Economy
6 Tips to Consider When Expanding Your Business
As a business owner, you may be considering expanding your current operation. When you do this, there are many factors to consider – including the location of where you expand and whether or not it will be a branch office or an entirely new company. In this blog post, we will discuss six tips for making sure that it is done to generate more revenue and improve efficiency when you expand your business.
1) Set a Goal
When you consider expanding your business, it is important to set a goal that will help guide the process. For example, if you want to expand because of increased demand in another region, this might indicate that opening up another office would be beneficial for your company. However, if there has not been an increase in demand, it might be best to only open up a warehouse for storage purposes rather than opening an office in 대구op.
If you are trying to expand because there is little competition, this may indicate that branching out into another region or country would help your business flourish. However, if there has already been ample expansion, it might not be worth taking the risk of opening up another branch.
2) Consider Warehouses for Sale
Another factor to consider is whether or not you should purchase a warehouse. When first expanding your business, it might be beneficial to rent out warehouse space until the company has grown and can afford its own warehouse space. For example, if you are looking for warehouse space in Texas, you might want to search for a warehouse for sale in Houston to get an idea of what type of spaces are available for you.
In addition, warehouse space can also be used for storage. For example, you may have a warehouse that is not being utilized in the day-to-day operations of your business, but it could still be rented out to another company that needs warehouse storage in Houston. When considering warehouse property for sale in Houston, it is important to do thorough research on what types of warehouses are available and their price range.
3) Consider the Location of Your Expansion
When expanding your business, you will also want to consider where this new branch or company should be located. This decision is important because it can significantly impact the success or failure of your venture. For example, if you are considering opening up a new office in another state, then make sure that there is enough demand in that area to support your company.
On the other hand, if you are expanding into a new country, then research that location’s cultural norms and business practices to ensure that your expansion will be successful. Failing to do this could lead to lost revenue and an unsuccessful venture.
4) Consider the Cost of Expansion
When you are expanding your business, it is important to consider the cost of this venture. This includes both the upfront costs and the ongoing costs associated with running a new branch or company. Make sure that you have a realistic idea of how much money you will need to spend to get your expansion off the ground.
In addition, you will also want to have a budget in place for the ongoing costs of running your new branch or company. This includes things like rent, payroll, and marketing expenses. In this case, having access to a digital wallet is crucial for monitoring your expenses in real-time electronically. Failing to do this could lead to financial instability down the road.
5) Consider the Number of Employees You Will Need
Another factor that needs to be taken into consideration when expanding is how many people you will need. If there isn’t enough work for another company or branch of your business, it might not be worth opening up a new location, warehouse space, Houston, or office. This decision can also impact how much money you are going to need to expand, so it is important to be realistic.
In addition, if the branch or company will require more than one person, then make sure that you know what types of people could work best for your business. For example, do you want college graduates who can help with marketing and the overall appearance of your company, or do you want individuals who will work more on a physical level? This decision is important because it can help determine how much money and resources you need to invest and where they should go.
6) Consider the Timeline for Your Expansion
When you are considering expanding your business, it is also important to know how soon you will open up a new branch or office space. This means that you need to have an idea of what this timeframe looks like and whether or not it fits into the overall plan for your company’s growth and success.
For example, suppose you are looking to expand your business internationally. In that case, it might be better to wait until the timing is right for that particular market rather than rush into things too soon. By doing this, you can avoid making mistakes and compromising the future of your company’s growth. When expanding a company, many factors need to be taken into consideration.
Bottomline
When you are looking to expand your business, it is important to consider all of these factors before moving forward with this decision. If not, you could end up making costly mistakes that can have a significant impact on your company’s future success or failure.
As MSMEs across the South-East seek opportunities for growth, market expansion and cross-border trade, Stanbic IBTC, in partnership with the Anambra State Government, convened the Nigeria Business Summit Regional Tour in Onitsha to equip businesses with practical solutions for sustainable growth.
The summit, organised in collaboration with the Anambra State Ministry of Commerce, Industry and Trade, brought together government officials, business leaders, trade associations, development partners and entrepreneurs to explore practical pathways for economic growth, business sustainability and increased participation in local and international trade.
Speaking at the event, which took place on Wednesday, 29 July 2026, Honourable Nonso Chukwuma Ebonwu, Commissioner for Commerce and Industry, Anambra State, highlighted the importance of stronger partnerships between government, financial institutions and the private sector in creating an environment where businesses can thrive and contribute meaningfully to economic growth.
“Sustainable economic development requires strong partnerships between the public and private sectors. Financial institutions such as Stanbic IBTC have an important role to play by providing not only access to finance but also business advisory services, capacity building and the knowledge that enables businesses to grow sustainably,” he said.
Given Onitsha’s strategic position as a commercial hub, discussions centred on access to finance, enterprise development, business sustainability and opportunities for expansion into new markets. Stanbic IBTC’s Trade Team also provided practical insights into trade and export opportunities available to businesses operating within the South-East’s manufacturing and distribution value chains, highlighting strategies that can help enterprises improve competitiveness and unlock new growth opportunities.
Commenting on Stanbic IBTC’s commitment to supporting Nigerian businesses, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said:
“We recognise the critical role businesses play in driving economic growth, creating jobs and fostering innovation. Supporting their growth remains central to our purpose of driving Africa’s growth, and we will continue to provide the solutions, partnerships and platforms they need to thrive.”
Also commenting on Stanbic IBTC’s support for Nigerian businesses, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, said:
“Our commitment to supporting businesses is unrelenting. Through strategic partnerships and platforms such as the Nigeria Business Summit Regional Tour, we are connecting entrepreneurs to the knowledge, networks and financial solutions needed to scale their businesses and compete more effectively in today’s evolving marketplace.”
The summit also highlighted Stanbic IBTC’s focus on providing businesses with access to the capital, insights and connections needed to achieve sustainable growth. This commitment aligns with the strategic direction of the bank’s Enterprise Banking business, led by Olajumoke Bello, as Stanbic IBTC continues to deepen engagement with MSMEs and growth-focused businesses across Nigeria.
The Onitsha engagement builds on successful editions of the Nigeria Business Summit Regional Tour previously held in Katsina, Aba and Ibadan. Through the initiative, Stanbic IBTC continues to work with public and private sector stakeholders to equip entrepreneurs with practical insights, strategic partnerships and business solutions that support sustainable growth.
By Aduragbemi Omiyale
The board of Presco Plc has proposed the payment of an interim dividend of N10 per share to shareholders of the organisation for the first six months of this year.
This information was conveyed in the unaudited financial statements of the company released to the Nigerian Exchange (NGX) Limited.
In the results for the half-year ended June 30, 2026, the fully integrated agro-industrial firm said the cash reward reinforces its commitment to delivering consistent shareholder returns.
It further assured that looking ahead, it remains focused on disciplined capital allocation, operational efficiency and long-term value creation while navigating evolving market conditions.
A look at the key financial highlights of the results showed that revenue was relatively stable at about N199.0 billion in the first half of 2026 and the same period of 2025 amid a high-cost operating environment and softer crude palm oil prices.
However, the pre-tax profit rose by 9.3 per cent to N122.2 billion from N119.9 billion as result of a 31.9 per cent reduction in financing costs.
Further, the Edo State-based company posted an EBITDA of N123.1 billion, which yielded a margin of 61.9 per cent, as the organisation strengthened its balance sheet, reducing total liabilities by 42.5 per cent to N277.8 billion, while equity grew 13.8 per cent to N503.6 billion, with a current ratio of 345.6 per cent, which underscores robust liquidity.
“Our H1 2026 performance underscores the strength of our operational model in a challenging environment. The 9.3 per cent growth in profit before tax, driven largely by a 31.9 per cent reduction in financing costs, reflects our deliberate focus on cost optimisation and balance sheet discipline.
“With equity up 13.8 per cent and liabilities down by 42.5 per cent, we have further fortified our financial foundation.
“The proposed interim dividend of N10 per share signals our confidence in the business’s trajectory and our commitment to rewarding shareholders,” the chief executive of Presco, Mr Reji George, stated.
By Aduragbemi Omiyale
The ex-depot prices of the two major petroleum products in the country, Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (Diesel), have been slashed by Dangote Petroleum Refinery.
The company, in a statement on Wednesday, disclosed that while petrol is now N1,165 per litre, diesel is now N1,570 per litre.
The energy firm said it slashed the prices to reaffirm its commitment to providing affordable, high-quality petroleum products to the Nigerian market.
The latest cut in the price of PMS represents N50, as it was previously sold to marketers at N1,215 per litre, while diesel witnessed an N80 reduction, as it was formerly being sold at N1,650 per litre.
Dangote Refinery stated that the downward price review reflects its ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria, saying it remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.
As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.
The company reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.
