Growth and expansion are goals that most business owners have in common. If you enjoy the rewards of running a successful business in Oregon, you may wonder if the time is right to expand.
These are the signs that you should consider expanding your business.
You have healthy revenue
It is not prudent to expand your business unless you have a stable revenue stream and a surplus of resources. However, you can consider expanding if you consistently meet all your obligatory expenses with sizeable remaining assets.
You can identify new markets
Having a significant clientele beyond your business’s existing location signifies that markets for your goods and services extend beyond your current location. In addition to accommodating your loyal clientele, you can tap into new customers who will likely appreciate your business.
Your existing clients have growing needs
Soliciting feedback is an excellent way to know if you meet client needs. Ask your clients to discuss their expectations and name products and services they would like your business to offer. Wish lists will guide you about where you are falling short and how you can expand your offerings to improve your business. This approach will also give you the necessary information to accommodate real needs.
Your key stakeholders support the expansion
The timing for expansion may be inappropriate if your business’s key stakeholders do not share your confidence in this decision. However, if essential investors, staff or principals agree with your plan, your chances for success will increase.
Expanding your business beyond Oregon is a significant decision that requires careful consideration and preparation to ensure you can accommodate growth without compromising your hard-earned success.