Entrepreneurs are decision-makers. They take decisions on the path or direction to drive their business. One of such decisions they have to take is when to expand their enterprise. Whether you get it right or wrong, your conclusions will have a groundbreaking impact on your business. Obviously, you do not want to get such a key decision wrong and join the approximately 70% to 80% of startups that fail within 5 years in Africa. As such, Jumia Travel, the leading online travel agency, shares the things you have to consider before expanding your business.

A clear strategy

The strategy is laying a clear roadmap ahead for the company to achieve its vision and mission. Without this, your expansion may be a totally foolhardy risk.

Stability of your financial report

You should look to the data contained in your financial reports to determine the viability of an expansion at the current moment. The reports should show increasing profits, a firm handle on salary payment and good control over purchasing expenses.

Relationship with customers

The truth is most companies in their early days do everything to keep their customers happy, and during their expansion phase, they fall apart in terms of customer service. Take this opportunity to build a rapport with your target group to win them over to your side. This is essential if the relationship is strained. If you cannot keep your customers happy, you really have no business expanding because there will be endless complaints which will not only ruin the reputation of your business but can also lead to business failure when you start losing them.

Effectiveness of your workforce

A business depends on a well-trained, effective workforce to handle day-to-day activities. If you can rely on your staff to do their work tasks in an efficient manner, no matter what conditions throw at them, you are ready to utilize this essential resource to expand your business.

Funding

Funding is perhaps the most important. Without capital, the business expansion will be near impossible. One trending way to get funds is through venture capitalists or serial investors who are willing and ready to invest in viable businesses. Don’t hesitate to take advantage of them by pitching to them. If your pitch is endorsed, they will pump money into your business and you can then expand.

Source: http://www.opinions.ng/5-things-consider-expanding-business/

Ok.
Nice write-up but you forgot to add "Move with latest technology". Be it digital marketing or the likes. Technology plays some vital roles in business expansion.

Nice

6. Consider if PMB is still the president or not.

Your posts always lack depth!!

D you even have subscribers? You must have been feeding them with Trash Articles!!

Try and improve and dish out great contents!!

This post is mediocre !! A topic like this should be well analyzed, structured and written to give information to those that needs it.

All you wrote here is just like a lil boy writing an essay about his best food!

Yea that's right, there should be balance.

6: Recession and restructuring

nice info

Nawa oo. Easy guy

generalbush:
Your posts always lack depth!!

D you even have subscribers? You must have been feeding them with Trash Articles!!

Try and improve and dish out great contents!!

This post is mediocre !! A topic like this should be well analyzed, structured and written to give information to those that needs it.

All you wrote here is just like a lil boy writing an essay about his best food!

Nawa oo. Easy guy. The little he wrote will still be useful for other people.

Chimex30:
Nawa oo. Easy guy. The little he wrote will still be useful for other people.

A topic like this shouldn't be less than 1k words. But his article up there isn't even up to 300 words.

I am not angry per say, just pissed. What is the need of writing something half baked?

generalbush:


A topic like this shouldn't be less than 1k words. But his article up there isn't even up to 300 words.

I am not angry per say, just pissed. What is the need of writing something half baked?

You are making a point but people will still gain something.

buynaijagoods:

You are making a point but people will still gain something.

Personally I clicked on the topic because it interested me, but was disappointed. Hence my outburst.

Maybe I took it too personal or I should no longer believe in Made in Nigeria write-ups.

ok

This doesn't give any value. What is new here?

Thanks for the tips

I'm expanding my business next year, insha Allah... Thanks for the tip

op you try jare.




check my signature #

Ok, will sharply apply them.

generalbush:


Personally I clicked on the topic because it interested me, but was disappointed. Hence my outburst.

Maybe I took it too personal or I should no longer believe in Made in Nigeria write-ups.

You have all right to make your feelings known, but you must continue to support made in Nigeria.

generalbush:


A topic like this shouldn't be less than 1k words. But his article up there isn't even up to 300 words.

I am not angry per say, just pissed. What is the need of writing something half baked?

Quality over quantity

You don't have to write an epistle before your article makes sense!

Kobicove:


Quality over quantity

You don't have to write an epistle before your article makes sense!

You are not an Information marketer nor a content creator,... so I won't engage you.

Bye.