When is the right time to implement a business expansion? When do you pull the trigger and invest in staff, or facilities, or other resources? How do you take the next step from where you are to where you want to be?
Growth is wonderful. You’ve achieved success in serving your market and avoided major landmines. You are able to effectively deliver your products and demand is strong. And things are starting to get intense. You and your staff are trying to fit 30 hours of work into a 24-hour day. Is it time to take a major step ahead?
In the rush of daily activity, it’s easy to lose perspective, to delay too long, or forge ahead prematurely. Business is a balancing act, and a misstep can be deadly. Evaluate your position; seek resources. Use this list of key questions to assess your organization’s readiness to take the next step forward.
- Is this a sustainable trend, or are you reacting to a fad?
- What are your options?
- Do you need a short term or long term solution?
- What is the contemplated investment?
- What additional expenses are associated with this investment?
- What new revenue is projected?
- When will the projected additional revenue cover all additional expenses, and provide an acceptable profit?
- What is the risk of not acting?
- What are the risks if you do act?
- What is the impact on intangibles, such as reputation, morale, visibility, etc.?
- What operational changes will this require?
- What organizational or structural changes are needed?
- What efficiencies will this change create?
- What new inefficiencies will you need to address?
- How will this investment facilitate or hinder future growth?
- Will this enhance or limit your ability to respond to change?
- What new opportunities are available due to this change?
- What new opportunities does this preclude?
- How will you assess the success of this investment?
- What is your mechanism for feedback and process improvement?
Take a minute; step back. Assess your opportunities and take the right steps toward your future.