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Expansion means different things to small businesses. For some it’s adding online services to an already-established storefront, more brick and mortar locations, it could mean expanding into new cities. For others it might mean simply moving from a small office to a larger one. The question is: How do you know when—and if—it’s the right time to expand your business?
Success requires disciplined research and strategy. If you consider the right timing, get your finances in place, research new markets and establish a customer-first culture, you are on the right track for expansion.
“Together with the business owner, the right banker should be able to help identify and mitigate risk that may exist when expanding into new markets.”
—Mike Nizzo
President East Baton Rouge
Business First Bank
“If looking to expand into a new market, the business owner should first consider and define the reasons for the expansion. Could the same resources and energy invested in your local market earn you more profitable growth?” Nizzo continued, “New market expansions should complement your existing core business. The best expansions of any type should create efficiencies along with a diversification of revenue sources. It is important to set definable, achievable, value adding goals to make sure you are expanding for the right reasons”.
At Business First Bank, they understand the challenges of these entrepreneurial choices. As they have grown, Business First Bank has chosen to invest in multiple markets to diversify their risk exposure and gain access to additional talent. Nizzo says, “What sets us apart at Business First Bank is our ability to provide customized, flexible solutions to our customers as they expand their business. We achieve this through continued investment in technology.”
