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Post by lmoore on Feb 2, 2014 18:42:49 GMT -6
When expanding a business, it is important to make sure you have what you need before growing. It is important to make sure the expansion is the same as the original. The owners in the video did that by tasting the food at the second location. Making check lists and having documents ready before you expand is definitely a good idea.
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Post by dnewson on Feb 2, 2014 19:30:40 GMT -6
When a company is thinking about expanding, they must take into consideration the financial burden it will put on the business and to make sure that their brand is strong enough to expand. Sometimes you will see a company grow too fast and suddenly fail. They must make sure that their brand remains the same as their original location otherwise it will not succeed. This can be done by training new employees and having rules and guidelines for their staff to follow.
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Post by ken9390 on Feb 3, 2014 9:01:26 GMT -6
Expansion is something that should be well thought in in business. Not every business is capable of expanding, so when one is considering branching out into a new environment, they must use extreme caution. They have to be careful not to spread themselves too thin and lose the quality of product that they started with. I also thought the video brought up a great point about sticking to your core values and competencies. I think this means that you want to stick to what you do best and don't diversify your product so much as to lose market share.
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Post by Jessica Aucoin on Feb 3, 2014 17:07:51 GMT -6
It is important to be in control of how quickly your business is growing. If it expands too fast, you may skip steps in the process or realize that your high success is only temporary. It’s important to make checklists and be in control of your business’s expansion. There is obviously more work involved with opening a second business location but customers still expect the same quality the first store had. The best advice I could give after watching the video would be to grow slowly and make sure your business can really benefit from an expansion.
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Post by meganlynch on Feb 3, 2014 19:16:50 GMT -6
This video brings up a lot of great points. Before expanding, you need to truly understand the core values of your business so you incorporate them into the future locations. Expanding too quickly or without accurately preparing will lead to chaos and loss of quality. Business men and women need to test run the future locations and be prepared for anything. They need to make sure there will be enough business for future locations, enough product, inventory and resources, and able employees to run the store. It is very important to expand at your own pace and not rush; the results could end up being negative instead of positive.
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Post by melanconcaitlin on Feb 4, 2014 11:50:55 GMT -6
This video is a shining example of a partnership taking on one of the more complicated factors in owning a business. Expansion can either break or make the company you have dedicated so much to. I think the two gentlemen in the video are successful because of how they handled this situation in particularly. The two gentlemen took their time to make this decision, weighed the pros and cons, and also took precautionary measures to ensure the second location was measured at the same greatness as the first. Even though it was only their second store, taking such measures is what helped and continues to help them be a success.
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Post by melanconcaitlin on Feb 4, 2014 11:51:19 GMT -6
This video is a shining example of a partnership taking on one of the more complicated factors in owning a business. Expansion can either break or make the company you have dedicated so much to. I think the two gentlemen in the video are successful because of how they handled this situation in particularly. The two gentlemen took their time to make this decision, weighed the pros and cons, and also took precautionary measures to ensure the second location was measured at the same greatness as the first. Even though it was only their second store, taking such measures is what helped and continues to help them be a success.
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Post by chelsearickett on Feb 4, 2014 13:30:37 GMT -6
This was a great video. It made me hungry. But yes, I agree that you should be "over prepared" before expanding. If your business isn't doing well, or it's just doing okay, then don't expand. It's only going to ultimately cause you to fail. My current job, a family owned pizza restaurant has been open for 27 years. Sounds like it's doing well right? Well, it's had 2 or 3 other stores that have opened and closed, or are closing. The owner was not prepared. Competition came, such as Domino's, Papa John's, Rotolo's, etc., and they lost their customers. They couldn't compete with speed and prices. It's a miracle to me that this restaurant is still alive, when there are 5 other pizza places within about 3 miles, not to mention all the other fast food chains and restaurants. Business is definitely not the same as it used to be.
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Post by katelynjones on Feb 4, 2014 16:45:40 GMT -6
They make a really great point. Expanding at your own pace is a great technique to make a business successful. You don't lose focus and you are going to the pace that suits you, the business owner. Keeping up with demand at the beginning can be difficult but like they said, having systems in place will help them get to where they need to be. From personal experience having systems in place really helps me get through whatever task I have at hand whether it is school related or work related.
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Post by csimo123 on Feb 4, 2014 20:05:14 GMT -6
Expansion is important for business growth. I like how the video said expand at your own pace and do what you can handle. I also like how the video said when you expand to go back to the original store and understand why you opened it and what your values are. I think sometimes when companies get to big they loose that connection of why we are here and what we stand for.
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Post by amandayoung3231 on Feb 5, 2014 10:52:51 GMT -6
This is very true. The time to think about any expansion is years before you do it. It takes a lot of time and team building to open a successful expansion. I will remember this when I open my own business.
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Post by brettstirling on Feb 5, 2014 14:18:18 GMT -6
I like this video because it addresses a big concern that smaller businesses face as they become successful. I've seen a few businesses here in Hammond do exactly what this video warns about. Some businesses pour their revenues directly into expanding before they have figured out their strengths and have had a chance to standardize quality and consistency. That is what the heart of the issue is; if your can't provide a quality product/service like you have in your first store you will ruin your brand and image for a quality product or service in the next store. Part of this is passion for business. These guys founded their business on their love for a great burrito, when they start expanding for the money is when they would have run into issues. But as they said, when they expanded they took every precaution to make sure it went smoothly and to make sure their product wasn't inferior in any way. I think this video is excellent in addressing a main concern for businesses looking to expand and do so successfully.
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Post by halearnold on Feb 5, 2014 15:05:11 GMT -6
Nothing confusing about this message. Take your time to grow and grow right. This can expand the life expectancy of what it is your doing. Quality is very important to these guys and remains relevant and important to them. Where many just want to hurry up and grow and expand these guys explain why it is good to slow down and have plenty of checks and balances. Before you expand have all your checklists and documents in place so that on your second location the level of performance and product is the same as the first.
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Post by kati3 on Feb 6, 2014 14:53:24 GMT -6
Obviously expansion is a great thing if you have the resources and are in a good place to do so, but expanding too quickly or to a bad area can be detrimental. Expansion should be a slow, gradual process. I think employers make the mistake of putting so much into their first business because its their baby and they want so badly for it to succeed that once it does and they expand they feel like they don't have to be as careful or put in as much effort.
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Post by shantel on Feb 6, 2014 18:21:15 GMT -6
I found this video to be very informal. I learned a few things about expansion. The first thing I learned was growing or expanding to quickly can be a negative thing. I've never put much thought into the pace of expansion so it was very interesting to get some insight on that. Lastly, I learned don't ever compromise quality. Something else that was mentioned I like was have all the correct systems in place before you expand not during. I haven't had any experience dealing with expansion so most of what I heard in the video was new. For future reference in my career if I'm ever expanding I will never compromise quality, never rush the expansion, and have all the right systems in place.
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