The opening of the UK’s largest fish and chip restaurant in Cleethorpes is a sign of a seafood business expanding into a new territory and attempting to increase in turnover, market share and of course ultimately – profits.
Whether you think it’s a good use of the iconic Cleethorpes Pier or not; or whether you like the fish & chips on offer are points up for debate – but did it make you think about expansion for your own seafood business?
If the answer is no then I wonder what it is that’s stopping you. Common themes here are:
- Location – many processors just don’t have the space in the warehouses/cold stores and are working at too close to capacity to think of expanding
- Capital – an age old problem. You can’t get away from it, there might be an ocean of opportunity out there but growing a business requires funds from somewhere.
- Comfort zone – your business is doing okay, why take the risk in the choppy unknown waters?
You learn when studying business or accounts that there are only really 4 areas possible to expand which revolve around your products and your market (thanks to the snappily titled Ansoff matrix). Can you sell more of your existing products to your existing customers? This may be tricky and is often exhausted if you have been in business for a while. How about casting your net further afield and selling new products to your existing customers (or market)? Well this will depend on product innovation, can we repackage or add value to an existing product line and appeal to the customer? What about selling your existing products to a new market? Or go all out and target new innovative products to new markets entirely?
This all may sound confusing or a little theoretical – but we can help make sense of your options and help make those dreams of expansion a reality. Let’s go back to those nagging doubts that are delaying your plans to take over the world of seafood:
- Need new premises? – our knowledge of capital allowances and links to external experts can ensure any purchase is made in the most tax efficient manner possible
- Lack of funding? – we may be able to put you in touch with a finance provider or grants specific to the local area or seafood/ maritime industry
- Need a long term plan? – whether it’s a business plan to help obtain vital funding, projections for future years profits or a long term strategy for you personally we have experts who can help ensure your future is plain sailing.
Expansion may be a leap into the unknown but growth opportunities are out there…