Is now the right time to expand the business?

May 31, 2022 by Fast Company

If revenue streams are increasing at your flagship location, then your business may be ripe for an expansion. But just because business is booming doesn’t mean you should make assumptions about your potential to succeed in a new market (locally or globally).

Taking on additional overhead should be a strategic decision that is driven by potential new revenue, a decrease in expenses, or provides a competitive advantage to make the company a standout. Below are essential questions that Fast Company Executive Board members urge you to ask yourself before you move forward with the right plans to grow the business.

1. IS YOUR TEAM READY?

The number one thing is team readiness. You can’t replicate yourself. Therefore, ask yourself, do you have a strong team around you who are aligned with your values, drive and motivations and can also be trusted? – Sunil Rajasekar, Mindbody