How will you know when it is time to expand your business? Try asking these questions:
Do we have more customers than we can reasonably accommodate?
Do we have all the inventory space we need?
Do we have enough work space for our employees?
Do we have enough production space to satisfy our customers?
Can we get and keep the employees we need in the current location?
If the answers to the above questions are NO, it is time to consider expansion.
As you think this through, determine if any of these conditions are temporary or long term. Determine if your competition is “on the move", and develop your strategy moving forward.
Steve Koenig, SCORE Counselor
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