Uncategorized

Do You Suffer From The “Expanding Too Fast” Syndrome?

Business expansionsEntrepreneurship is a tough road but most of us have managed to tread it. However, there is the chance of committing mistakes and even entrepreneurial crimes at every step, especially in the initial stages.

There are plenty of small business ideas in Kenya and when you finally find the right one, you are excited. The thrill magnifies when business growth management goes as expected and you start reaping profits. This is the point where you are at the risk of committing a big sin: Expanding too fast. Of course, it is exhilarating and you love the fact that your startup is doing well. Plus, you have numerous startup ideas that you would like to implement and reach similar profits in each business. All this is great in the head but it can stagnate your growth altogether if you don’t do it right. That is why this has been termed as a syndrome that many startup founders suffer from.

When everything is going right, we want to make the most out of it. This is common human mentality and there’s nothing wrong with it. The mistake arises when you go with the thrill and rush into making decisions. Picking up one among the numerous small business ideas in Kenya and establishing another business or expanding your current business at another geographic location without giving it thought and without applying strategy will give you headaches that you never experienced before.

Remember that just because you are capable of expanding does not mean you should expand. Taking care of an enterprise that has suddenly seen expansion or taking care of multiple businesses is not a joke. Soon you might find yourself not just burning through the profits you previously earned but also looking for startup loans just to keep the business(es) going. You may also find yourself hard pressed to manage and do justice to all aspects. Losing focus will ultimately lead to burn out and that will crash all your small business ideas in Kenya together.

Thus, rushing into expansion is not advisable at all. Expand only when you are sure that you are ready for it. Otherwise, focus on your core business and reap profits from it. There is absolutely no need to establish multiple businesses in order to be successful. Be careful and get rid of the Expanding Too Fast syndrome immediately!

Entrepreneurial Learning

It can be tempting to expand your business or establish a couple of new ones when your core business is doing well but rushing into this can be very risky. Expanding requires a lot of thought before action because it is no small deal. Be strategic to make expansion a success.

Image courtesy of [suphakit73] / FreeDigitalPhotos.net

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