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A business can "grow successful" with respect to different aspects, including:

  1. just making more money (without further details)
  2. acquiring new property (buildings, other companies stocks, and so on)
  3. involving new operations a company have not been fulfilled before
  4. appearencing on new markets (for example, in other countries)

Can phrases to extend business and to expand business interchangeably convey all of these meanings or are they only restricted to some of them?

Google Ngram Viewer indicates the phrase to expand business is in use in far larger measure than to extend business nowadays. Unfortunately, this fact tells a little about what is the meaning speakers imply.

Here a related example where not a business as a whole but its operations are under discussion:

They expanded their retail operations during the 1980s.

Is this sentence concerning a rise in number of retail operations or an appearence of new types of retail operations?

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  • expand business operations is the usual expression. extend is used for: to extend credit to a business or person. A business can grow successfully.
    – Lambie
    Jun 23 '21 at 15:12
  • No, you can't use them interchangeably. Why would you think that? You've done the research and see that expand is used, so what is wrong with using what you already know works? The sentence you quote is vague and without context, nobody knows what the author intended except the general sense of grew. Jun 23 '21 at 15:14
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We normally say "to expand business" in all these cases. A fluent speaker would not use the word "extend" for any of these cases.

In business context, to "extend credit" means to permit someone to purchase without paying immediately, on the promise that they will pay at some future date. To "extend an offer" is to propose buying or selling something. Like, "XYZ Corporation extended an offer to buy 3000 widgets from ABC Company for $500 each."

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“Expand” is the general term used in business to indicate an increase in something. Moreover, it usually implies a favorable attitude toward the increase. Few companies would issue a press release saying that “they expanded their annual net loss.”

“Extend” is a more restricted term with several meanings. “To extend credit to X” means to trust X to make a future payment in money or its equivalent. In that particular usage, there is no generalization to be made about attitude. A bank incurs credit risk when it extends credit; it is also the source of the bank’s profits. A bank views an extension of credit as being favorable despite the risk (or else the bank would decline to extend credit).

People sometimes talk about “extending” when discussing product lines.

In some usages, “extend” may imply something new or imply an unfavorable attitude or both.

I think the unpredictability of the Russian government argues against extending into the Russian market.

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In business and financial news media, expand and extend are loaded terms that add a bias implying whether the company is healthy or at risk.

Expand implies growth in all dimensions, like a balloon.
Extend implies 1 direction, often without full support underneath like eaves extending from a roof.

Expand is coded as desirable with an expectation of corresponding profit as the company gains more of the market share.

Extend is coded as precarious or speculative, as in the extension of credit. There is always a risk or vulnerability implied.

The same sentence describing the same actions may code as positive or negative depending on whether expand or extend is used.

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