Are you thinking of expanding your business? Here are a few things to keep in mind before taking the next step.
- What do you want to grow?
Think about the bigger picture goals of your business and then create specific, smaller goals that will help you fulfill your vision.
- Who do you want to reach?
Keep the focus of your expansion on the customer base you are trying to reach, rather than the one you already have. This will allow you to cater to a wider range of people and help you to understand the best direction to move in.
- How will this impact you?
Take an honest look at your current management, team, structure, and budget, and assess exactly how this expansion will affect your business. After a thorough assessment, it is possible that you will come to the conclusion that an expansion would not be wise in the immediate future - and that’s fine. It is far more important to focus on building a solid framework for the future than rushing an expansion that you are not ready for. However, when you are ready, remember to focus on your specific goals and target customer base for the best chance of success.