Companies of all types and sizes are needed in a healthy economy. While it may not make sense for every type of business to expand operations outside of the local community, region or country, other companies may find expansion extremely beneficial.
1. Expand Customer Base
A company that is performing well and has attracted as many customers as possible from a particular area may not be able to do much to increase current profits without expanding. Moving into another area can aid growth and prevent stagnation. Attracting new customers in many different areas can help support the company in case one segment slows down or shrinks.
2. Competitive Advantages
Moving into a new area can be fantastic if the company is introducing a brand-new product or service to that segment of the market. The competition will be low, allowing the company the opportunity to gain customers quickly. While it …