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So you have set up your business and have been functioning all smooth and fine, catering to audience demands and requirements. There is an audience acceptance to your service and you have been innovating on your product portfolio as well. It is here that most entrepreneurs find it tricky to ask them is they ready to explore other greener pastures. Or with the present business state where is the company headed to? Is it time to expand and diversify into other domains or should one stick to only one specialized domain and play safe? The question is you ready to grow? Here are 5 interesting and insightful ways to determine it.
Tricky as it sounds, the “right” time for company growth and expansion can be endlessly debated and conversed upon. This is because the ‘right” time is a relative factor for different entrepreneurs, and here lies the answer. For one entrepreneur, if he sees he is successful in one business domain he might want to challenge himself with another. For another, perhaps it would be best to innovate but with the same product line. So as an entrepreneur it is essential to ask yourself which one seems practical and attainable to you. Once you have decided that, you know when its time to expand.
A successful entrepreneur always operates with the big picture in mind. It is this big picture that keeps him moving and saves the business from stagnating. Therefore, ongoing strategic planning is important. After you have addressed and established yourself as “who you are” and “what do you specialize in”, it is essential to keep on strategizing on “what else can you do”. Thus the “big picture” so to say is not a static one. But rather an aim or distant goal that makes the entrepreneurs innovating and expanding.
Brand expansion is something that everyone aims for. But are you planning for an expansion just because it is a necessary step and you have seen others doing it or do you have the required resources to back up your expansion plans? This is crucial to realize whether you are truly in a position to expand. Expansion plans are bereft of financial investments and other expenses like hiring professionals to address the same. Therefore, if you are not financially equipped it is best to stop your expansion plans for a while.
If you are planning to expand in a separate domain in addition to the existing one, then researching on the same is crucial. You need to know who are the existing market players, their strengths, their weakness, market scopes and opportunities. It is also important to assess your objective for expansion. Do you want to be another ordinary market player or want to make a difference? If it’s the latter, then you need to make your resources innovative than the one’s existing. If you have successfully addressed that, then it is time to expand.
A detailed business plan highlighting the pros and the cons is the blue print to success. This is a detailed guide map to your journey and lets you know where you stand in terms of success and scope for expansion. Hence, it is important to seek help for your business plan from time to time from influencers and even online resources. This will let you whether you are at a point to support a business expansion or not.
Every business and entrepreneur wants to flourish and make a mark in today’s competitive market. Though expanding is essential, but it is also important to have a well planned growth so that you can reap the benefits. With the above mentioned 5-steps you can determine whether or not your company is ready to take another leap.
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