If you aren’t sure if now is the right time for you to be expanding your business or not, then you have come to the right place. This guide will help you to know if you should be making a change while also helping you to understand if there is anything you can do to try and be more successful overall.
Your Customer Base Is Loyal
Believe it or not, a strong base of repeat customers is always a very good thing. It indicates that you have an ongoing demand for your services and your products. On top of this, it also shows that you have a high satisfaction rate for what you do or the products that you sell.
Customers Are Asking You To
Do you find that people are travelling from a great distance, just so they can shop at your store? Maybe you ship a lot of products to a specific location that is far away. Either way, this could well indicate that there is actually a market for your product, and you should take advantage of this. It may be that you are better off serving the new demographic by expanding as you already have the business for it.
You Are Profitable
If you have had a recent surge in profits, then this isn’t really enough for you to justify your expansion. It may be temporary, or you may even find that it is down to seasonal fluctuations. Either way, steady profitability is a big sign that you are doing something right and it shows that your business model could well work elsewhere. If you have been profitable for three years straight, then this is a clear sign that you should be trying to take things to that next level.
Your Team Is Strong
If you want to be able to handle your growth then your team have to be ready for any additional work. They should also be working to meet new demands, along with new challenges. Your team have to know how to work together, and you also need people to step up when it is required of them. If you believe that your team are already able to do this, then this is a strong sign that you can take your company to that next level. If you want to take things up a notch, then be sure to look into a professional employer organization.
Your Market Is Growing
You may run the finest repair shop for typewriters, but you won’t be successful in this day and age because the market is disappearing. If you notice that your industry is expanding, then there is a high chance that your company will too, so try and be mindful of this if you can.
You Have a Steady Cash Flow
You may be selling record amounts of your service or your products, but if you know that you are not getting paid when you should be then this is a major red flag. Sort this out, and you’ll be able to expand in no time.