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Post by benallbright on Feb 19, 2014 12:17:22 GMT -6
Businesses growing too fast is every business owner's nightmare/dream. If you don't grow at a slow pace, the environment can change and now your company is in the red. I really like how careful these guys are with their second store. They really make you realize how hectic it can get when expanding.
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Post by patiencedaigle on Feb 20, 2014 0:01:44 GMT -6
Expansion is an extremely tricky decision. I think quality is an important factor to keep up with so core competencies are transferred to the new facilities. I also agree that expansion should be a slow process so skills and values are not overlooked. It's important to always remember what got you to where you are.
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Post by jjohnson on Feb 20, 2014 11:04:09 GMT -6
This video hit the nail on the head. You shouldn’t expand too quickly for a number of different reasons. If you aren’t ready for a big expansion, you face financial risk, integrity risk, and overall self-damage. Stress is never a good thing, regardless of what people may say. Stress forces people to make quick decisions, which often are far from what should be made. The consequences of making decisions without properly thinking them through have been seen in recent years, particularly in the real estate market. Many people, and banks, were in such a hurry to expand/make money that they over extended themselves, which aided in the economic downturn. This is the same thing that can happen with businesses. If they are in too much of a hurry to make money/expand, they can have a downturn in their business, which can eventually lead to closure. I personally would never want to go into business for myself, but if I did I would definitely keep this video in mind. I would also recommend this video to anyone who is planning on going into business for themselves.
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Post by cfrederic on Feb 20, 2014 20:05:29 GMT -6
I agree companies should definitely go at their own pace. Making a decision to move too fast can be devastating. I worked for a place called Roco's Poboys for a while and they went from two small locations that were doing well to 4 locations that were struggling in just two years. They ended up having to close all but the original restaurant because it was too much, too fast.
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klayne
Junior Member
Posts: 24
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Post by klayne on Feb 22, 2014 23:42:28 GMT -6
I agree with that it is more dangerous to grow more quickly than you are ready for than to grow too slowly. On the other hand though, there can be much to gain from expanding your business. More risks generally leads to greater rewards. One of the major keys to expanding is consistency. Everyone will compare the new location to the old location, therefore it is important that the new one meets the same standards as the original. While expanding has its benefits, one must remember not to expand quicker than they can keep up. Losing quality due to expansions can be very costly. It is also important to remember why you were in business in the first place when you are expanding. Keeping your core values in sight will help guide you to a successful expansion. I think this in particular can relate once you get into your career and you have many options available to you. Don’t just chase the money; remember why you chose your career. Companies nor workers should have to compromise themselves when moving up to the next level.
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Post by jprend on Feb 23, 2014 20:01:45 GMT -6
What i took from this video is that expansion is not always great. When you decide to expand you have to take it slowly and make sure that your product is the same at the new location that it is at the old location. If i ever go into creating a business i would definitely remember what i just saw, i will take my time and not rush things. I would make sure that my quality is the same at every location.
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Post by jimmykotter on Feb 25, 2014 11:15:00 GMT -6
i thought this video was interesting. one cool point that they mentioned was the idea that growing too fast is more of a threat than growing too slowly. i liked to see how they made sure that the quality of their food was consistent every day. once they opened up a second one they made sure their food was just as good as the original. it was inspiring to see how a simple but good idea can really take off!
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Post by gkboone on Feb 26, 2014 18:43:15 GMT -6
I think this video is very accurate. Expanding a business can be difficult. Choosing the right location can be key. Also, the gentlemen were right about never sacrificing quality. They are very smart to try the food every single day for consistency. Expanding a business can either make or break you.
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Post by danielhutton on Feb 27, 2014 14:15:14 GMT -6
This video address a very important issue that affects every manager. Assuming your business is successful and constantly growing, you're eventually going to need to expand. It is difficult to predict when exactly a manager should expand, but it is necessary. Even though it can be scary, expansion is a very important part of having a great business.
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Post by kourtneyb on Feb 27, 2014 19:40:05 GMT -6
I like the message in this video. It is truly important to never take on more than you can handle. Also consistency is harder with more locations, especially with food industries. One bad order at one location can cost you a customer and continued problems can tarnish the entire brand. Raising Canes is in most Louisiana's opinion is a great establishment however they are a successful company that is slowly growing, which as the video said is important. I like the overall concept of this video a lot that can be taken away and applied.
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Post by bleblanc on Feb 28, 2014 10:25:23 GMT -6
It is hard to determine when to expand a business. Expand too early, and you may over extend your business and fail. Expand too late, and you may miss the boom in the market that is necessary for expansion. They key is in timing and preparation. A company should never expand before they are ready to carry the extra load. Companies should also be fully prepared to expand when the time is right. Expansions are nothing to go into lightly, and all information should be gathered before trying to expand.
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Post by jodiemalley on Mar 1, 2014 14:47:41 GMT -6
When a business develops it can be questionable as to whether or not it is growing to rapidly. By this, it simply means, can the company produce its product at the growing rate of demand, can the product quality remain with the increased demand, and can the business expand to be able to keep up with demand? Sometimes a business cannot handle this at a very fast pace and therefore, growing to rapidly can harm a business rather than make it successful.
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Post by ashleysegalla on Mar 24, 2014 11:46:06 GMT -6
This video is about expansion of a business. The owners took their love of making burritos, and made a business with it. They are focusing on expanding their business at a good rate, not too fast, not too slow. They try to be as organized as possible, but don't forget about why you started in the first place. I thought the video was good, and can definitely use this idea if I decide to create a business one day.
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Post by robertnicholson on Mar 26, 2014 17:14:36 GMT -6
The main thing i thought about this video was how much i really want also buritto right now. there needs to be more food in these vidneos. In all seriousness though, they made some good points. Expansion is a risky step to undertake for any business. The hard part in many of the now large corp today, if you look at their history, was going from one location to two. It can take 5 years before they actually make the expansion. then on the next couple of years its not uncommon to open 5 more, then 10 then a hundred.
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Post by kaitlyncampbell on Mar 27, 2014 13:49:02 GMT -6
I believe that expansion of a business can be a make or break decision sometimes. When a business looks into expanding I think it is important to review every single aspect from the smallest to the biggest to make sure that you are not risking your company. I agree with he video, that every business should expand at their own pace. It is important to know when your business is ready or else you may lose your business from failure. A business could easily increase their profits by expansion but they could also be closing their business doors forever. Good tips!
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