Growth and expansion are sure signs of a successful enterprise. But before you throw time and money into your business, here are some tips and tricks to help you grow efficiently:
Be Strategic. This sounds obvious, but put your emotions aside, and be practical when it comes to expansion. Expansion means risk, and you want to be smart about it. Sometimes it helps to invest in some outside expertise. Maybe there are obstacles you haven't thought of.
Start from the beginning. Don't expand because it "feels right." Take the time to write a new business plan, and cost it out.
Shop around. Don't just hire contractors because they worked well last time. Make sure they're still offering good value for your investment.
Hire smart. There's no mistake more expensive than hiring cheap customer service. Make sure your new hires can reflect the values of the company you've built. There's nothing worse than pouring your heart and soul into a business to have it crushed by an employee who's rude to the customers.
Find investment. If the time is right to expand, but the budget isn't there, maybe it's time to team up with an outside investor. You can contact your local VC firms, or sign up with a service like Liftoff Capital, in order to find the right investor for your expansion project.
