When should I expand my business?

Somehow, "bigger is better" has become the accepted measure of small business success. If you're not growing, surely you must be doing something wrong?
But just remember that success is absolutely in the eyes of the beholder. And while the mythical Land of Lots of Opportunities is an exciting place, it's often not all it's cracked up to be.
So be prepared. "If you want to get bigger, make sure it is the best outcome for your business," says Dr Graham Godbee of the Macquarie Graduate School of Management. Think about any growth and the implications it's going to have for you and your business. How does expanding your business fit in with your business goals?
"If you decide the time is right, make the growth sensible and controlled," states Godbee in Chapter 43 of The Small Business Success Guide.
Take the time to consider exactly how your business is going to expand: is it a new team member, new premises, new production capabilities?
As Kathryn Conder, partner of executive and business mentoring firm Carnegie Management Group, adds in The Small Business Success Guide: "Companies that expand successfully have done the planning and are prepared to work hard.
"If you haven't spent the time forecasting and costing your plan, and considering the whole process, don't grow."
Wise advice!
Margie