Many entrepreneurs either expand their businesses before
they're ready or grow too quickly. Donald Reimer, president of
The Small Business Strategy Group in Southfield, Michigan,
recommends asking yourself the following questions before
proceeding with expansion plans:
1. Have you built a strong management team?
2. Have you developed a strategic plan, and does the proposed
expansion mesh with your overall goals?
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3. Have you or a consultant conducted a strategic audit or
assessment to evaluate your company's strengths and
weaknesses?
4. Have you discussed the expansion with your board of directors
and/or an outside consultant, and do they support it?
5. Do you have the necessary financial and human resources to
handle an expansion?
6. Have you examined the external factors affecting your
business (industry trends, the economy and the like)?
7. Have you compared your company's performance with other
companies of similar size, and is your company performing well by
comparison?
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