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.
By Adedapo Adesanya
Nigerian businessman and chief executive of Dangote Industries Limited, Mr Aliko Dangote, has unveiled plans for a new phase of investments and acquisitions as the conglomerate pushes towards its target of generating $100 billion in annual revenue by 2030.
Mr Dangote disclosed this while receiving a delegation of senior executives from global investment banking and financial services firm Goldman Sachs, led by co-chief executive of Goldman Sachs International and Global Co-Head of Investment Banking, Mr Anthony Gutman, during a tour of the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited complex in Lagos.
Speaking after the visit, Mr Dangote said the refinery and associated industrial facilities underscore the transformative impact of long-term investment in Africa, stressing that the group’s ambitions extend beyond its current strategic plan.
“No matter how we try to explain what we have built, you cannot fully appreciate it until you see it. But this is only the beginning. We need to look beyond 2030.
“The next phase of our journey will include new investments and acquisitions as we continue to scale the business,” he said.
He added that detailed internal modelling had reinforced management’s confidence that the Group’s target of generating $100 billion in annual revenue by 2030 was achievable.
According to him, the projections were based on conservative assumptions and had strengthened the company’s conviction to pursue an even more ambitious long-term growth strategy.
Mr Dangote also revealed that the strong participation of employees in the refinery’s recent private placement reflected growing internal confidence in the company’s long-term strategy and future prospects.
The Goldman Sachs delegation, after an extensive tour of the 700,000 barrels-per-day refinery, described the project as an extraordinary achievement.
“It is extraordinary what Mr Dangote and the whole organisation have achieved. The ambition, the scale of the project, the quality of the project and the culture of the people is very impressive,” the executives said.
According to a statement issued by Dangote Group on Friday, the delegation was led by Mr Anthony Gutman and included Mr Adib N. Zouein, Co-Head of EMEA Emerging Markets Regional Sales and Head of the Middle East and North Africa region for Global Banking & Markets Public; Mr Ryad Yousuf, Global Head of FICC Sales Strats and Structuring; and Mr Jimi Adesanya, Head of Sub-Saharan Africa Sales (excluding South Africa).
The visitors were received by Dangote; Group Vice President, Oil & Gas, Mr Devakumar Edwin; Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, Mr David Bird; Group Executive Director, Oil & Gas, Ms Fatima Aliko Dangote; Chief of Staff to the President/CEO, Ibrahim Dikko; Group Chief Branding and Communication Officer, Mr Anthony Chiejina; Group Chief Economist, Mr Hassan Mahmud; Group Chief Strategy Officer, Mr Aliyu Suleiman; and Head of Administration, Dangote Petroleum Refinery & Petrochemicals, Mr Musa Bala, among other senior executives.
By Adedapo Adesanya
The Senate Public Accounts Committee has heard that Nigeria spent N1.16 trillion on fuel subsidy in 2021, while N1.20 trillion was deducted from federation crude oil sales proceeds during the same period.
The disclosure came from the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr Mohammed Bello Shehu, during the committee’s ongoing investigation into the 2021 to 2023 Nigeria Extractive Industries Transparency Initiative (NEITI) audit reports on the oil and gas sector.
According to the commission, crude and petroleum product losses cost N16.2 billion, pipeline repairs accounted for N22.05 billion, while strategic stock holding attracted N6.75 billion.
The revelations come against the backdrop of Nigeria’s long-running fuel subsidy regime, which successive governments maintained to keep the pump price of petrol artificially low despite mounting fiscal pressures.
Over the years, subsidy payments consumed trillions of Naira, significantly reducing revenues available to the three tiers of government and contributing to widening budget deficits.
The issue reached a turning point in May 2023 when President Bola Tinubu announced the removal of fuel subsidy during his inauguration speech, declaring that “fuel subsidy is gone.” The decision followed years of concerns over the rising cost of the programme, allegations of fraud, and repeated recommendations by fiscal authorities and international financial institutions that the subsidy had become unsustainable.
The removal triggered a sharp increase in the pump price of Premium Motor Spirit (petrol), leading to higher transportation and living costs across the country. In response, the federal government introduced a series of palliative measures, including cash transfers, support for mass transit, and wage-related interventions, while arguing that savings from the subsidy would be redirected to infrastructure, education, healthcare, and other critical sectors of the economy.
The commission also argued that the current method of calculating the 13 per cent derivation fund undermines the constitutional intention of the policy.
Meanwhile, the committee stood down the Niger Delta Development Commission’s presentation until next Wednesday to allow lawmakers review its submission.
The committee also expressed displeasure over the absence of the Auditor-General of the Federation, warning that he must appear before lawmakers next Tuesday or face compulsory appearance through the constitutional powers of the National Assembly.
By Adedapo Adesanya
Businesses in the country expect the Naira to gradually appreciate against the US Dollar between now and January 2027, according to the Central Bank of Nigeria’s (CBN) July 2026 Business Expectations Survey Report released on Thursday.
The report showed that the Business Confidence Index (BCI) remained positive throughout the review period despite perceived macroeconomic challenges. It noted that all sectors expressed optimism about the economy, with the electricity, gas and water sector posting the highest Business Confidence Index of 59.4 points and the strongest expansion prospects for August 2026.
According to the report, “In July 2026, the Business Confidence Index was 5.7 points, reflecting continued optimistic sentiment among formal businesses.”
It attributed the positive sentiment mainly to increased demand (22.3 per cent), economic diversification (21.4 per cent), and improved access to finance (15.0 per cent). However, respondents identified inflation (27.7 per cent), energy-related challenges (23.4 per cent), insecurity (22.4 per cent), and heightened geopolitical uncertainties (16.5 per cent) as the major factors weighing on business confidence.
On the outlook by broad sector, the central bank said confidence remained positive across all sectors in July. The Industry sector recorded a modest improvement, with its index rising to 11.5 points from 10.5 points, while the Services sector increased to 3.6 points from 2.9 points.
By contrast, the Agriculture sector recorded a significant moderation, with its index falling to 3.4 points from 12.2 points.
Despite this, the apex bank said the six-month outlook remained upbeat, with confidence indices across all sectors indicating positive expectations over the review period.
On the macroeconomic outlook by region, the report noted a divergence in sentiment, with businesses in Northern Nigeria expressing stronger confidence than their Southern counterparts in July. Nevertheless, respondents across all regions maintained positive expectations for August.
