#Immediacy on speech making

Add to this a cost-refund programme, better control of the finances and ...

Add to this a cost-refund programme, better control of the finances and a rethink of your objectives and you are well placed to go for growth if that is what you want. In this section we will examine ways and means to bring growth to the business, and in some respects we will be looking again at some of the concepts of earlier sections, but in a different context. The exercises already done is useful. It is recommended that you refresh your memory on this work and have it close to hand when studying this section.

Looking back to the beginning When you started your business you will have encountered various problems, possibly disappointments where people let you down, help from various quarters, and experiences which made you change your views on something or other. You may have had experiences that made you say, 'That is something I will never do again', or, 'I will remember that, it may be useful in future.' Ways to a Bigger Future Now is the time, when deciding the best way to make your business grow, when all those initial experiences can be put to good use. It is first necessary, however, to sort out the lessons you learned and, as recommended earlier, to put them down on paper. What problems did you encounter and how did you solve them? What circumstances or people helped you? What circumstances or people hindered you? What action would you avoid in future and why? What actions did you conclude were very necessary and why? An analysis such as this will be useful to you now for the simple reason that you are likely to encounter the same or similar situations again possibly on a larger scale.

You can now also put to good use all the online exercises you have done in the earlier sections. Everything you have decided about your product or service, your market, your staff, premises, etc will be relevant to the various alternative 'ways' to make it easier to apply this knowledge or decisions. We have used similar headings to those you encountered before and, where appropriate, memory-jogging paragraphs.

The alternative ways to grow EXPANDING THE EXISTING BUSINESS As opposed to diversifying in some way, possibly the most obvious way to grow is to expand what you are doing now This can include setting up branches offering the same service or product, adding to your manufacturing capacity, taking on more staff, stepping up the selling activities, or some combination of these.

Expanding what you are presently doing has these advantages: You are familiar with the product, market and other aspects of the business; You will be offering a more acceptable idea to a potential financial backer than if you are trying to raise funds for a venture that you have little or no experience of; Your employees will also have experience and familiarity with existing operations; You may be able to achieve 'economies of scale'. For example, it may not be necessary to double your labour costs to double output and sales. Financing an expansion programme is clearly a vital ingredient, as it is if you are seeking to buy a business, enter a franchise agreement, or attempting any other method to enlarge your operation.

Since the ways to deal with financing are similar in every case, and the topic is so crucial, the subject is dealt with separately in a later part of this section. It is necessary in any case to first complete various 'studies' in order to know how much additional funding will be necessary.

These studies will form the basis from which the expansion plan will be designed. STUDY I THE MARKET Your decision to expand may be 'market-led'. That is to say that demand for the product or service is so great that it cannot be satisfied from existing resources, and you know that more sales can be made if the product is available. This is an ideal situation which, if you don't move fast enough, may be exploited by a competitor coming in to fill the gap. Alternatively, and more commonly, the businessperson will have come to the -conclusion that with increased selling effort, and/or increasing population of potential customers, more sales can be made.

Whatever the case, a cold-blooded evaluation of the market must be made. If you have a new product in mind, do not make the mistake of assuming that a market will appear for it without first researching to confirm the position. For instance, you will need to estimate how much more selling effort will be needed and how much this will cost in wages, online advertising, vehicle costs, etc. STUDY 2 PREMISES Will your expansion require new or additional premises? To answer this question it is necessary to be sure that you are making the best possible use of the space you have already.

There may be a product not worth continuing, sunk stored in space ...

There may be a product not worth continuing, sunk stored in space which could be used for other things, or even a bad layout which, if rearranged, could satisfy your space need... read more

A decision must also be made as to the size of the ...

A decision must also be made as to the size of the steps you will take. A large increase in activity implies larger funding requirements, eg for machines or premi... read more

The dairy companies, when selling bread as well as milk, are using ...

The dairy companies, when selling bread as well as milk, are using the same grounds man and the same d