The Pros and Cons Of Growing Your Business
I came across an article that discusses the pros and cons of growing your business. Here are some few good points that I wanted to share:
For the most part, business growth is a natural process and is a positive thing if you manage it right. When making a decision on business growth, the key is to review the pros and cons, use the time to examine your vision and goals and identify any potential issues. A general view of the pros and cons of business growth is as follows:
Pros of business growth:
- More diverse audience
- Increased income
- More opportunities for your business and partnerships
- Increase in brand awareness
- More money to improve quality of products
Cons of business growth:
- Moving too fast can be detrimental to your business
- Your business’s finances could suffer
- You may not be in full control anymore
- More complex logistics
Signs it’s time to grow your business
Let’s start out by focusing on the reasons for business growth, and indicators that the time is right to expand your business.
Proven growth market
If there is a proven growth market for your business type and business model, then you would most probably be mad not to expand. If you have watched your competitors expand their businesses and take advantage of a proven growth market, you may be wondering how much time you have to expand, before the market changes once again. If there is a market for your business to expand, you have to seriously consider whether now is the right time to grow your venture and if you were to do so, what the benefits would be.
Find the full article here and don’t hesitate to discuss your thoughts with me. Please feel free to contact me on 0467 749 378 or email at [email protected] for any thoughts and perspectives.
Thanks,
Robert