Expanding your business as an business owner or manager is always a daunting process. Because of this, it’s likely that you’re conducting ample research into whether business expansion is a suitable move at the present moment in time. In doing so, you’ve probably encountered many truths about the reality of business expansion… but also many myths.
Here at Tower Leasing, we want to separate fact from fiction when it comes to expanding your business. That’s why we’re listing 3 of the most common business expansion myths and setting the record straight.
Myth 1: You can expand your business by doing more of the same
Many business owners believe that a business will naturally expand if its operations stay the same.
It’s easy to think that, if you’re doing something right, you should just keep on doing more of the same and business expansion will naturally occur as a result. However, this is rarely the case. The reality is that a large part of expanding your business is by doing new things, such as investing in assets or taking out business loans to allow you to grow the number and quality of deliverables that you offer.
Myth 2: Expanding your business results in automatic revenue increase
Many people believe that, the larger your business grows, the higher your revenue hikes.
Many business owners think that business expansion will automatically result in a higher level of revenue, including larger profit margins. However, having this frame of mind rarely works in favour of successful business expansion. Instead, you should focus on improving the visibility and viability of your company, such as switching to cost-effective equipment. Tangible business growth will follow.
Myth 3: Expansion of your business can simply be bought
Many business owners attempt to buy business growth rather than work for it.
True expansion of a business can never be bought. This is because real business growth occurs as a result of many internal changes that have all occurred to allow the business to expand upon its current services and operations. Whilst many changes may be finance-based, such as altering your streams of funding or completely overhauling your existing business finance system, business expansion is not something that you can simply buy.
Business expansion – where to find out more
Tower Leasing have supported the investment and growth of over 40,000 businesses. No matter what your plans are, we have the business finance products in place and the expertise to help you see them through. Visit our business finance pages or get in touch to discuss how we might help your business grow.