Images: Chess Image
When you reach the point where your business is set to expand, it’s safe to say that you know what you’re doing. You’ve clearly hit on an idea that works so well that your company needs to grow bigger to keep up with demand. You’ve reached a point that most entrepreneurs can only dream of– so expansion is definitely a cause for celebration.
While expansion can never be seen as a bad thing, it can cause problems that you might not be expecting. As you hire new staff, prepare to introduce new product lines, and see your budget constantly expanding, there are a few areas that can become less stable due to expansion. If you want to ensure your business success continues into the future, it’s worth keeping an eye on these three areas.
1) You Become More Separated From The Operations
The bigger your business becomes, the more you will find yourself separated from it. You will find yourself tasked with so many integral requirements for running a business, you are forced to delegate more and more of the actual “nuts and bolts” work. There is little you can do to prevent this from happening. It can be difficult to realize there are aspects of your business that you’re no longer intimately familiar with, but ultimately, it’s the sign of a positive step.
2) Think About The Next Expansion
For a company to truly be defined as successful, its expansion should be exponential. If you make decisions about your current expansion without one eye on where you want the company to go in the future, that’s a problem. You could make decisions now that will impair your ability to grow in the future.
It’s important to think about the next step at all times. If you’re going to be moving premises as you need more space, what happens when you need even more space? Could your premises be expanded by a team of small commercial builders, or would you need to move again? What about your recruitment process– are you hiring people because they’re right for the job, or just hiring anyone who is a good enough fit because you’re in a rush? Could you be stuck with contracted workers who aren’t really up to the job? You need to think through all of these things, like a game of chess; you always have to be one move ahead.
3) You Suffer From More Personal Stress
It’s inevitable; if you’re going through an expansion, then your personal stress levels are going to go through the roof. This is something that you need to be wary of and cautious to manage. Stress is pernicious in that you can be highly stressed, but not really know it. One way to keep an eye on your health during an expansion is to buy an at-home blood pressure monitoring kit. Use this frequently so you can be aware of any changes before the problem becomes chronic. Your business is important, but your health is too.
By keeping an eye on these areas, you can be confident that your expansion will go without a hitch– and you’ll be in rich health to enjoy it.
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Vinh Van Lam & Stuart Horrex
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