Now Might be an Opportune Time to Expand Your Business — Here’s Why

Any experienced financial advisor will tell his or her clients to buy when the market experiences a downturn. “Everything is on sale,” is the old adage, and for good reason. If an investor rides the roller coaster, he or she will make up any “paper losses” only to add real gains later on. Business owners know this but are often too afraid to take the risk. Then, later regret not seizing the opportunity.

Why Economic Downturns Create Opportunity

Most economic downturns hurt a variety of industries. By the same token, that creates opportunities for those unaffected, and even those who are. Here’s an example. A construction business will probably suffer during an economic downturn as more people will attempt to go the DIY route. But, once the homeowner gets in over his or her head, they’ll need a professional.

Entrepreneurs are often reluctant to spend money to make acquisitions, expand capacity or open new markets during an economic downturn. However, downturns can be an ideal time to invest in your business. Every recession creates opportunities for innovative entrepreneurs. And inaction doesn’t mean safety in uncertain times. Rather than simply hope things will get better, you should act to improve your operations and position yourself for growth when the economy recovers.
Business Development Bank of Canada

The contractor who continues to aggressively market their services will likely be the one to benefit. Because their competition will likely cut back on advertising and maybe even layoff crew, the construction firm that remains publicly out front will reap the rewards of strategic marketing. Meanwhile, those who pulled back will only continue to shrink.

3 Reasons Now is the Time to Expand Your Business

Even though just about everyone knows that a bear market presents opportunity, a good percentage will err on the side of caution, rather than taking a risk. So, it’s important to know the rewards that favor those who seize the opportunity. Here are three reasons now the time to expand your business:

  • Commercial real estate is slow. Because of the nature of this economic downturn, commercial real estate is in a slump. That means you can use the circumstances to your advantage and negotiate a favorable deal. With a little bit of swagger and confidence, and a keen eye on opportunity, it’s possible to negotiate aggressively and score a real win.
  • Remote work costs less than on-site. It’s no secret that remote workers cost substantially less than on-site employees. This is a great way to expand your workforce while getting a substantial discount and expand your business as a result. This also allows you to streamline your processes to get more productivity without paying more for it.
  • There’s a larger pool of talent available. When the economy slides, many talented individuals become unemployed. That means, if you’re discerning enough, you can put their advanced skill sets to work for your business. What’s more, motivated and successful individuals will most likely come to you, while lackluster individuals and people who aren’t ambitious won’t.

What other suggestions do you have for expanding a business? Please share your thoughts and experiences by commenting and giving others some ideas!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

Like this article?

Share on Facebook
Share on Twitter
Share on Linkdin
Share on Pinterest

Related Posts

Integrity Capital photo

How Integrity Capital Quadrupled Revenue With the Right Accountability Partner

.elementor-widget-text-editor{font-family:var( –e-global-typography-text-font-family ), Sans-serif;font-weight:var( –e-global-typography-text-font-weight );color:var( –e-global-color-text );}.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:var( –e-global-color-primary );}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap, .elementor-widget-text-editor.elementor-drop-cap-view-default .elementor-drop-cap{color:var( –e-global-color-primary );border-color:var( –e-global-color-primary );} In the summer of 2003, Dave Kotter left a commercial real estate lending company he didn’t enjoy working for and started his own: Integrity Capital. Over the next decade-plus, he built a solid book of business the hard way, through relationships and hustle. But by 2016, Dave hit a wall familiar to a lot of founders — he knew he wanted to grow, and he knew the tools to get there weren’t in his own skillset. “The greatest value I’ve gotten from John is accountability and synergy,” said Dave Kotter, Owner of Integrity Capital. “I wanted more than a coach. I needed to work with someone that not only would hold me accountable but also have the experience necessary to build an infrastructure to help me grow the company.” Ambition Without a System Dave had the drive to grow Integrity Capital, but not a clear next step. The specific mechanics of scaling a commercial lending business — the systems, the org structure, the metrics — were outside what he’d built himself to do. There was no reliable way to track and measure what was working, no dedicated team to run day-to-day operations, and no built-in accountability to keep the business moving toward its goals. Dave had worked with a business coach before, but never with a full-fledged consultant who could actually help build that infrastructure. He knew John Waters and respected his work ethic, character, and integrity — a fitting match for a company built on the same value. Building the Machine Behind the Business Waters Business Consulting Group started by taking an honest look at Integrity Capital’s past financial performance, then used that baseline to build a financial forecast model Dave could actually plan around. From there, the team developed a Strategic Growth Plan and helped Dave prioritize his day-to-day activities so they aligned directly with that plan, rather than pulling in a dozen different directions. An organizational chart gave the business clear operational responsibilities for the first time, paired with key performance metrics tracked every single week. To keep momentum and accountability in place, Dave and John met for weekly 90-minute sessions — a cadence that kept Integrity Capital’s growth plan from becoming another good idea that quietly faded. Quadrupling Revenue, One System at a Time The infrastructure work paid off directly in the numbers. Over more than two years of partnership, Waters Business Consulting Group helped Integrity Capital roughly quadruple its top-line revenue — growing from $223,000 and trending toward $650,000. Behind that growth was a full work-flow map of the entire client life cycle, which gave Integrity Capital transparent processes, procedures, and key performance indicators for the first time. Just as important, Dave finally had clarity and accuracy on the health of his pipeline, which meant more predictable, more objective decisions instead of gut calls. With key talent added to the organization alongside those new processes, Dave was able to start stepping back from the daily grind of running the business and redirect his time toward bigger, more strategic opportunities — the work only he could do. Want This Kind of Accountability in Your Business? Dave’s story is a common one: talented owners who know they want more, but not exactly how to systematize their way there. A free consultation is the place to find out what that next step looks like for your business. Contact Waters Business Consulting Group to schedule your free consultation.

Read More »
Moving illustration

3 Top Business Relocation Considerations

Thinking about relocating your business? You’re not alone — a shifting economy, rapid growth, or a steep decline can all put a move on the table. But with so many moving parts, it’s easy to get lost in the details and freeze up entirely. Here are the three most important factors to weigh before you make the leap.

Read More »

Imagine Selling Your Business…

How Would Your Life Change?

You didn’t start your business just to stay busy—you built it to create freedom, security, and options for yourself and your family. Selling your business can be life-changing, but the real question is whether you’re intentionally building toward that outcome or simply leaving it to chance.

Sign up below for a free consultative session to learn what your business could be worth today and in the future! 

Thank you for your interest in learning what your business is worth. We will be in touch shortly.