“What do I do now?” If your business has enjoyed some success and you’re asking yourself that question, then this article will help you navigate the foggy world of expansion. Expansion is not easy because it is uncharted territory for you. In this article, you’ll read about 3 tips that can help you take the right steps even if you don’t know what those steps are!
There is an old saying that holds true even today: “Success breeds success.” In the early days of your business, you were likely concerned with simply staying afloat. Lining up consistently paying customers may have been difficult and you may have gone for long periods with little business.
However, something happened since then that caused you major success. You may have signed a deal with a very important client. Perhaps word of mouth advertising spread. Maybe you were simply in the right place at the right time. Whatever the reason, you are now successful. In fact, you may be reaching the limits of what your company was designed to do. The next logical step seems to be expansion. However, unguided expansion can lead to innumerable difficulties, even causing the business to fail. Here is what you need to know to expand your company responsibly.
Tip #1: Consult Your Business Plan
If you have a well-written business plan, use it to guide your company’s growth. Keep your mission statement and vision statement in mind at all times. Re-read your long term goals and objectives and develop a short-term plan for expansion that fits with your long range objectives. If you do not yet have a business plan, it is critical that you write one at this time. There are many guidelines available on the internet to get you started. Remember that your business plan will shape not only your current expansion but your company’s long term growth. Consider utilizing the services of an expert to make your business plan the best it can be.
Tip #2: Perform Market Research to Target Expansion
Whether you are considering adding a new product to your line, opening an office in a new city or simply producing more of what you already make, it is important to understand your market. The costs associated with expansion are often high and can be crippling to the company if the expansion does not do as well as expected. You must understand who you are targeting, what their specific needs are, how you will meet those needs, what you will offer and when the new offering will become available. Employing an outside market research firm can be extremely helpful at this time.
Tip #3: Outsource
Once you are ready to go forward with your expansion, your workload will dramatically increase. Allow yourself the time necessary to develop your company’s expansion by outsourcing many of your day to day tasks. You can outsource some of the work to a virtual assistant and some of the work to freelancers and consultants, depending on the projects.
Expanding a company can be an exciting and profitable venture. However, without guidelines and controls in place, it is easy for the company to lose its focus and ultimately become spread too thin. Use your business plan and market research to create targeted slow growth that will be able to be developing properly. Outsource as many daily tasks as possible in order to focus on your new expansion. With proper care, your company’s expansion can flourish, breeding additional successes.
by Heather Villa http://hireheathervilla.com/