BUSINESSES URGED TO PRIORITISE EFFICIENCY BEFORE EXPANSION

Businesses have been advised to focus on improving operational efficiency before pursuing aggressive expansion as rising costs and economic uncertainty continue to pressure companies.

Industry experts said companies should strengthen their internal processes, manage costs, improve productivity, and maximise existing resources before committing significant funds to expansion.

They noted that expanding an inefficient business could increase operating costs and expose companies to greater financial risks.

Business consultants said companies should regularly review their expenses, workforce, technology, supply chains, and other operations to identify areas where efficiency can be improved.

They also encouraged businesses to use technology to automate routine processes, improve customer service, and make better decisions based on reliable data.

Experts said strong financial management would be important for companies operating in an environment characterised by changing exchange rates, inflation, high financing costs, and rising input prices.

They urged business owners to establish clear performance targets and regularly measure whether their operations are delivering the expected results.

Stakeholders noted that companies could improve efficiency by reducing waste, strengthening inventory management, negotiating better supplier terms, and investing in employee training.

They also stressed the importance of understanding customer needs before introducing new products, entering new markets, or increasing production capacity.

Analysts said businesses that improve their fundamentals would be better positioned to expand sustainably when market conditions become more favourable.

They urged companies to avoid expansion driven solely by competition or pressure to grow and instead base major investment decisions on demand, cash flow, capacity, and long-term strategy.

The experts said efficiency should not be viewed simply as cutting costs but as improving how resources are used to deliver better products and services.

They maintained that businesses that build strong operational foundations would have a better chance of achieving sustainable growth and navigating future economic challenges.