6 Tips How Can You Expand Your Small Business in 2022 - SceneLinkList - Read Latest Articles Daily!

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7 March 2022

6 Tips How Can You Expand Your Small Business in 2022

With the world emerging from the pandemic after two long years, it is but natural for business owners to start thinking about restarting whatever had been put on hold. So, if you have decided to dust off the cobwebs and are raring to go again, the following are the tips that can help you grow your business - 

Setting goals - Setting specific and achievable goals for your small business, especially in this post-pandemic scenario, is a sure way to proceed with expanding your business in the future. Slow and steady wins the race, so your goal setting should be a judicious mix of short-term and long-term objectives. 

Availing of a business loan – A business loan is a flexible financial tool that is tailored to cater to the needs of the dynamic business environment that exists today. This can range from initial capital to operating expenses and even cover financing assets. Easily available with minimum documentation, lenders/banking institutions even provide various credit options to specifically meet your business’s requirements through this loan.

To be eligible for a business loan for your small business, you need to be– 

  • An Indian national
  • More than 24 years but not beyond 70 years of age
  • A business owner of an active and operational business for at least 3 years
  • An individual with a credit score of 685 or higher
  • Self-employed

While applying, the lender would also require you to submit business loan documents, namely - 

  • KYC documents, namely any government-approved KYC document such as a driving license, PAN card, Aadhar card or voter ID card;
  • Proof of address, wherein any official document that mentions your address, such as electricity bill, passport or rent agreement, would work;
  • Financial documents, as in copies of your bank account statement, GST returns, and any other official bank documents containing your financial records;
  • Business ownership proof, which proves that your business is a registered one;

Applying for a business loan is relatively free of hassles because lenders do not ask for collateral, and repayment is spread over a comfortably long period. 

Taking calculated risks - Expanding your small business must not be a run-of-the-mill decision that you made on an impulse. Expansion requires taking a risk on all facets of your business for long-term gains and thus must be carefully planned out to minimise losses and maximise long term profits.

Financial score - In light of the COVID19 pandemic that has put most businesses under financial strain, you need to maintain careful financial records and expenditure with meticulous, strategic planning. This would reflect on your credit score and improve your chances of getting a loan. 

Network - Your network consists of your customers and partners. Both are equally important and need to be focused upon while planning an expansion. Your relationship with customers requires organised management to meet their needs and maintain their loyalty to your business. At the same time, a good relationship with your business partners is crucial to the efficient working of the business. It does not bode well for the business if partners tend to be in chronic discord with one another on important decisions.

Strategically planning the growth of your business - Analysis techniques such as SWOT and PEST are popular due to their success in helping entrepreneurs visualise the goals of their businesses in the long run and also how to achieve them. Consider strategically analysing your business to figure out the most optimum method that would lead to growth and expansion.

No business expansion is without problems. Sometimes these are unforeseeable and can lead to a state of emergency in one’s business. Therefore, you must create a backup plan that could deal with these emergencies to ensure seamless running and expansion going ahead.

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