There are always a number of things to consider, from a personal as well as operational point of view, when it comes to expanding one’s business. Leeds Grenville Small Business Centre recognizes this and understands that while dedication and hard work are prerequisites for success, other factors can also play a decisive role. You may be ready to focus on growing a business in Ontario, and your team may be as committed as you are, but you may still be unclear about where to start. These pointers may help.
The Personal Front
Growing a business involves taking a number of personal considerations into account, starting with understanding why you want to expand and how these plans can affect your personal and family life. Try and recognize how much time you may have to devote to this business, and commit to it. Speaking to family and friends also helps, so they are okay with the commitments you have to make.
The next thing to do is look at personal financial resources, especially if you have to dip into them. Spend some time listing short and long-term business objectives, before examining if your return on investment is worth the time and effort you intend to put in. Understand the risks involved and critically evaluate your skills and abilities to help expansion.
Finally, a crucial question: Will you still enjoy running the business when it grows? It’s an underestimated query but one that matters a lot.
The Operational Front
Growing a business is easier only when you are in a position of stability because failure is more common among businesses trying to expand when they aren’t ready for growth. From an operational point of view, the expansion will have an impact on everything from your production capacity and delivery services to your cash flow, so doing research on how things will change can place you in a stronger position.
Do Your Homework
This simply means doing as much as you can to assess your options for growth, because it will help you choose an appropriate strategy, decide when to implement it and understand which financial choices work best for your particular business.
How LGBSEC Can Help
Leeds Grenville Small Business Centre is the leading resource centre for new and existing small businesses in Leeds Grenville. For advice or information on starting and growing a business in Ontario, get in touch with our team of experts today.