Preparing for Growth

Growing a business, brand or product line requires planning, decision-making and hard work. Most of it gut-wrenching. So many things can happen. Every decision you make along the way will, in some way, affect the final outcome. Sometimes in unforeseen ways.

When preparing for growth, it is important to answer some key questions:

  • Are you capable of handling it? This includes production, distribution, delivery, human resources, time and finances.
  • Is your pricing at the right level?
  • Does your cost structure allow for expansion?
  • Can you support the growth with marketing?
  • Where will you go first, second, third, last?
  • Who will be your partners?
  • What concessions are you able to make in the product or service itself, marketing, pricing, distribution, delivery?
  • Will the growth be profitable? When? And can the business support it until then?
  • Is this the right time?
  • How willing are you to sell? Anything from a small stake to the whole shebang.

You will have to answer these questions each time you look to grow, even a little.

No one said it was going to be easy. But getting a good sense of what you are willing and able to do will go a long way in helping guide your expansion.

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