• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Submissions
  • About Us
  • Contact Us
  • Jul 5, 2022
  • Startup
    • Creating a Plan
    • Funding a Startup
    • Franchise Center
    • Getting Your Office Ready
    • Making Your Business Official
    • Marketing Your New Business
    • Personal Readiness
  • Run & Grow
    • Customer Service
    • Human Resources
    • Innovation
    • Legal
    • Operations
    • Risk Management
  • Leadership
    • Best Practices
    • Communication
    • Green Initiatives
    • Open Culture
    • Strategic Planning
    • People Skills
  • Sales & Marketing
    • Advertising and Lead Generation
    • Marketing Innovations
    • Marketing Plans
    • Online Marketing
    • Relationships
    • Sales Activities
  • Finance
    • Budgeting and Personal Finance
    • Payments and Collections
    • Tax and Accounting
    • Pricing Strategy
    • Working with Investors
    • Working with Lenders
  • Tech
    • eCommerce
    • Hardware
    • Software
    • Security
    • Tech Reviews
    • Telecom
  • Shop

SmallBizClub

Helping You Succeed

Home / Run and Grow / Operations / 4 Expansion Options to Achieve Success for Finance SMEs
4 Expansion Options to Achieve Success for Finance SMEs

4 Expansion Options to Achieve Success for Finance SMEs

1483 Views

Dec 4, 2017 By Zak Goldberg

The financial industry can be highly competitive almost everywhere in the world, but for SMEs that are successful and experience good growth there are plenty of opportunities to expand even more.

However, it is important that you expand in the most appropriate way, depending on where your business is based, the economy at the time and the best opportunities. Here are four ways that growing finance SMEs can achieve success when looking to expand.

Grow Locally

The first step for most growing businesses should be to expand on a local scale. This could be through setting up a new office in the same place, to help deal with increasing orders and customer demand. Or it could be by opening a new branch in another city or town linked to where your SME is based.

This will give your SME a greater presence in a new region, making it easier to attract new clients in the area as well as retaining existing ones, as it demonstrates growth and your interest in establishing a base there. Plus, it is a great way to find and make the most of any untapped opportunities it may offer, especially if the financial market is fairly uncompetitive.

Expand Overseas

Expanding overseas demonstrates a real sign of success and in many ways, offers ample opportunities to grow. Firstly, you will need to conduct plenty of market research and competitor analysis into possible countries for expansion, as the sector could be quite different from your existing one.

If you can identify market opportunities and a strong strategy, then expanding into a foreign market could see enhanced growth. Ensure you make as many contacts as possible to aid the process, through social media and attending market networking events in the country. Expanding overseas can be risky but if it pays off then the rewards are definitely worth it.

Use Freelancers

For many finance SMEs, one of the most cost-effective and safe methods for expansion is to start using freelancers. Hiring more staff to work in house is a great way to grow your workforce and the business, but if you think the financial risk of employing more full-time staff is too great then freelancers offer an excellent alternative.

From identifying and working with sole traders to using the consulting services of individuals as and when you need them, many freelancers can really add to your SME. According to one survey, 79% of businesses use freelancers as part of their strategy. Plus, if the growth encounters problems or the freelance services aren’t good enough, you are not obliged to keep using or paying them.

Broaden Your Offering

Rather than increasing your production or existing services, another way to expand any finance SME is to begin offering other related services. Large businesses do it all the time, with banks constantly rolling out new products and it can work for SMEs as well. You may need to hire some new staff who are better versed in the field to do so, but it can be a great way to attract new clients and build on your existing base.

These four options can help any finance SME expand in a variety of ways. Hopefully one will best suit your enterprise and help it to grow.

Filed Under: Operations Tagged With: Finance, Freelancers, Growth

Zak Goldberg

Zak Goldberg

Zak Goldberg is a Law & Business Graduate from the University of Leeds and has chosen to follow his aspiration of becoming a publish author, offering expert advice and commentary of all areas of law and business economics.

Related Posts

  • freelancers-are-the-new-entrepreneurs-for-services5 Benefits to Using Freelancers for Your Small Business
  • Could Your SME Obtain Corporate Finance To Boost Growth?
  • 5-tips-on-managing-your-income-as-a-freelancer5 Skills That Every Freelancer Must Have

Primary Sidebar

Random

What Small Business Can Learn from the Star Wars Marketing Blitz

Nov 30, 2015 By Susan Solovic

Is there a personality test I can take that quantifies or measures my traits and also can be used as a guide to hiring an individual?

Sep 13, 2013 By Angela Cordle

Thanking Your Employees is Smart Business

Mar 25, 2016 By Drew McLellan

3 Valuable Instagram Hacks to Power Your Sales

Oct 17, 2019 By Pankaj Koundal

4 Key Ways to Make the Most of Your Business’s Down Cycle

Jun 15, 2018 By YEC

Footer

About Us

Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Copyright © 2022 by Tarkenton Institute, Inc. All Rights Reserved | Terms | Privacy