Make the Best Expansion Decisions: Learn to Swim

Diving into the bold endeavor of expanding your business is nerve racking to say the least. With all of the possibilities, you’ll need to sit down, think critically and reflect on some things.

Step one: get your feet wet with the vital questions you need to be asking yourself before making the big decision. Through intense questioning, you can identify key issues and uncover blind spots.

Knowing how and when to expand your business will set up a strong foundation for you to stand on as you make your decision, but it’s a lot more complicated than simply “how” and “when.” There are long term strategic issues which need focus.

It’s important to scenario plan outcomes and coordinate your time frame with realistic parameters. By “realistic parameters,” ensure you account for the unaccountable.

Because things always take longer and cost more than originally anticipated. Where does your business fit in the sea of opportunity? Are you in the deep end with tons of competition or do you stand out like a buoy? Deciding your approach be it opportunistic or strategic is a good start.

Follow that with taking a step back and observing the larger picture; determining your company’s strengths and market openings.

A great way to attain a non-biased view may be reaching out to third party business advisors who can look at everything as a whole and point out the potential flaws and advantages.

Consider capital requirements and resources as you step onto the diving board. You don’t want to step up there and hear your dad’s voice in your mind saying, “sink or swim.” You want to be able to stand tall, and feel confident that you can meet financial requirements and have a strong support system.

There is (almost) always going to be an initial “belly flop” moment before you perfect everything, so leave time and space for yourself to recover both personally and professionally.

Here’s to the leap, may it be bold but confident.