Business points: Important reminders when putting up more branches
One of the biggest signs that a company is on the up and up is expansion. If a company is hiring more people, purchasing more equipment, and opening more branches, then it means it is growing, explains Michael Giuffrida of Titan Strategic Partners.
However, business owners should be careful when making decisions for their company’s expansion. Here are a few important points to consider when putting up more branches.
Timing is everything: In business, timing is always key. For expansion, the right time depends on multiple factors. Business owners shouldn’t rush expansion. Doing so would risk losing the funding that has been acquired for it.
No owner, no problem: If a company opens up a second branch, can the branch run without the owner in it? Is the management team capable of handling employees and clients without the top honcho present? These have to be answered in the affirmative, notes Michael Giuffrida.
The location market: When opening another branch in a different location, the company has to be sure that a viable market exists that will help sustain the branch. Location is just as important as anything else in expansion.
Money, money, money: Can enough funding be acquired to open a second branch? This is a major concern for many businesses that aspire to expand.
Longer hours: Business owners have to be prepared to take on longer hours once a second branch is opened. He will also need to visit the branch from time to time.
Michael Giuffrida is a managing partner at Titan Strategic Partners. The company’s expertise is in building and improving organizations from startups to established businesses. For similar reads, visit this blog.
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| Image source: virgin.com |
However, business owners should be careful when making decisions for their company’s expansion. Here are a few important points to consider when putting up more branches.
Timing is everything: In business, timing is always key. For expansion, the right time depends on multiple factors. Business owners shouldn’t rush expansion. Doing so would risk losing the funding that has been acquired for it.
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Image source: kiplinger.com
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No owner, no problem: If a company opens up a second branch, can the branch run without the owner in it? Is the management team capable of handling employees and clients without the top honcho present? These have to be answered in the affirmative, notes Michael Giuffrida.
The location market: When opening another branch in a different location, the company has to be sure that a viable market exists that will help sustain the branch. Location is just as important as anything else in expansion.
Money, money, money: Can enough funding be acquired to open a second branch? This is a major concern for many businesses that aspire to expand.
Longer hours: Business owners have to be prepared to take on longer hours once a second branch is opened. He will also need to visit the branch from time to time.
Michael Giuffrida is a managing partner at Titan Strategic Partners. The company’s expertise is in building and improving organizations from startups to established businesses. For similar reads, visit this blog.
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