Awards & Engraving

March '20

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A&E MARCH 2020 • 23 your prices, deciding to increase the mar- keting budget, moving into a new facility, whatever. FINAL THOUGHTS Market intelligence should play a key part in your decision to expand the business. There are important clues about the market, and some indication about what your com- petition is doing, that is easily obtainable by an internet-savvy sleuth. If your competition is expanding their operations, it is likely they see untapped opportunities in the market. Do your homework and don't just duplicate what others are doing. Stick to what your company does best and, instead, widen the value gap between you and your competitors. Whatever you decide to do, try to finance the expansion with company assets instead of borrowing capital from a lending institution or your investors. Many a successful small business has met with untimely demise because of overly aggres- sive, under-developed growth strategies that required seed money. Good luck! A&E

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