Is your business on the cusp of expansion? For any small business owner, expanding a successful business to greater horizons is both rewarding and frightening. Because sometimes obvious success can’t simply be measured in terms of money. So how do you really know if your business is prepared?
You are no doubt in a tight bond with your business, so the idea of growth, in terms of a time frame, are obvious to you. But to really be certain if it’s time to grow your business beyond your four walls, here are four aspects you should be considering.
Product and Demand
Expansion comes with cost. Not just overhead or operating costs, but real world costs. Which comes in the form of consumer need. So before you expand, you have to consult the market for your services. Can this new proposed system sustain what you have to offer in the area in which you are considering expansion? It’s an important question, so do your research before crossing into dark waters.
No Customer Shortage
A positive indicator of success is if your customers come to you. On any given day are you swimming in a sea of requests, orders, or service calls? Then whatever your are doing, you are doing right. Having a strong customer base is good sign you are prepared for the next step (and will help you tremendously).
You Remain Realistic
There’s nothing wrong with lofty goals, to be sure. But in your dream plans, are you still sure-footed? A sign that your business is ready to move forward is if you have played the game before and can identify those factors. Have you turned down what you have viewed as negative factors, prior to your planned expansion? If so, then you have a realistic attitude that will no doubt covet your future plans.
Your Support is on Board
From managers to assistants to associates, have you conferred with the people who have helped get where you are today? These key figures in your expansion plan can be a subtle yet strong advisor for you. So don’t be afraid to ask the tough questions. Besides, if you need to take on new staff, or even allocate current members, asking for their thoughts before your proposition will play to your benefit.
In the end, if you are meeting your established goals and have planned out every iota of expansion, chances are you’re ready to make a move.
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