Small Business Expansion: What’s Holding You Back?

The way that we measure economic strength is all based on growth. The idea that an economy is just treading water – or worse yet, recessing – is synonymous with the idea that it’s failing. Growth is a sign of a healthy economic status; the same theory applies to business.

In the initial phases of building a small business, you’re too focused on getting through the day to be thinking about growth. By the time you are established, however, it’s time to think about the next stage, small business expansion. You’re going to have to dedicate your thoughts and resources to finding your own growth which, for most small companies, means thinking about expansion.

While there will always be exceptions, for the most part, small business owners have a tendency to be quite reserved. They take calculated risks, and even then they feel uncomfortable doing it. As a result of this inherent caution, they can be resistant to the idea of change and growth. They might be able to expand their small business, but at heart, they don’t want to. They risk stagnation, recession, their business dreams never meeting their full potential.

If you find yourself in this position, then combating your natural conservatism is the only way your business can move into a bright future. Here are some of the reasons small business owners give for not wanting to expand – and why you should ignore them.

“Coordinating Multiple Offices Is A Nightmare!”

Yes, to an extent, that’s absolutely true. There’s no point lying about the fact that running a business from more than one premises or office is difficult.

However, there’s plenty of help if you’re willing to look for it. Recruit the right staff to run the secondary office; use experienced multi-office experts like Cardinal Digital Marketing for the digital problems you may encounter; make use of cloud technology that can help synchronize multiple locations better than ever before. There are solutions at every turn. It won’t be as easy as running a single office, but it doesn’t need to be impossible either.

“It’s Not A Good Time To Expand Because Of X, Y, Z…”

Here’s the thing: it’s never a good time to expand for a business owner who is naturally cautious. There is no moment when the stars will align and there is nothing to concern you whatsoever when it comes to expansion. You will always be dealing with the aftermath of an issue or seeing another on the horizon. There’s no perfect time.

So if there’s no perfect time, then what’s the point in waiting for it? If you have the finances available and enough custom to justify multiple offices, then you’ve already satisfied the baseline criteria. Any other arguments against this are moving away from “justifiable reasons” and into the realm of “excuses”.

“The Company Can’t Afford It.”

Very few companies go into an expansion using their own funds only as a source of capital. You’re going to need to secure investment so you can be sure you do have the money. If your business is set to expand and has a proven track record, then you won’t have a problem attracting further investment to help take you to the next level.

Expanding a small business is nerve-wracking, scary, and challenging – but it’s the only choice if you want to make your business dreams a reality.