Sign & Digital Graphics

January '19

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6 • January 2019 • S I G N & D I G I T A L G R A P H I C S __________________________________________ Publisher James "Ruggs" Kochevar – Executive Editor Ken Mergentime – Managing Editor Matt Dixon – Digital Content Editor Tony Kindelspire – __________________________________________ Art Director Linda Cranston Graphic Artist Iveth Gomez Multimedia Producer Alison McDonald __________________________________________ Advertising Account Executives Erin Geddis – Diane Gilbert – Sara Siauw – Sales Support Dana Korman – __________________________________________ Contributors in this Issue: Paula Aven Gladych; Vince DiCecco; Ryan Fugler; Charity Jackson; Amanda McGrory- Dixon; Stephen Romaniello; Evan Sands; Bill Schiffner; Andy Stonehouse; Shelley Widhalm; Rick Williams. ___________________________________________ Vice President/Events Sue Hueg CEM, CMP – Show Sales Damon Cincotta – Exhibitor Services Janet Cain – Tyler Wigginton – ____________________________________________ National Business Media, Inc. President & CEO Robert H. Wieber Jr. Vice President/Integrated Media John Bennett Vice President/Finance Kori Gonzales, CPA Vice President/Publishing and Markets Dave Pomeroy Vice President/Audience Lori Farstad Director of Technical Services Wolf Butler B Y K E N M E R G E N T I M E The Long View N ow that we've all had a nice, highly profitable 2018, it's time to look ahead to the coming year and to figure out how to keep up all that momentum into 2019 and beyond. I'm pretty sure that when businesses get some good traction and the P&L statements are look- ing consistently healthy (with no surprises), chances are that business owners start looking at new opportunities and new ways to grow. Is it time to expand into a larger facility to meet growing demand? Are you plan- ning to add an additional location or locations? A buyout of a competitor? Maybe you're looking to enter a new market in a big way and need to start a new division for your business. Well, what will that entail? Do you need to get a more robust printer? A more powerful CNC router? Maybe you're getting serious about metal fabrication and need to consider investing in a plasma cutter, a tube or pipe bender, a sheet metal brake or shear. Maybe you will need several big pieces of equipment. Will the expansion involve the acquisition of property? A new build? No matter the direction your company is headed growth-wise, the important thing is that you plan your next move carefully. You don't want to jeopardize your current business because of a slip-shod expansion process. Okay, remember when you started your current business, and how the loan offi- cer demanded that you have a well thought out business plan? Well, if you're going to expand your business you should seriously consider writing a business expansion plan—especially if you hope to get a loan to accomplish your goal. You'll need to lay out the steps needed to accomplish your goal so that your business doesn't suffer during the expansion process. If you created a business plan when you started your business—and updated it through the years—you can easily update it to include your new expansion plans. If not, then write a fresh plan from scratch. The elements are very similar to your original business startup plan, but with specifics that outline the goal of the expansion and the practical steps needed to achieve it. Elements of a good business expansion plan might include an executive sum- mary, company description, product and services description, market analysis, type of expansion being proposed, capital equipment purchases needed, marketing strategy, organization and management changes needed, operations and person- nel changes needed, company financial history, financial plan to achieve expansion (12-month P&L projections), cash flow projections, expenditure projections—and a good cost analysis. A great plan should be detailed but not convoluted. You want your finan- ciers, clients, and business partners to have a clear understanding of your vision as your business grows, as well as the best methods you will use to achieve your goals. Practical resources along these lines can be found at the Small Business Administration ( I hope you have a profitable 2019. Okay, back to work. It's 2019 What's Your Next Move? Got something to say? Join the S&DG Discussion Group at:

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