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Pop Quiz: Is Your Business Ready To Expand?

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Pop Quiz: Is Your Business Ready To Expand?

YOUR STRATEGY

1. What would you consider to be the minimally justifiable reason for expanding your business? 

___ A. A great piece of property is available in the perfect location for an unbelievable price. 

___ B. Enough prospective patients and customers to minimize risks. 

___ C. A staff eager and ready to meet a new challenge. 

___ D. The need to do something, anything, to jump-start the business. 

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2. What sort of planning would you want to do before opening a new store or practice? 

___ A. Nothing less than a complete new business plan to take into account new market factors. 

___ B. Duplicating what worked at the old location would be enough. 

___ C. Just winging it ought to do the trick. 

___ D. Whatever the bank needs to get the loan approved. 

3. Do you know how you would like your second location to look? 

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___ A. Down to the door handles, baby. 

___ B. Some general ideas … I’m thinking teal carpeting and teak cabinets. 

___ C. Probably something like my current location. 

___ D. We’ll cross that particular bridge when we come to it. 

THE EVIDENCE

 4. What’s the most convincing evidence that you should expand that you’ve come across in the past year? 

___ A. Patients say they wish we were located closer to where they live. 

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___ B. Every so often there are more people perusing our frames than staff to help them. 

___ C. Research of demographics and sales figures indicate that an expansion would be successful. 

___ D. Pretty regular requests for products or services we don’t offer. 

5. Do you have staff who could competently run another location without your daily involvement? 

___ A. Are you kidding? I’ve got staff running my original practice without me! 

___ B. Not at the moment, but there are a couple of great managerial candidates who could do it with solid training. 

___ C. Yes, because we structure employment in our business to give increasing responsibilities to staff who show such abilities. 

___ D. There really isn’t anybody, so I’d probably have to hire someone from outside. 

6. Do you ever look at other eyecare businesses and say “I wish …”? 

___ A. Frequently. 

___ B. Once in a while. 

___ C. And be unfaithful to my first love? Never! 

___ D. How about every time I get in my car? 

7. How would you describe the population trend of your prime customer base near your current store? 

___ A. Sinking. 

___ B. Stable. 

___ C. Growing. 

___ D. Can’t really tell. 

YOUR PERSONALITY

8. As a risk-taker, which phrase best sums you up? 

___ A. “Let ’er ride!” 

___ B. “I’ll put half my chips on red, and cover myself by putting the other half on black.” 

___ C. “Even odds on the moon exploding in the next five minutes? I’ll take it!” 

___ D. “I’ll just watch you play.” 

9. What would be the ceiling for acceptable risk in an expansion venture? 

___ A. I’d have to be profitable almost immediately, or I’d be out there buying fire insurance (wink, wink). 

___ B. I could probably keep the project going at a moderate loss for a year or so. 

___ C. I’ve got ample cash reserves, and am ready to wait as long as it takes to make the new location work. 

___ D. Any risk the bank is willing to take, I’m willing to take. 

10. What aspect of owning an eyecare business do you enjoy the most? 

___ A. Selling! 

___ B. Buying! 

___ C. Teaching my staff! 

___ D. The money!

Pop Quiz: Is Your Business Ready To Expand?

YOUR SCORE

0-8. Stay where you are. You love your existing business. Whether it’s due to monetary success, creative fulfillment, or even plain old laziness, you’re satisfied. Moving to another location, even part-time, would be like yanking your heart out of your body and trying to stick it in someone else’s. In other words, not advisable. 

9-15. You’re probably not a good candidate for a second store/practice right now. Seems like you’re comfortable in your current market and your current market is comfortable with you. That’s important. But keep your eyes peeled for changes in the market and don’t stop listening to those inner voices … another year and they might start singing “Thank you, sir, may I have another?” 

16-23. Your ambition is stirring. And the market is telling you something. You might need more time to get your plans in place, but we can definitely see another location in your future. 

24-30. You’ve got the will, the skill, the plan and the cash to make a second location work. Now, all that’s left is to put all your resources into action. Best of luck, and remember to take a day off every year or so! 

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