While some companies are focused on growing globally and trying to determine the best international banking solutions for their enterprises, others may find it simpler and more beneficial to their business models to grow within the U.S. However, determining where in the country to expand operations can be a daunting task.
If you're looking to reach new domestic markets, you're probably already considering a city in which there are plenty of qualified workers, the market outlook is stable and the local government is doing its job. 24/7 Wall Street recently released its list of the best-run cities in the U.S. that business owners may want to consider when looking to expand within the country, as these markets offer stability, low crime rates and positive outlooks for companies.
Investing in well-managed areas can be a huge benefit
âPlano, Texas, which sits in the Dallas-Fort Worth metro area, was named the best-run city in America by 24/7 Wall Street. The community is not only home to plenty of corporate headquarters - including those of Dr. Pepper Snapple Group and J.C. Penney - but has a strong housing market and low unemployment rate.
Coming in second was Madison, Wisconsin, as a huge percentage (54 percent) of its adult population has a four-year college degree, and the city is home to many large employers. Third on the list was Irvine, California. Like Madison, Irvine has a high level of college-educated adults (67 percent of whom have a bachelor's degree or higher) who can help companies expand their operations. 24/7 Wall Street named Lincoln, Nebraska, the fourth best-run city, as it has been largely spared from the devastating recession and offers business owners a stable outlook for the future. Fifth was Fremont, California, near the center ofÂ Silicon Valley. With its strong manufacturing industry and easy access to California ports, it could offer many enterprises attractive expansion potential.
If you're looking to grow your business, it can be extremely beneficial to consider the outlook of the area in which you're considering growing company operations. Failing to consider important factors such as unemployment, taxes and the local labor force can put your company in a bind and make it more difficult for you to remain profitable in the long run and harder for your firm to obtain more business financing in the future. Consider your options for growth thoughtfullyÂ and don't neglect to speak with your financial institution, as expert advice may help you during an expansion project.
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