Another route to growth is to widen the scope of what you do, by starting to offer new products and services.
If you’re not sure how to expand in this way, just listen to your customers. What problems do they ask you to help with which you currently can’t do anything about?
Maybe you could expand from being a supplier of a product to also installing it. Or offering ongoing maintenance and support. Is there another product or service that complements what you already supply, which your customers currently source from elsewhere?
Growing in this way will probably mean investing in expanding your team’s knowledge, and also buying new products. You may need to hire new staff or implement new processes.
Purchase another business
A quick route to growth is to buy or merge with another business. This could be another firm that operates in the same industry as you, allowing you to add new customers and capacity overnight.
Alternatively, you could buy a business that complements your own. If you run a printing business you might decide to buy a graphic design agency. You might want to add a plumbing business to your electrical firm. Your restaurant business could expand by buying an operation that offers a different cuisine.
Another route could be to move up or down your supply chain. You could buy one of your suppliers or one of your customers.
Buying another business usually requires significant investment and careful financial planning. You’ll probably need specialist advice to ensure the arrangement gives you the best value, and the best chances of success.
We help growing businesses get the finance they need
You’ll need more finance, whatever route you choose for business growth. You’ll need funds for purchasing new assets, hiring more staff and investing in marketing and processes. A bigger business also demands more working capital simply to keep the day-to-day cashflow ticking over.
There are many different ways to raise finance and not all will be appropriate for your growth plans.
We work with a panel of over 250 lenders who between them offer a wide range of funding options. From these, we can help you find a cost-effective method of raising the finance you need.
To explore your opportunities for funding your business growth plans, helping you to expand successfully, get in touch with us today.
As a founder of multiple businesses, Jamie believes that mindset, discipline and ambition are key drivers for success, both for his businesses and for his clients.
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Disclaimer: JD Capital Finance (Registered office -First Floor, Steeple House, Church Lane, Chelmsford, England, CM1 1NH, Registered Number 10128297) helps UK firms access business finance, working directly with businesses and their trusted advisors. We are a credit broker and do not provide loans ourselves. All finance and quotes are subject to status and income. Applicants must be aged 18 and over and terms and conditions apply. Guarantees and Indemnities may be required. JD Capital Finance can introduce applicants to a number of providers based on the applicants’ circumstances and creditworthiness. JD Capital Finance may receive a commission or finder’s fee for effecting such introductions.