Expansion Ideas – Grant Cardone Live Streams Sneak Preview
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7 critical questions to ask yourself before you expand… (Self Employed)
Most to the seven would suggest that you need to think about expansion —-wrong you need to expand no matter what!
1) Whats your strategy
2) What locations are you considering
3) Is market conducive
4) Can you finance it
5) Do you have the manpower
6) Do you have the technology
7) Do you have customer support
The answer to each of these will most likely put you in doubt rather than cause you to want to expand. While each of them is critical here is what you must know about expansion before you need to concern yourself with those 7
Expand means to To spread out by definition to increase in size, become larger, enlarge;
The opposite of expansion is to shrink, contract, scale down. There is no such thing as stay the same. Staying your current size is an impossibility as it will always result into the opposite of expansion.
In Physics the word expansion means to undergo a continuous change. In the world we live in today you must change. While many things stay the same the ways in which you might get them done are changing.
I was brought up with the belief that smaller is better, more controllable, I could offer better service and even be more profitable. In college no one talked to me about expansion. To discuss business without talking about expansion means you will cease to exist as a business.
My friend Phil, a successful real estate developer told me long ago, ‘bigger isn’t better.” This was as a result of a housing collapse where he had projects going on in the same market and when the economy contracted he could no longer support his expansion. But the reality is he stopped expanded as he limited his expansion to one market. Bigger was not his problem, it was the ability to know when to expand into other markets and other businesses.
Look at the great companies today, Starbucks, Google, Caterpillar, and Ritz. They all make themselves available in many market any levels. Look at the great companies and they no longer simply focus on one narrow vertical but they go horizontal into other markets and product line ups. Apple started in software, committed to hardware with computers, ipods, tablets, phones, supporting technology like Apple TV and event channels like itunes. Can you imagine what would happen to Apple without Itunes revenue from apps.
Go deep and go wide and understand your survival depends on it.
“Push your potential until you change your zip code, address, customers and become omnipresent.”
What you must know about Expansion
1. Creates new opportunities to find talented people and provide talent with a place to go (move up) so that you can keep them.
2. If you don’t expand you will contract – there is no such thing as stay the same or stay small.
3. Broader customer base makes you less dependent upon customers that don’t appreciate you. You only get a better quality customer going horizontal.
4. Find better markets that offer more favorable conditions. I move to Miami to find better conditions to operate my business. That was a horizontal move.
5. Not dependent upon one set of market conditions or customers
6. Omnipresence is power and you can not be everywhere by just going deep.
What is necessary to expand requires a commitment to expand, push for new revenue, be able to manage cash flow, phenomenal courage and persistence to see this through because almost everyone will try to talk you out of it including yourself.
“Push your potential until you change your zipcode, address, customers and reach.” gc
Where can you start right now to expand your business and brand is with:
a) Social Media postings using every medium possible. I use FB, Twitter, LinkedIn, Google Plus everyday
b) Streams like Meerkat and Periscope, Ustream and Youtube are great ways to push content out.
c) Articles – I publish at least three articles a week on topics (like this) on those things I can offer value.
d) Start by reaching out to similar markets. If you are in real estate start pitching your offer to those industries similar. If you sell social media to car dealers start sharing your offering with real estate industry.
e) Reach out to friends in other cities/countries so you can start expanding into other audiences by offering free presentations.
The biggest mistake I made in my entire business career was going vertical and focusing on one market for too long without going horizontal at the same time. Don’t make that mistake.
I believe had I don’t that my businesses could easily be worth 50X more than they are today. Before you worry about strategy, locations, are the new markets conducive, financing, manpower, technology and customer support you need to understand that expansion is not a choice it is your survival.