Knowing When to Expand Your Business

Knowing is Half the Battle

G.I. Joe was right. Once you know you're at the point that expansion is necessary, implementation can ensue. This decision is an important one. You have to gauge the perfect transition time because if growth happens too rapidly then you can incur overwhelming costs that you are unable to manage. On the other hand, if growth happens too sluggishly you will likely miss out on life changing opportunities.

Signs It's Time to Expand

There will be some clear cut signs to indicate expansion is the way to go. You may not be able to keep up with changing business trends. The last thing you want to have happen is your business getting left behind while your competitors are offering options that you have never heard of.

Things to Consider Before Pulling the Trigger

1. How is your current marketplace? You will need to know if your marketplace is able to manage and maintain your growth or if you will need to seek out new markets.
2. It's a no-brainer that there will be additional costs related to business expansion. Do some calculations on whether or not the additional revenue from an expansion will cover those increased costs.
3. Will your current clients be affected by an expansion? You want to make sure they will continue to receive the same quality of service that made them stick with you in the first place.
4. Lastly, consider what impact expanding your business will have on your personal life. It may require more of your time and you will need to determine if that's something that you're okay with ahead of time.

I hope this helps guide you through the determination process of whether or not it's your time to expand. It is different for every business. Listen to your instincts, explore every possibility and remain dedicated to your cause. You will come to the perfect end result.