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When is it time to expand your business?

Even in today's somewhat-rocky economic climate, many businesses are finding ways to survive and even flourish. If this is the position that your company is in, an expansion is a natural next move to consider. However, before you move into that uncertain territory, it's critical to have as much information as possible and a good idea of how ready your business is to take that step.

The first consideration is your customer base. If you currently have significantly more demand than your staff can keep up with, adding employees to fill these extra orders could be the right move. Alternately, if consumer needs are adjusting over time, it could be a good time to transition into a model that meets their new requirements. 

Before this happens, however, you should analyze how such a move would affect your current offerings. Your customers came to you for a reason: they appreciated the service you provided, and have likely come to expect a certain level of service. If you expand, it's imperative that you retain the same level of customer service that so endeared you to consumers in the first place. Otherwise, you could wind up losing long-time customers without being able to attract new ones to replace them. 

Meeting this exacting standard during an expansion is no easy task. Likely, it will require new employees who understand your core business goals well enough to continue to work towards them, but also come well-equipped with valuable skillsets and opinions of their own.  A company expansion requires a delicate balancing act between continuity and exploration, which means having the right team in place is a must.