The successful entrepreneur is an endless challenge seeker. Once a small business is humming along, growth is the next exciting challenge.
Exciting, yes — but at the same time, growth can make good business sense — increasing brand recognition, building value in the business for employees and customers, offering a wider range of products and services to a larger geographical market, and creating “economies of scale”.
Rationalizing the rewards of a bigger business means tuning up your business plan writing skills again. It’s time to update those spreadsheets, recraft your marketing plan, and strategize an expansion implementation plan.
You will also need to carefully weigh the risks and rewards for growth. Some of the steps in your analysis are outlined in this section. Your lawyer and accountant should be consulted. Perhaps you don’t have to figure everything out from scratch. Look to a business in your industry for best practices and draw on knowledge of others who have gone before you.
The Case for Growth: Gaining a Business Advantage from Expansion
This is not an exhaustive list — your analysis will uncover many other rewards associated with your particular business expansion.