Timing is important to ongoing success, and many factors influence the decision to take your company to the next level. How do you know if it’s time to realize the vision of growth you have for your business?
Everything Runs Smoothly
It’s normal for companies to start out on shaky ground with just a handful of employees and one or two leaders cobbling together a set of workable processes to streamline common tasks. Once you no longer have to rush around putting out metaphorical fires, you can begin to consider expansion if:
• You have a solid employee onboarding and training program
• Your vendors can handle an increase in demand
• Resources to facilitate and support growth are readily available
• Daily operations can carry on in the face of a sudden explosion in business
These criteria show your business is capable of meeting the challenges associated with an expanding customer base, increases in manufacturing and a larger group of employees.
Workload Exceeds Employee Resources
Small businesses struggling to keep up with workload while operating at maximum efficiency have no choice but to expand. The same is true if you find yourself turning customers away due to lack of space. These are some of the most promising “problems” a business can have, and if you find yourself in a similar situation, don’t hesitate to seize the moment. Find out what resources you need to jump start the next phase of your business journey, and start turning your plans for growth into a reality.
New Market Opportunities Appear
Advances in technology have changed the way consumers interact with companies. Online shopping with ship-to-store options, restaurant ordering apps and innovative payment methods opened up new opportunities for businesses in a range of industries. As you keep an eye on these and other growing trends, look for untapped prospects of which your business can take advantage. The chance to get on board with something fresh can revolutionize your brand and elevate your company to the next level.
Customers Want More
A loyal customer base will want to see new products or more extensive services from your business. They already like your company and associate your brand with high quality. When customers start to ask for fresh offerings, it’s time to determine if you have the resources and the working capital to begin answering these requests. Knowing the demand is there provides an incentive and offers assurance of a willing market.
Expansion make take the form of opening additional locations if customers traveling long distances express interest in your business moving into their community. Establishing a new location is a big undertaking, but with enough support, you can be confident in taking the risk.
Making the decision to expand your business should be a careful process and include a long-term plan. Resist the urge to push for growth before you’re ready, and partner with the right institutions to obtain the working capital, inventory and other essentials you need for a successful expansion.