There are countless good reasons to pursue business growth. By expanding your company, you may hope to strengthen your position in the market, increase revenue, and boost brand awareness. When a new business or startup begins earning a profit from its initial products or services, focusing on expansion is the next logical step.
Similarly, if you own a small business and spot a potential opportunity to increase your share of the market, an expansion might seem the obvious solution.
Be forewarned: with growth comes complexity. Whether it’s legal challenges, hiring headaches, or production problems, complexity scales to the size of the business. Without strategic planning, growth can lead to revenue loss or even mark the end of a business.