What’s Been on Our Minds…
Expansion & Contraction - Where is the balance?
Join us this week! Bring your biggest challenge along for the ride!
Tomorrow - THURSDAY June 8th at 8:30AM!
In our last meeting of May we discussed the concept of expansion and contraction in our businesses. When are we growing too fast, or when do we need to slow down? What are the potential challenges? As we explored this topic, discussing the decision-making so critical to expanding our businesses, we also shared the thinking needed to move forward either way.
WHEN IS IT TIME TO EXPAND?
You are consistently profitable. If your business is making a profit, it is a good sign that you have a strong foundation and can support growth.
You have a loyal customer base. If your customers are happy with your products or services and keep coming back, it is a sign that there is demand for what you offer.
You are facing increasing demand. If you are turning away customers or having to wait longer to fulfill orders, it is a sign that you are reaching your capacity and need to expand.
Your industry is growing. If the industry you are in is growing, it is a good time to expand and capture a larger share of the market.
You have the right team in place. Expanding your business requires a strong team in place. If you have the right people in place, you are more likely to be successful.
Utilize your personal Board of Directors with these profoundly supportive meetings!
