Running a Business

Market Expansion – How to Spot the Green Light for Growth

When you start a business, especially that which is funded by investors, you generally begin with business growth and market expansion in mind. But growth has a pace and takes time , and growing too quickly can give you severe growing pains. Whether it is hiring additional employees, or going for bigger office, or increasing production or product line, or expanding services, rushing it would make the consequences quite devastating. Growth has stages and you will find that every business will display indicators that signal that you are ready to scale. Look for these green signals before you leap.

You have the Ideal Team

This is one of the crucial deciding factors that indicate whether your business is ready for accelerated growth and market expansion strategies. Besides having strong leaders it is also very necessary to have the right team and people in place. A competent team with qualified workers, can do much in handling the company’s growth. An amazing team can turn even a mediocre expansion idea into something special.

Customers come seeking you

To be ready for growth your business has to reach a level of awareness among customers. It is only when customers come to you own their own and voluntarily seek your product or service, that you can be confident that you are positioned for growth. When your business has gained a certain momentum and customers, who are the catalysts for growth, are coming to you from afar, you can think of market expansion for their convenience. You will be expanding and also feeling good about your prospects.

You have a realistic idea about how much you can handle

Before taking up a market expansion strategy or a big growth opportunity, you need to stop and consider. Is the growth opportunity too big ? Are you capable of handling it competently? You need to carefully consider the financial benefits and also if you possess the infrastructure and resources to meet the expansion requirements. If everything is in place, you can go ahead with confidence.

You can comfortably handle the increased workload

Any business growth initiative taken up by you, will require you to put in extra hours of work. This will have its effects on family, on your health and similarly on your team members as well. The initial rush or growth spurt will often take months to even out into a normal rhythm. When you can confidently say that you are prepared to make some sacrifices and lifestyle adjustments, of family time, personal time and effort to accommodate the growth, you are indeed ready for expansion.

You are meeting established goals and have adequate cash

A key component for growth and market expansion is that you need to have a positive cash flow. The process of growth costs money and you definitely need to be in a position to carry the business forward until the new sales figures break even with the investment. Also, if you have already reached some of the goals you set out with, it is a proven indicator that you can meet defined objectives and gives you the confidence and credibility to expand your business.

Entrepreneurial Learning

When considering expansion of your business, it is wise to check whether you qualify by having the right team, the customer base, the confidence to handle workload and the money and proven track record of achieving goals. With all these attributes , you obviously have the green signal for growth.

Leave a Comment

Your email address will not be published.

You may also like

Growing a Business

Want Great Guidance ? Find yourself a Super Mentor

post-image

They are the gods of small businesses, those inspired individuals who have achieved the highest levels of success. They can be the shining beacons who light up the path of running your business with their vision, wisdom and wealth of resources and contacts. They are The Mentors.

If you are fired with the passion to take your business to great heights, the best thing to do is find yourself a super mentor. Here are some tips to help in your quest

Pinpoint your Need

Sit down and focus your thoughts on your business growth strategy. Which area of the business needs a lift. Is is staffing, is it the finances, is it the production, is it the your lack of customers or is it the business as a whole that needs a makeover. Once you’ve zoomed in on the sore spot, this is where you need…

Read More
Growing a Business

Dreaming Big? You can Move Mountains with these Business Productivty Tips

post-image

You may be full of admiration for some people who seem to manage themselves and their work so usefully and efficiently. They seem to fit in so much productive work into the same number of hours which everyone has.. Let’s look what makes them tick and take a few tips.

Learn to identify your most productive hours

Its true, most productive people know which time of the day they can be most creative and efficient. They identify and allot these hours for the best part of their work. This way they are able to give their 100% awareness to the job and business productivity.

Early to rise- A winning habit

Waking up early is a personal habit that has all the plusses on its side. You need not necessarily go to work that early. It’s a habit that gives you more time for personal care, like mediation, exercise, walking,…

Read More
Growing a Business

Leadership Qualities that can make you an Icon

post-image

You may have reached the leadership position through sheer dedication to performance and a do or die attitude . Now that you are at the top, your viewpoint needs to change. You have to now be a role model, one whom others will look up to and follow. Here are some tips that can shape your leadership and management skills

Be Competent: Employees will look up to a leader who has good industry knowledge and management skills. If you do not possess these skills you should surround yourself with knowledgeable people who can offer good counsel. Competence is a trait all employees will admire.

Be Trustworthy: No one will look up to a person they cannot trust. Your employees will want to rely on you and count on you. In difficult situations, leaders are expected to apprise their employees of the situations and find solutions on how to address…

Read More
Raising Money

Are You offering Your Services Using the Right Pricing Strategies?

post-image

In these times of fierce competition, business people , mostly those that offer services and belong to the service based industry, are finding it a challenge to implement the right pricing strategies. It is virtually a struggle to set the right business price that will retain and attract the customers, and not drive them away. Follow these tips, the crucial dos and don’t s and you may be in a much better position to offer your services at the best price.

Maintain your Business identity and Dignity

If you are offering a unique or special product or service, don’t underrate it just because you want to build a better relationship with the customer. This will just cheapen your offering as another run of the mill. If its something special you are offering the customer, then communicate this fact to the client and get the equation right with the most…

Read More
Raising Money

What is a Fair Wage? How Do you Assess Fair Wage?

post-image

How do you figure out a fair wage?

This is a very common question for startups and small businesses. They can’t seem to decide or understand how to set wages and manage reputations at a time. They are determined to pay well but they also have to think about encouraging their employees to stay with them for a long time. This is why there is a need to think strategically.

Listed below are a few expert tips to help you decide:

Don’t Focus Only on Money

Money should never be the main focus for you or for your employees. You should decide on the wages in such a way that your employees are tied to your business. When your business does well they should be able to taste that success and vice versa.

Also, think about additional perks such as exclusive benefits and time off. Many employees value this more than the overall…

Read More
Raising Money

Tips to Winning Hard Negotiations With Ease

post-image

While some negotiations are easy, others are quite hard to win. If you stumble you will lose.

Whether it is a potential client or an investor, negotiations can be very tough and frustrating. The problem is that the moment you let your frustration overwhelm you, you will lose the deal and you will give in to whatever is being offered to you. In order to avoid that, here are tips to overcome tough times and to win even the hard negotiations:

Research!

Know your opponent as well as possible. This is the rule no matter what you do. You should understand your opponent to the T. Who the person is, what his culture is, what he thinks, what he stands for, how is his network, etc. are the questions you should ask yourself and answer through research before meeting up for the negotiation. Understanding the opponent will give you a great advantage.

Walking…

Read More