Expansion, expansion, expansion… Isn’t that what it is all about, expanding, conquering, and growing? Whether we own, work for, or manage a business we all want to expand our presence, our market share and move up the corporate ladder. When I started my acting studio Broadway2LA that was my thinking, I wanted to expand, and expand quickly.
Broadway2LA started in Columbus, Ohio and in two years I expanded to Cleveland and Cincinnati. I was in such a hurry to conquer new land and expand it, that in the process, I wasn’t prepared. I didn’t have the infrastructure in place, the instructors, the website, or the marketing plan. As a result of not being prepared, all three markets suffered and my enrollments went down in each market.
As one can see, expanding to expand is one thing, however, and more importantly, we must be prepared and ready if it is to be successful. After just 2 years in Cleveland/ Cincinnati, I decided to shut down both locations and focus on Columbus. This has been one of the best business decisions I have made where all my efforts have been on improving the company and brand in one market. By only focusing on Columbus I have grown market share, improved the students experience, and improved all facets of marketing- flyers, online advertising, website etc.
To expand for the sake of expanding will take away a very important asset of ours- our focus. We only have so many hours in the day and if we shift our focus off of our job/ product/ service there will be consequences. Are you preparing to expand your tent?