Are you ready to expand your business? You may have been wondering when it will be time to take your company to the next level. Growing a business is always a risk. There are several things to consider before making the decision to move your business forward, and there are some practical steps that you can take to get the ball rolling.
How to Know When Business Expansion is the Right Move
Here are some tell tale signs that it is time to take your business to the next level:
• The industry is changing.
• You have a strong, faithful client base.
• You can afford to grow, or have potential investors.
• There is a new product or service that you can offer.
• Your competitors are making strides forward.
If things are getting busy, growth is already taking place, and you have to make changes in order to accommodate that growth, otherwise, your company can suffer like a plant that has outgrown its pot. You have to be willing to allow others to come in and help you nurture the changes and keep current clients satisfied while your company branches out.
3 Steps to Growing a Business
1. Reassess your goals. Your original business goals need to be reevaluated if you are going to move forward with your company. This does not mean that you will completely change or abandon the long-term goals you started out with, but you might want to refresh/update your mission to encompass your new ideas. Brainstorm a plan that will take you step by step to your ultimate goal, and set a timeline for completion.
2. Do some recon. Market research and industry changes play a significant role in growing a business. Without market research, it will be difficult to predict how your current clients, and potential ones, will respond to the new and improved version of your products and services. Start by surveying your client base about what changes they would like to see, and approach your target market about what’s missing or can be improved in your industry. Make sure that partners and employees have a voice as well.
3. Get assistance. Getting other people involved is almost inevitable. The bigger your company becomes, the less time you will have to personally handle all of your operations. Get an online assistant (virtual professional) if you don’t already have one. A virtual professional can help complete routine tasks and manage expansion projects, saving you time and keeping everything running smoothly while changes are being implemented. Relinquishing some control is a part of growth, so get comfortable with delegation!
Things to Avoid
Don’t try to make too many drastic changes too quickly. You want your current clients to follow you as you head to the other side of your goal, and you don’t want to make your company so different that it is unrecognizable. Make sure that the changes that you make are true to your brand.
If you need to make personnel changes, do so. This means not only adding people, such as an online assistant, but it might also mean cutting someone loose. You need people behind you that are honest, efficient and supportive of your new vision. That doesn’t mean that you should fire anyone who has some criticisms, but don’t stick with a team that is holding you back.