Time To Scale Up! Here Are 5 Ways To Grow Your Business
There’s no better time than now to scale up your business! The economy is thriving and it’s truly the era for SMEs.
In the same way that you thoughtfully developed your business plan when you first established your business, you should “evaluate and recalibrate” every three to five years to see where certain shifts and investments can be made.
And there are many ways you can fine-tune and further expand your operations to meet increasing demand or take advantage of market opportunities. Here’s how.
HIRE MORE PEOPLE
Boosting productivity and sales are major priorities when you’re thinking of expansion, so one means of ensuring that you can meet the demand is by hiring more people—especially if you’re in the business of services and manufacturing. More people means more hands on deck, which leads to greater productivity.
INVEST IN MACHINERY
Another option is investing in machinery or finding new ways to increase the efficiency of processes. For example, instead of hiring more people in the production line, you can invest in machinery that can double or triple the speed of production.
Digitizing processes can also be a means to help you in the long-run, as it can streamline tasks and increase efficiency. Digitalization is greatly effective if your business is anchored on online sales and interactions, for example, a travel agency, e-commerce site or hotel booking.
GROW YOUR INVENTORY
If you’re a distributor or in the business of reselling, a means to further grow your business is by expanding/diversifying your inventory. An increase in products leads to an increase in sales potential.
EXPAND YOUR SPACE
Leveling up and moving into a bigger space allows you to expand your operations and cater to more customers. This is especially beneficial to restaurateurs and services-oriented businesses. Meet the demand and opportunity by moving to a bigger site or by setting up a new branch in a new location (franchise) that will grow your presence across locations.
When it comes to business, they always say to look at the opportunity and don’t be bogged down by finances. Because when a business plan is well developed, money and profit are sure to follow.
If finances do pose a certain limitation, This SME loan can be your reliable financing partner.
BDO SME Loan offers financing options with your business needs in mind. Whether it's managing your cash flow more efficiently or acquiring property and equipment for higher productivity, it can help you borrow up to P20 million at terms you can afford.
Enjoy step by step guidance from dedicated BDO Account Officers, with guaranteed accessibility and convenience when you apply in any of the over 1,200 BDO branches nationwide or online via bdo.com.ph.
With BDO SME Loan, you have a partner to assist you in your business' growth and journey to greater success.
To know more about BDO SME Loan, click here