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Expansion in the business context refers to when a company increases its operations, typically to meet growing customer demand or enter new markets. Expansion can take various forms, such as hiring more employees, adding new product lines, or opening new locations.
While expansion can provide significant growth opportunities, it's crucial to manage it carefully. Expanding too quickly can strain resources and lead to operational issues. On the other hand, expanding too slowly can result in missed opportunities. Therefore, it's crucial to have a well-thought-out expansion strategy.
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