- What do you stand to gain from growing in the ways you’re thinking about?
- Is there a significant downside or lost opportunity if you don’t expand?
- Are you sure there aren’t practical ways to do more with what you currently have?
- Are you struggling to meet demand/operational needs with what you currently have?
- Can you and your family personally handle increased stress and time demands?
- Have you done the research and found enough consumer demand to sustain growth?
- Have you found the right location if you’re expanding physically?
- Does your brand scale well enough that new profits will more than cover new overhead?
- How will you maintain service and quality for current customers or clients?
- Do you have enough staff on hand or the ability to hire more and get them trained?
- Do you have trusted people to delegate new managerial duties to?
- Who will help fill your existing role while you focus on the expansion?
- Are you financially able to invest without risking your existing business?
- Does your business have cash reserves to cover you until your cash flow increases?
- Did you write out a detailed, actionable plan for making this expansion work?
- Can your current business technology, systems, and processes handle the expansion?
- How will you address any existing shortcomings in these areas?
- Do you have the communication capabilities to keep up exceptional customer service?
- Will existing customers be patient and loyal while you work through growing pains?
- Will you need additional office space?
- How will your sales and marketing needs change?
- How will oversight of new avenues or locations work to ensure consistency with your brand/business?
- Will you need additional licenses? Will it be a long and/or expensive process?
- Are you taking on new competitors by vying for a new market segment?
- Do you have a unique selling proposition to beat these new competitors?
Hope these questions will help you to get more serious and to find out is it a good time for business expansion or not. Any time is good; however, are you fully prepared for it or not matters alot !
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