Sometimes, a business grows quickly and naturally. But you need to be very lucky. The fact facing most businesses is that it takes time, dedication, and a lot of energy to expand. And there are some questions you need to ask yourself before you start making any plans. Let’s take a look at those now.
1/ Are You Ready?
Forget about your business for one second. Look at your personal life and ask yourself if you can take on the huge amount of work that lies in front of you. Perhaps your business is ticking along and offers you a pleasant quality of life. Maybe you have a great work/life balance, and you enjoy your position as one of your community’s great local companies.
The simple truth is that expansion could change all of that. Even growing beyond your county boundaries can change things beyond what you might think. It’s imperative that you have to consider before moving forward.
2/ Will You Be Operationally Sound?
However stable your current business is, once you start scaling up there are a lot of things you need to bear in mind. If your business is starting to grow on its own, then great. But quick growth – which everyone usually hopes for – can put a high strain on your finances. And when money is tight, your services could suffer. If you are selling products, you need to make sure you have the capacity to fulfill orders.
If you don’t have the space in your current workspace, you might want to think about striking up a relationship with a distributor. Look at companies such as Expect Distribution. Services like this act as a middleman between your manufacturing and the shops, people and businesses that you sell to. Ideally, of course, you would want your own premises. But it is expensive, and using a distributor, perhaps, is the best way if funds are short.
3/ Is Your Company Ready?
You also need to have a long and hard look at your company. Do you have the staff in place that can handle an expansion? Do you have the finances available that will pay for it? And, most importantly, do you have a customer base that can support it? It can be difficult to get a good grasp of what you need if you have never gone through an expansion before.
It’s a long road ahead, and you should seek out help as much as you can. You may need to hire a professional business advisor who can help you plan the direction you could take. You could also think about giving up some of your company by seeking investment. Executive or Non-executive board members could bring invaluable experience to your growth plan.
Well, as you can see, there is plenty to think about before even starting to think about growth and expansion. Not only do you have to think about your business, but you have to think about yourself as well. A massive expansion isn’t for everyone, and you have to weigh it up against what you might lose if it goes wrong.