Business Expansion Checklist

There are no short-cuts

Ensuring the foundational pieces of your business are cared for is vital before moving forward. Check out our previous issues on StartUps and Business Identity which include helpful checklists for those foundational pieces.

Listen to your customers

Have you collected feedback from your clientele to learn what they would like from you? There are many possible tools to use: conduct a survey, interview customers, invite some of your regular customers in for coffee and discussion, read your own online reviews. Ask how they would like you to grow.

Perhaps they really want you to open a 2nd location,or invest in your e-commerce operation so they canpurchase from you online. You may discover thatcustomers are willing to pay more for the goods/servicesthey receive, if they can get exactly what they want.

Numbers don’t lie

Take a good look at the net income of your business.

(BUSINESS GROSS INCOME – BUSINESS EXPENDITURES = BUSINESS NET INCOME.) Is your net income steady or increasing monthly? If so, you may be ready for some growth!

If your business has multiple revenue streams — such as a physical retail storefront and an e-commerce website where you sell your goods — identify the stream of business that is providing the most profit and consider planning your growth around it.

Research your industry

What is the growth outlook for your industry as a whole? Are you in an aging industry? Your growth plan should include new trends and technologies that your industry is evolving towards, in order to help future-proof your business.