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Post by briandavis1 on Apr 8, 2014 15:23:49 GMT -6
Expansion for a company can be a good thing or it can be a bad thing. Starbucks opened to many stores all at once which lead to higher costs to the consumer. When they were charging high prices Mcdonalds released their coffee brand and stole a huge market share and forced Starbucks to close many locations. Understanding when to expand is key. If you are unsure then you need to analyse your entire operation.
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Post by paigecrawford on May 1, 2014 11:09:24 GMT -6
Expansion can be a very risky and tough decision to make. I like how the owners explain their passion. They said that it is important to remember why you started the business in the first place. You must remember what your passion so that it is not lost in expansion.
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Post by joshuabrungart on May 2, 2014 14:19:51 GMT -6
I agree with what the owners in this video said. They believe in what they are making and the quality of product they offer to their customers. Their beliefs of what they value (great food) is what got them noticed because they set themselves apart form their competitors because they weren't just another Mexican food place. These owners know what they value and have stuck to that by realizing a pace at which they can grow and continue to be successfull by offering quality great food instead of just seeing dollar signs and growing as big and as fast as they could. Growing too fast could have caused them to lose sight of what they valued and turned their business into just another Mexican food place. Instead they choose greatness which could only lead to success.
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Post by kristendodd1 on May 5, 2014 10:46:09 GMT -6
I completely agree with this video. Expansion is scary so you need to make sure you have everything in line before you expand. You should do things at your own pace when wanting to expand. This is all really good advice to anyone who is wanting to expand their business.
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Post by kierras91 on May 6, 2014 10:01:07 GMT -6
I dont agree of expanding at your own pace, i agree with expanding at the pace which you are allowed to expand at. Every decision is not going to come the way you want and not in the time you are you may allow for yourself, but you must be able to adopt and change when need and stop growing when not need. I think it all depends on what is need for the business then what is need for owners pace.
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Post by brandonnajolia on May 7, 2014 16:59:13 GMT -6
I firmly agree that you have to properly balance your rate of growth in order to be a successful company. I really liked the fact that his purpose of creating the food place was out of love and passion for the burritos that he grew up eating. I really appreciate that he turned his passion into a successful business. I have personally seen many different young restaurants do great in one location right away and then rush expansion and then both places wind up failing all at once. Expanding your company not to fast or slow is vital for its survival.
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Post by Shondrea Lovette on May 10, 2014 21:42:48 GMT -6
The term slow but steady can be used to determine business growth. A business has to know a few thing in order to expand like demographic and what other products that are out there similar to the products they are selling. Many business expands too fast but loses in the end because it has put out more then what has been coming in. In growing a business you have to count the cost before expanding because expansion can backfire and will leave a business with decrease in profits.
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Post by spencer ragas on May 12, 2014 12:50:21 GMT -6
If you are constant with your quality, never compromising, you should be sure to stay successful. Another great idea is the checklists. Checklists ensure consistency. I have seen this on first hand basis in working that a restaurant. A checklist not only helps you to remember what should be done, but also holds each person responsible.
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Post by wdeben on May 12, 2014 19:25:10 GMT -6
I think that expansion in business can be very important if done properly. Timing is everything. As with how successful your current business model is and how well you are able to carry it out. Then test a market to see if it's right for you.
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Post by jgilhaus on May 13, 2014 11:55:51 GMT -6
Expanding your business can be very overwhelming. It is easy to get in over your head. Having all of your ducks in a row is critical to successfully expanding. Another thing that can affect success is being able to trust those around you. One of my friends owns a restaurant. It started as a very small place and he eventually moved to a larger location. The larger location was very successful. He then opened a second location. He wore himself very thin because he wanted to be in complete control over both locations and have his hands in every aspect. Both locations suffered because he, obviously, could not be in both places at once. He had a difficult time entrusting responsibilities to others because he feared they would not do them to his standards.
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