Things are going great, orders are pouring in. Your business processes are dialed in and working well. The staff is happy, hard-working and your customers are thrilled. Now you are faced with a dilemma, do we open more locations? Perhaps you have dreamed of expanding your building and adding a new line of products. Regardless of what your business plan says or those around you are clamoring for, growth can be a scary proposition. Is expanding your business the right move?
Growth for Growth’s Sake?
Your business IS growing. Things are going well, something is telling you to “go big or go home”. It just feels like the right time for expanding your business. On the other hand, news articles lately are warning of an economic slowdown. Your second-best technician just put in her two-week notice and you need to replace two of your company vehicles. So, maybe expansion is not in the cards just yet. Regardless of the details, the proposition of expansion with all the work and changes it requires is still a daunting and sometimes scary idea. Many businesses have been ruined by expanding too soon or too far. What will YOU decide to do?
Details & Research Rule
In our humble opinion, your first step to expansion should be the gathering of data. As we mentioned, your 2nd best technician is leaving. Exactly what impact on your daily operation does she have? Is there really an economic slowdown in your business field? If your expansion hits a rough spot, can your current sales and revenue support operations for a time? If you take on debt for a building expansion, can you afford two new vehicles? These are all examples of research and data that you should consider before making major changes to your operation. Each business is truly different and only you know the nuances of your operation. Do your homework and make sure your decision to expand is based on facts, not wishes and caviar dreams.
The Beacon Center Has Expanded
We are right there with you. Having recently decided to expand our operation, we now control a vacant space that was right next door. For our operation, the costs were not that high, the rent was right and we were very ready to use the space to solve some problems we experience from time to time. In short, we have been preparing for a possible expansion since shortly after we first opened our doors. That does not mean we are guaranteed success. We will still need to provide our customers with great value, a clean and inviting atmosphere, and top-shelf customer service. Even if we succeed with those, there is no guarantee of success. After a lot of research, many late nights and a couple of prayers we have embarked on the next phase of our business plan. What will YOU do?
The Beacon Center is here to help with your expansion plans. If you need space to meet and strategize, a place to train those new employees you will be hiring or just a party to celebrate and introduce your new product lines, our space is your space. Just give us a call or better yet, visit our website and schedule your personal tour. If you ask, our Owner, Becky Stonebarger, can regale you with some tales of the pitfalls of opening and expansion.