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If you’re a venture-backed company, you’re probably being told to get profitable and to do it quickly.
Although it might sound counterintuitive, the path to profitability for many business leaders could lie in expansion. Even during challenging economic times — with the consumer price index increasing 6.5% at the end of 2022 from the prior year and interest rates predicted to continue to rise in 2023 — entrepreneurs continue to consider expansions into new markets and verticals. But how do you know if it’s the right time to expand?
