want your business to thrive and make a name for itself. Most of all, you want to increase your profitability. So, you build your customer/client base, hire more staff and invest your time and energy to make your business a success. But how do you know it’s time for your business to grow? How can you be sure you’re up for the challenge? Here are some questions to ask yourself before growing your business.
The National Business Initiative (NBI) is a voluntary coalition of South African and multinational companies, working towards sustainable growth and development in South Africa and the shaping of a sustainable future through responsible business action, thereby demonstrating business action for sustainable growth. The NBI’s strategy is addressing issues of Economic Transition and Social Transformation through Thought Leadership, Capacity Building and Collective Action programmes and projects.
The end of a financial or calendar year implies different things for each of us: it may be your business year-end; your peak season; or you may be getting ready to go on holiday. The reality, however, is that one or more of these scenarios is/are applicable to you, but there remains one important aspect that also demands your attention as business-owner – and that is to put your business plan for the next year in place. Here are a few helpful suggestions, if you're considering business expansion.
As your company expands, there are business assets that you will need. For starters, you might need to purchase an additional vehicle for your business. Having an extra company car can make it easier for your employees to run their business errands without causing delays for anyone else in the business. However, buying a car without financing can leave a dent in your business cash flow. Luckily, with vehicle and asset finance your business should afford a car of your choice. Here are a few helpful tips on financing a business vehicle.
Every business goes through a growth spurt and, whether a multi-national corporation or an entrepreneurial venture, expansion is a tough process to navigate. The real danger for any expanding business is that it does so too quickly or in an uncontrolled way. The trick is therefore to manage the growth process so you reap the benefits in the medium- and long-term. Here are some important things to bear in mind and some pitfalls to avoid so that everything goes smoothly.
It is said that business is simple, but it is definitely not easy. This article aims to highlight three ways for you to grow your business: by recruiting new clients; by selling more to existing clients; or by selling to existing clients more often. Read on to find out more about these strategies for effective business growth.
There is no getting around it: the traditional models of the past have no place in today’s fast-paced business environment. Those careerists at the top who expect to remain in those positions until retirement are deluding themselves. Unless you are prepared to recognise change and take the necessary steps to embrace it, you will very soon find yourself out in the cold. The last thing an employer wants is for staff to leave, so it is important that change is managed properly. Here are some handy pointers for overseeing the reform process.
While many small businesses are struggling to keep head above water, others are considering expansion to take advantage of the opportunities that are still out there. If this is you, there are a few things to think about before going this route. There are plenty of ways to expand a business; some take a lot more planning, research and finance than others. Here are some considerations to keep in mind when deciding to expand or not to expand your business.
For most business owners, vehicles are an important aspect of their business that ensure it runs smoothly. However, running a business can be stressful and expensive making it harder for your business to purchase a vehicle even though you may need it. But, there are ways that your business can afford a company car. If you are planning on purchasing a business car while saving money then read these helpful tips.
With employment levels falling, now is as good a time as any to consider the option of starting a business, developing an existing one, taking on a government or private sector contract or embarking on a management buy-out or buy-in. But how does one go about finding finance? Essentially, there are four principal types of financing available to entrepreneurs when they're thinking of starting or expanding a business.
All businesses strive for success. However, growth needs to be managed. If you don’t have the right structure in place, rapid growth can actually undermine all the good work you’ve been doing, and make your business fall flat. You need a plan. You need infrastructure. Don’t wait until your sales start to soar before you consider how to accommodate your business’ growth.
As business owners we are often so busy working in the business that we fail to work on the business. We are chasing the next transaction, dealing with a dissatisfied client, negotiating terms with a provider, or having problems trying to balance the cash flow. Over the years I have learnt that one should put aside enough time to consider the business’ current results and where it is heading. Here are three elements to help you decide where your business is heading.
By the time you have completed your business plan it may already be out-of-date. That’s why, in the rapid-changing world of today, we need to plan for the next step towards our goals without always knowing the full path of getting to the desired destination. This is pretty scary, since we must acknowledge that we will never know for certain exactly how things will pan out, even after completing our business plan. Use this one-page to go beyond traditional ways of planning for your business.