Comparing the Risks and Rewards of Business Growth
As a new year dawns on a thriving enterprise, you wonder whether it is time to expand your business.
Always enthusiastic, entrepreneurs sometimes tend to lead with their hearts instead of their heads. Jumping too quickly into new business growth may put your entire operation at risk. Conversely, more conservative business owners may delay enlarging their business to avoid risk and miss great opportunities for increased revenues.
So how do you know when to grow your business?
Before You Consider Growing Your Business
Experts recommend a business show real profits for at least three years before expanding.
Have you worked all the “bugs” out of your present operation? If not, postpone business growth until your current business system is running like a well-oiled machine.
Be sure you have a strong, reliable team in place before you expand your business. New growth will invariably require more time and energy than you imagine. You cannot be free to focus on a new facility or product line if your staff cannot keep your current operation running profitably.
Risk vs. Rewards
Do not rush to expand your business. Research your industry, your competition, and your market thoroughly before committing to business expansion.
Weigh the personal risks versus rewards of new business development.
- Will the new expansion require too much time away from your family?
- Will it place undue stress on your schedule or your health?
- Will expanding at this time place a financial strain on your present operation? Will it create a cash flow crunch?
- If your business growth involves taking on new partners, will you be willing and able to give up some control?
- Can your business keep up with the demands of rapid growth? Will expansion cause delays or disruptions for your current faithful customers?
- Is your staff committed to your company and the idea of expansion? If not, cash flow problems brought on by by premature expansion may undermine their confidence and send them scattering, leaving you to frantically hire and train new employees at a critical juncture.
Conduct a SWOT Analysis
Determine STRENGTHS and WEAKNESSES of your business today. Study the OPPORTUNITIES available in your market and your industry. What possible future THREATS are there to your business and industry?
Creating a New Business Office or Facility
If your expansion plan includes building a new facility, check for appropriate properties. Find a location with room for future expansion. Locate the structure on the property with later building expansion in mind.
Whether your new facility is an office, corporate headquarters, store, fulfillment center, manufacturing plant, or import/export warehouse, RHINO Steel Building Systems can create the perfect structure for all your needs.
RHINO’s pre-engineered steel buildings provide the benefits savvy business people demand:
- Built-in resistance to fire, lightning, mold, termites, and vermin
- Complete exterior design freedom
- Consistent quality
- Cost effective to buy, build, run, and maintain
- Energy efficiency with RHINO’s Pro-Value insulation system
- Extremely high recycled content
- Faster, less expensive construction
- Greater protection from earthquakes, high winds, and heavy snows
- High resale value
- Lower insurance rates
- Minimal care structures
- Open, clear span interiors for floor-plan flexibility
- Proven track record
- Simple and affordable expansion and remodeling
- Ultra-strong commercial-grade framing
The best deal truly is steel for all low-rise commercial and industrial building. That’s why pre-engineered metal buildings dominate the market, claiming 65% of all new commercial construction and 90% of all new industrial construction in the U.S. today.
When you are ready to expand your business with a new structure, call RHINO Steel Building Systems. Our metal building specialists will provide all the information and pricing you need to get your new building underway.
Call RHINO now at 940.383.9566.