Don't Expand Your Business Without These Four Important Steps
Are you interested in expanding your business? If so, then it’s important to take the right path. One of the problems that you can run into here is causing your business to be inefficient. This can happen if you grow your company too quickly. The good news is that there are some simple steps that you can take to ensure a successful expansion. Here are some of the key choices we recommend you explore.
First, you should think about completing the right amount of research when you expand. If you’re exploring a process like a business expansion, one of your main goals should always be to mitigate risk as much as possible. There are lots of ways to do this, but one of the easiest steps is going to be finding out as much information as you can about your target audience and your respected industry. For instance, if you are exploring expanding a business in the food services industry, you need to check whether companies are currently seeing high levels of demand. This data is readily available.
Something else to consider before you expand your business is how much money you have to do such a thing. Without much of a budget, you won’t be able to do as much as you have planned. Work out your company's incomings and outgoings to see how much you have leftover to put toward your expansion. Expansions are not cheap, however, when they are done well you will see an amazing return.
Next, you should think about recruitment. Regardless of your business model, an expansion will always involve recruiting more people into your team. This could be a whole group of people now on the payroll. Or, it might mean finding the right freelancers and outsourcing agents. Regardless of what type of recruitment model you are driving forward with, you need to have the best people for the job. If you don’t choose wisely, then it is going to weaken your brand, even as it continues to grow and this is the last thing that you want. Particularly, if you’re taking on the risk of an expansion.
Consider Your Goals
Finally, you should make sure that you are considering your goals when expanding your business. If you don’t have any goals in place, then you will find your expansion largely directionless. Of course, you can’t just set any goals. You need to think about what you want to achieve on the market and how you plan to achieve it. This means that your goals must be smart. Think about things that have a set time frame, can be measured, and match the wider objectives of your business. In other words, a goal can’t simply be that you want to grow your audience. You should think about a set figure and when you want to achieve this goal.
We hope you found this article helpful and that it gave you lots of tips on how it’s possible to expand your business.
by Teresa Romain [Editor's note: This is day 20 of the Be Your Own Guru series. Teresa is a friend as well as a colleague. She's most effective at providing experiential examples around abundance and feelings of scarcity. I practically begged her to do a video so that you could get a very visual, experiential […]
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