Competitive entrepreneurs don’t get content with running their business from just a single unit. They dream of taking over the local market and then eventually going global. They visualize the big picture with sane and crazy ideas altogether.
Before you decide to expand your business, you need to gauge your chances. Even though taking risks is pivotal in business success, some do calculated risks that pay off when carried out. Make yourself a checklist before you jump in so you’ll know whether you’re ready to expand your business or you need to strengthen your foundation more. Read our checklist below:
- You’re physically and mentally ready. Adding another branch or two means commitment and additional responsibility. Are you ready to put more time into work?
- Demand keeps overflowing. Money form sales is the lifeblood of business. One key indicator that you’re poised for growth is when orders keep pouring and you have more transactions than you can handle.
- You have a strong customer base. If your customers have been bugging you to open a new branch here or there and you keep getting good feedback coupled with a few bad ones of course, you might want to start planning when you will expand your business.
- You can afford expansion. Say for the last 3 years, you’ve been earning really well, the next logical step would be to grow. You need to check your books and make sure you’ve had consistent cash flow for at least 3 years.
- Human resource is one of your strengths. As cliché as it sounds, it’s true that no man is island. You need a reliable performing team who’ll be there with all the way.
- Things are systematically ready. Have you found the right place and the right people? You need to remember that when you expand your business, even though you’re the owner, you’ll be entrusting your business to the hands of a branch manager or supervisor.
- You see your industry growing. If you’ve been consistently analyzing the market, slowly but surely, you’ll be able to identify which industries are profitable now, and which ones will be profitable in the long run.
- Your idea of complementary products is received well. Not because you started with one successful product, you’ll just stick with that. Expand your business with add-ons and other items that go well with what you were originally selling.
A great example of a business that has grown is Mustard Seed Systems Corporation. From their main branch in Quezon City, they now have branches in Cebu, Bacolod, Davao, Cagayan de Oro and General Santos. To know more about Mustard Seed’s business solutions and services, you may visit their website mseedsystems.com
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