Expand beyond the start-up phase.

Understand the right time to expand geographically, add another product line or pursue another market segment? Unfortunately, the answer is not yet, mainly in the timing, not until your business has most of the basics in place.  

You’ve built your business from the ground up and handled all the challenges that arose on your own. But as you grow, you’ll need to start building a team that can help take your company to the next level. Who you hire will be crucial because crucial leadership positions will shape your direction and company culture. Other considerations

  • Improve your planning practices.
  • Have additional working capital and other resources needed to expand.
  • Automate repetitive, mundane tasks to improve efficiency.
  • Grow your value chain and manage it to improve customer services.
  • Upgrade your lead generation and nurturing process.
  • Build your sales funnel (pipeline).
  • Benchmark key operating activities to improve performance.
  • Use metrics and dashboards to help you manage effectively.
  • Go social to take your lead generation to the next level.

What happened to your vision?

Is it coming into focus? If not, why not? Focus beyond just making money; focus on protecting and expanding what you have built up to date. While digital technology can help, it is never the complete answer.

When you pursue a significant new initiative, it divides all your resources. Speed and focus are the advantages of start-ups, but things can slow down when you start seriously expanding. The doubling of complexity can be overwhelming.

However, the business also risks disrupting its core business. As a result, you will need to readjust your priorities constantly in the early stages of all expansion projects. The balancing act is quite a lot to manage and can add additional pressures you will not welcome.

Your capacity to dominate because of size, pricing, or position in the marketplace can make all the difference to the outcomes you are achieving. A combination of personality, negotiating skills and bargaining power should be something you work on improving, not watering down.

Quotable Quotes

“If you’re on the wrong road, you don’t need the motivation to speed up. What you need is practical information and knowledge to turn around”. Peter Sergeant

“Don’t focus on making money; focus on protecting and expanding what you have”. Peter Sergeant

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