6: Growth & Development

The best way to develop is to expand my operations and this is because I am allowing myself to earn from more sources. In the next five years I’ hoping to have three shops in total. I will do this by retraining the profit I’m making and will be also taking money out (drawings) in order to have the money ready to expand. However, it is not always easy to expand and it may not work afterwards. Therefore, it’s important that I monitor my current and past business performance. This is to see if I am making enough growth to start something new and to maintain my place in the market. Another vital point is that I reflect on the economic market before I expand. This is because if consumers have started getting their haircuts by their family members and at home then it will be difficult for me to perform well. As a result, I will need to reflect on the market and think about other aspects before reaching my aim. If I identify that the prospects of expanding is difficult then a good way to develop is through aligning with another company in the same industry. Furthermore, in order to develop well, I can get to know my target market better. I can promote my business in areas where they are. i.e. colleges. I can also provide discounts in order to attract a larger market.