My previous questions were the key questions that initially sprung to mind once I had established my professional practice and awards title Performing Arts Management. The questions were all relevant to my established business and moving it forward which made me realise that I wanted to inquire about Manic Stage Productions and it’s development. If this were to be the case I needed to think further and consider my business partners views, thoughts and opinions. My next step in developing lines of professional inquiry was to simply speak to Matt (my business partner) and ask him to answer a new set of questions that would hopefully lead me to the ultimate inquiry question.
1. When is the right time to expand a small business?
I am unsure as to when is the exact right time to expand, but I believe the company would feel a strain on their resources and have established the business to a point possibly beyond their expectations. You should have made a net profit and should always look at ways of expanding the business to create a bigger profit.
2. What should you consider before expanding a small business? Whether what you're planning will benefit your business and if there is a need to expand. How bigger an expansion should be considered and the pros and cons of the development.
3. How do you fulfill a small businesses full potential? Make sure you promote your business and market it in the necessary ways. If something's not working don't be afraid to fix it or get rid of it. Always try to aim high and think big.
4. What avenues should you consider when expanding a small business? Whether you are going in the right direction, what direction you wish to move in and if you have the correct resources to do so.
5. Which 3 objectives do you focus on to expand a small business? Create a business plan, List pros and cons and Understand how to do it correctly.
6. Are we ready to expand our small business? Yes we are, we have exceeded our expectations so far and have learnt and researched other avenues for us to take safely and without forfeiting our companies reputation. It is an exciting time all be it a little nerve racking. But I am positive that we have built a strong business relationship that will help us move things forward.
Matts answers proved invaluable and highlighted two things. i] That we were at a point where expansion seemed feasible, even necessary ii] That despite our obvious need and want for expansion, we were both inexperienced in this process and lacked essential knowledge.
I was more certain than ever that the avenue I was most interested in inquiring about was finding the answers to small business expansion. The do’s and don’ts, what you should consider and the many ways of achieving proposed goals.
More questions began to emerge....
How am I going to expand my business?
What goals and targets should I set?
Should I draft up a business plan?
Strategic planning is another way of looking at this objective – I want to look at where we are now, where we want to be and how we are going to get there .... what resources you need to achieve this and the time scale in which things should be achieved.
All of the above questions, answers and further reflection made it hard to pin point one specific inquiry question as they were all very much interlinked. Was it possible that my Inquiry question could effectively cover every point I wished to consider? Could I simply conduct an investigative inquiry on ‘Expanding my Performing Arts Business’
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