When business leaders make the decision to grow or change a business, success is the ultimate goal.
A diverse range of factors influences these expansion efforts and their ultimate results, including the industry in which a business operates, the actions of competitors, the response of customers and much more. The need for a second location, which nearly all expanding companies should eventually take into account, is especially important to keep in mind.
Whether it’s a retail storefront in a neighboring city or a manufacturing and warehousing facility strategically situated near transportation hubs, an additional location can offer many advantages. Output can increase, more customer traffic can be accommodated and, eventually, the business can enjoy benefits like sales growth and a larger service area.
Opening a second location is far from a guarantee that revenue will improve or other key business objectives will be met, however. Careful consideration of intent, relevant metrics for success, potential drawbacks and risks, additional costs and eventual rewards is vital for a realistic chance at success.
Our eBook, “Reaching More Customers Through a Second Location,” provides guidance on effective planning for establishing a second location. The advice is relevant to a wide range of businesses and applicable to factories, retail locations, warehouses and many other facilities.
To learn more about the advantages of securing the middle-market financing that’s so often crucial to the success of expansion projects, get in touch with our team today.
This information is provided for general awareness purposes only and is not intended to be relied upon as legal or compliance advice.
This article is provided for informational purposes only. While the information contained within has been compiled from source[s] which are believed to be reliable and accurate, Comerica Bank does not guarantee its accuracy. Consequently, it should not be considered a comprehensive statement on any matter nor be relied upon as such.