expansion – the process of increasing a business' size

(Pronounced eks-pan-shn)

To remember what expansion means use the following mnemonic:

The expansion (expansion) increased her business's size.

The expansion of a business involves increasing the scale of its operations in order to generate more revenue. Expansion can be achieved through internal or external growth. Internal methods of growth include building new larger production facilities, developing new products and targeting new markets. External methods of growth include acquiring another company, merging with another company, establishing a joint venture or building strategic alliances.