When you think of the phrase business expansion what comes to mind for you?
New markets? Hiring employees? New products? Increased revenue?
- Exploring new markets can be about expanding geographic reach.
- Hiring employees can relieve strained capacity during growth. Or be about strategic hires to help with growth
- Creating new products is about offering more to customers.
- Increasing revenue can happen by either raising prices or selling more.
There isn’t a right or wrong answer.
It’s what is top of mind for you.
In fact, you often can’t do one without some support of the others.
What you do answer can tell you something about your current focus. What you think might change the needle. Or even what you might think is a trouble spot that needs attention.
It also might indicate what could be a keystone change for you that will have an impact on the others.
It might be what will kick off business expansion.