So You're Ready to Expand Your Small Business...
You’ve seen it. We’ve seen it. It happens every day in the small business community. When entrepreneurs begin to build their business, there is always a desire for growth. But often times we see business owners rush to expand without building a significant foundation, and that’s a recipe for disappointment and potential loss.
Expansion can be exciting! It’s a well-deserved reward for all the blood, sweat, and tears you’ve put into your launch and development. But are you really ready? In order to have a successful push forward, it's so important to have your foundation in place. So let’s talk about what that looks like and how to know whether or not it’s time for you to expand your small business.
Here are four questions to consider when setting the stage for expansion:
1. Do I have a strong company culture?
If you’re reaching for exponential growth, you’re going to need a solid team by your side. By taking the time to develop a strong company culture that emits your core values and mission, you can rest assured that as you move forward your team will move with you.
Dig deep in the WHY behind your business. What is your vision for expansion? What values do you want your team to honor and uphold? What do we believe in? What drives us forward? Ensure that your team knows, understands, and commits to this vision. When employees feel connected to the company, they’re more likely to work harder and stay loyal. Be consistent, make the mission clear, and love your team well!
2. Have you hired the right people?
If you want a strong company culture, you’ve got to hire the people that will truly embrace and uphold those values. If you believe you’re ready to expand your small business but don’t have the right team in place, it could deeply hinder your success in the long run. Start up life isn’t for everyone, so ensuring your employees are on the same page is key. Ask the hard questions, share the vision often with your company, and be ready to make some tough cuts. Expansion require an entirely new set of technical skills, enthusiasm, and work flow — so be sure your team is up for the challenge.
3. Have you established brand recognition?
Does your current audience know who you are, what you stand for, what you sell, etc? When they’re scrolling through social media, can they spot your post with no hesitation? If you’re considering an expansion but have low brand recognition, you’re setting yourself up for disappointment. Expansion requires build up, anticipation, audience buy-in. You want your team and your industry to be just as sold-out to what’s coming, and that requires some work on the front end.
Brand recognition is what separates you from other businesses in your industry. It’s what helps you stand out and also establish loyalties. It’s what keeps your customers coming back, it’s what inspires clients to shout your name from the rooftops!
Your brand can’t simply rely on a logo, it has to expand into every area of your business. If this feels overwhelming, that’s what we’re here for! At Copperheart we have different package options to help you develop dynamic brand recognition, setting you up for success before you begin that expansion process! Check out our services page on the website for more detail on what we offer!
4. Are you forgetting about your current customers?
According to a recent study by Small Business Trends, only six percent of small business owners focus on retention over new customer growth. SIX PERCENT! It’s so easy to get caught up in moving forward, but if you really want a successful expansion you have to honor the customers and clients that have been with you since the beginning. Their loyalty is what’s allowing this expansion to happen in the first place, so don’t leave them behind!
A simple way to do this is through connection. Talk to your existing customers! Ask them what they love about your business currently, what could be improved, and what they’re looking forward to with this expansion. Include them in the process and make them feel like a valued part of your company. Their feedback could be the key to incredible ideas moving forward.
Expanding your business is exciting! It’s a crazy time, filled with the entrepreneurial rollercoaster of emotions. It’s a season of learning, pivoting, and growth — and it’s important to go into this time with wisdom on your side.
Ask yourself the right questions, seek counsel from others in your industry. Consider your options and communicate clearly with your team and clients. You can do this!
We’re here to support you in any way we can! If you’re ready to expand your business and need the branding to back it up, we’ve got you covered! Let’s set up a time to connect and chat about how we can help you move into this season with confidence (and a memorable new brand)!