Business Tips: 5 Major Things To Consider Before Expansion Of Your Business
So, after a year plus of running The Blogger Point, my team and I have been thinking of expansion. I mean after almost two years of the business, we not doing bad financially, the team is in a good shape and growing, we might start considering expansion of our services right? Well, just before making the final decisions and taking the big steps. I had to sit down and step back a bit from the situation then gather some business tips. I needed to be very realistic and clear with everything. So, I started searching and approaching experts to get some advice and reviews. Here are some facts I was able to pin down from the whole “research“:
- Can you afford it financially:
An expansion is great, however, you need to have the financial capacity to cater for this. Like they say, you have to spend more money to gain more money. Either you are getting a bigger workplace or increasing your products. This will require more fund than you spend normally. You need to be able to afford this cost without spending all your business profit and have nothing to run or manage the business further.
- Do you have the required team:
An expansion definitely means more work and tasks to achieve which will require more people and maybe new skills. Do you have the required number of team members to fit into your expansion and carry the business forward? You can’t-do everything alone which means, you might need to expand your team. How do you plan to do that? Get a full or part-time team member? Can you afford to pay them? Do your calculation carefully.
- Can you handle the business you already have:
If you are struggling with delivering your services correctly, an expansion should maybe be on hold for now. Make sure you are delivering great services and getting constructive feedback from your clients/customers before adding more work for yourself and team.
- Do you have the needed equipment:
Many times it isn’t about the team or financials. Financial aspect can split into two sections: Management of the business and money to invest in the business. You don’t want to use all your business savings on getting equipment your team don’t understand or can’t use. Investing in training your team members is part of the required tools and skills (equipment) needed to carry the business forward. Can you afford to send 1 or 2 people of an adequate training scheme?
- Is it the right time:
This is very important and vital to any business expansion. Is it the right time? Are your competitors expanding? Do you have the time to take on new opportunities and deliver correctly? In fact, time should be a huge topic to discuss with your team before any consideration.
Outfit: I am wearing two-piece from @pds_bychinnie as usual. We all know by now two-piece is my go-to look for the days I want to pretend, I made so much effort to dress up. I love these ones particularly cos of its colour and style. I am about to make them my uniform. Watch me!
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Thank you for reading and hope to see you on my next post.