February 20, 2024 | Tip of the week

The right time to consider growth is when demand exceeds capacity, a product/service opportunity presents itself that will allow for growth without compromising the quality of the products or services you currently deliver, and the positive financial impact will be seen quickly.

Before considering growth, answer these 4 questions: 1) Is the market stable or uncertain, 2) Do you have the people or financial resources, 3) Will the expansion risks dilute your brand, 4) Are you stretching your capabilities beyond manageable limits, 5) Will the negative financial strain be manageable?

Source: Nick Samson – Optical Prism Magazine