The market is expanding and your business needs to grow and expand with it. But, how can you avoid the pitfalls of a growing business?
The 5 ways to grow your business online is a blog post that discusses the different ways to grow and expand.
People frequently question whether they should develop and extend their company after it is up and running and things seem to be going well. Although she adds, “I wish there were a magic solution,” Anita Campbell has a nice short piece about Knowing When It’s Time To Expand. If there is one, I’m not aware of anybody who has discovered it yet.” She does believe, however, that preparation will aid in the decision-making process.
I am confident that planning may assist in making a choice. The greatest crystal ball available is putting up a financial picture of where your business is now and then utilizing it to predict various growth scenarios. You may observe what happens if you double your existing revenue vs increasing it by 10%. You can see how much cash you’ll need and, eventually, how much money you’ll have to put up in order to grow.
One of my favorite restaurants in Eugene just expanded by three more locations. One is a sibling restaurant that is larger, nicer, and more costly to establish and run. The other two were tiny spin-offs intended to be a quick, “to go” alternative. I’ve tried all three new locations and, sadly, they’re all disappointing. I can’t help but believe they didn’t really prepare for growth since they seem to be floundering and having a difficult time managing these additional sites. In fact, I’m sure things aren’t going well in the other sites because, well, the food is terrible. Because of the great and creative cuisine, their initial location has evolved into the restaurant it is today.
It concerns me that these new establishments will supplant the older, more established, tasty, and finest restaurant in Eugene. I wish I knew for sure that they did take the measures to create an expansion plan, since it would indicate that they were aware of the financial situation and had sufficient funds and knowledge to weather the storm. But, unfortunately, I’m afraid they didn’t because of the terrible execution of the new locations.
So, if your company is doing well and you’re thinking of expanding and developing, go for it! However, conduct your research and prepare financial projections that include many what-if situations. That way, you’ll know what it takes and have backup plans in case things don’t go as smoothly as you had hoped.
-Mommy Ceo, aka Sabrina Parsons
The how to expand business into new markets is a blog that discusses how to grow a business and expand into new markets.
Frequently Asked Questions
Does grow and expand mean the same thing?
No, grow and expand are not the same thing.
How do businesses grow and expand?
Businesses grow and expand by finding new customers, increasing their supply of products or services, and changing the way they do business.
How do you know when to expand?
When youre not getting any closer to the finish line, and you need more room to maneuver.
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