Let’s face it. Running your own business is an exciting venture, not to mention demanding and all the other adjectives that define the entrepreneur’s start up.
It’s not uncommon for a business owner to start thinking about expansion when things are really going well and the customer base keeps expanding.
But such a growth period is also a time to pushback and really drill down on the risks involved with early expansions. What’s needed are Steps for Growing your Business.
As such, the Forbes’ website offers a few guidelines on questioning the Why of expansion, particularly in those early stages of making a go of it.
The author of the article, Shawn O’connor, emphasizes how critical it is for owners to, first, “prove itself” prior to seeking new markets; also, it’s crucial that the business has had time to seek it’s own level, or stabilize before gearing up for that next level of market share.
The effects of ill-timed expansion…
‘Feeling; successful is the wrong reason to expand the business. And, as O’connor notes, any ill-timed expansions may lead to an unforeseen cutback later, which can not only damage the company’s reputation, but affect employee morale.
How not to grow too fast…
Concentrate on building the business locally before eyeing statewide, or even international expansions.
Focus on developing loyal customers, the kind who are quick to recommend you to others—referrals are the backbone of any successful business.
Don’t think that all technology is good for business, Research what tools are there to increase your production, and what software and services can reduce your expenses.
Always, plan for a financial cushion. That way you can afford to upgrade to that next level of accounting software, or faster computer, without going in the hole.
In short, “grow smartly” and remain savvy about the changes occurring that are affecting your niche markets.
And as you continue expand, be sure to contact us. Our website offers a vast database of credible candidates to help you grow your business.