HOW IS MONEY MART GOING TO EXPAND
?
Marketing
Analysis(Noah,2017)
Production plan(Ben,2017)
Financial projection(Megan,2020
Raw material requirements
Labor requirements(Parson,2019)
Hiring an expert to help draft an estimated budget needed for all expansion costs (Gagnon,2011)
Comparing labor requirements and expectations
Checking and comparing Economic stability in each of the countries(to Avoid losses like happened in Zimbabwe because of inflation).
( Randall,1994)
Determining expected market size in each of the countries(Mathew,2010)
Conducting research on working conditions in each of the workers in the country
Set achievable long term goals
Improving their products and services by making them customized ( Rajagopal, 2011)
Join industry cooperatives to enjoy advertising benefits Rajagopal,2010)
Sourcing capital from donors, if the available is not enough
Practical knowledge in the business environment in the countries and industry requirements
Settling reliable sources of materials needed eg. solar panels and funds
Competitive analysis(White, 2021)
Doing research about available competitors' services and come up with competitive ideas
Know the number of personnel the firm will need, it's very important to recruit citizens of the desired country for a good image and understanding of operations
Customer ratings of each competitor
Description of business' target market
Comparing the competitor's pricing and marketing strategies
Staying focused on observing exchange rates
Consider expanding through internet (Bryant, 2021)
Calculate costs and determine the break even point (Milano, 2021)
Getting some knowledge on the policies in the desired countries ie. legal requirements
Training of new staff on the use of materials and operations (Bryant, 2021)