When is the right time to expand?
Many entrepreneurs have their sights set on expansion but
achieving this in the right way is a challenging experience. You'll
need to consider issues such as whether your business is
financially stable enough to support change and whether market
conditions are right. Read thisguide to assess when is the right
time to expand.
- Revisit your business plan
- Set goals
- Assess your options for growth
Revisit your business plan
Planning is crucial and you will need to update your business
plan as the company grows. Use the plan to carry out various
scenarios so you can judge which expansion areas are the best ones
to pursue. Carry out market research to assess whether you can
develop new products or services or reach out to a different
customer base. It's also vital to ensure that your business is
financially stable enough to expand and that you can raise the
necessary funds to finance your expansion in the long-term.
- Refresh your business plan to take into account expansion
- Work out whether you have the necessary finances in place, if
not, are you able to raise what you need?
Any expansion opportunity needs to be considered with goals and
targets in mind - if you don't set benchmarks you'll find it
increasingly difficult to measure progress and judge whether you
are making the right move. Setting several goals will also help you
to identify a time frame for expansion.
- Setting benchmarks will help you to evaluate your expansion
- Give yourself certain targets to aim for over the course of
Assess your options for growth
Local expansion is the easiest option to go for as you can
monitor progress easily and therefore have more control. Once you
have established your business and your brand in one area, you can
think about regional expansion. Expanding your business
nationally is by far the more time-consuming and expensive option.
It's also where good planning is crucial as reactions to your
product or service may differ greatly from those in your local or
- Consider whether you want to expand locally, regionally or
- Local expansion will offer you more control
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