Is Now The Time To Expand your Business

(Leader In SBA Lending Offers Tips)

Is now the time to expand your business? While fears of a recession are causing many to tighten their belts, some experts believe that now may be an opportune time to increase your company's power both financially and in terms of overall strength. According to Brian Carlson, president and CEO of Excel National Bank in Beverly Hills, many businesses historically have taken advantage of a down market to fuel their growth and vitality.

"Depending on what kind of business you operate, there are a number of avenues to explore that could boost your bottom line and help you lay the groundwork for an even stronger company once the economy rebounds," said Carlson, an expert on small business expansion with special expertise in helping companies with fewer than 500 employees obtain Small Business Administration (SBA) loans. "There are a number of strategies that could prove viable in the long run."

• PARTNER OR MERGE WITH ANOTHER BUSINESS - Now may be the time to join forces with a competitor or even purchase another company that is similar to yours. If you're starting from scratch, begin scouring publications read by your industry and/or attend trade shows to explore opportunities and develop companies to target. If a merger makes sense, make sure that you are "on the same page" as far as future plans and methods of doing business are concerned. When considering purchasing another company, do your due diligence and know what you're getting into.
• OPEN NEW LOCATIONS - Consider opening new locations. Make sure you complete a business plan first, though, to see if the numbers make sense. While expanding during a down market might seem counter-intuitive, the current economic climate might prove your greatest ally in terms of negotiating a long-term lease, hiring key employees and obtaining financing.
• DIVERSIFY - Can you expand upon your current product line by introducing something new? Can you add more services to the fold? Retail outlets, for instance, could diversify with products (e.g., bookstores selling pastries and gourmet coffee, gas stations offering car wash service, clothing store expanding into selling sunglasses and jewelry).
• HIRE MORE EMPLOYEES - With mass layoffs, the talent pool is growing. You might be able to find that "golden employee" you've been looking for and negotiate a fair salary as current economic times favor the employer in most instances.
• EXPLORE COST-EFFECTIVE WAYS TO MARKET - Reevaluate your marketing strategy and consider ways to reduce costs and increase effectiveness. For example, you might want to consider adjusting your advertising budget to accommodate a public relations strategy or increase your presence on the Web.
• CONSIDER FRANCHISING - Your business might prove to be a desirable franchise opportunity for others and a cash cow in the making for you. Investigate this possibility with an attorney who specializes in franchising. Also, join the International Franchise Association and talk to others who have made the leap.
• VENTURE BEYOND CURRENT TERRITORY - Have you considered expanding your operations beyond your current territory? It could make financial sense to explore ways in which you can introduce your product or service beyond the limits of where you currently conduct business.
• FOCUS ON WEB - Nearly every business can benefit by having an Internet presence. You may consider revamping your Website to make sure that it is serving your company to the fullest. Start by inviting some internet marketing experts to share their opinions with you. You might be surprised at the opportunities available.

Carlson was recently named one of the Coleman Report's 20 most influential leaders in SBA lending, one of the primary lending sources for small businesses looking to expand. In just two years, Excel National Bank has rocketed to the 22nd spot in nationwide SBA lending with 228 loans totaling $200 million. With assets of more than $120 million, Excel offers a full range of services including commercial real estate loans, construction loans, business lending and comprehensive retail banking services. Its growing reputation as a preferred SBA lender, however, is the key factor in its meteoric rise. Excel has helped a wide range of businesses from motels and gas stations to professional groups (e.g., medical, dental and law practices) expand their operations and realize their true growth potential. Its primary strength is its ability to help clients quickly and efficiently navigate through the complex SBA lending process.

While headquartered in Beverly Hills, Excel National Bank maintains offices in Los Angeles, San Francisco, San Diego, Sacramento, San Bernardino and Fresno. Its out-of-state offices are in Chicago, Phoenix, AZ and Bellevue, WA. For more information, call (310) 362-2000 or visit www.bankexcel.com.