Building a business in the beginning is difficult but balancing extreme growth can be just as hard.
Knowing the right time to invest in an expansion can be the difference between a good retirement salary or nothing.
Here are 5 signs your business is ready to expand.
1. You have more demand than you can fulfill
Too many customers and not enough product or employees to service them? This is the first sign your business is ready to expand.
Demand is the non-negotiable sign that your business is fulfilling a need. When this need is met well, people talk about it. When people talk, your branding and message spreads.
This spread leads to growth based on referrals and this is the best kind of organic growth.
If you have too many requests for your specific business to meet their needs, then you are ready to expand.
2. You have built the Dream Team
Your team has been established. You have been working together for a while, they know one another, they are comfortable and they support each other.
When this kind of team exists then adding in more employees can be a breeze. However, the team environment needs to be prepared for the coming change.
When this base team is well established then building on this foundation leads to a better business.
3. Your Business is Scalable
Scalable translates into different areas based on your business. If you work online, is what you are doing systemized? If you serve people, is the same process repeating itself?
Well established systems can be reproduced multiplying the same results.
Knowing if your business can scale, monetarily as well as system-wise, you are ready to expand.
4. You have a plan for Growth
You are an entrepreneur and this is your business. You have already started to see the signs that an expansion is near.
Don’t proceed unless you have a plan and projections. Is the expansion worth it? Sometimes it’s better to stay small. Research and create a plan to determine if an expansion is the next step.
5. Your Numbers are Trending Up
When those financials run across your desk and they are trending up consistently, it’s time to expand.
Some say you need to have all the capital to expand or you aren’t ready. This isn’t always true.
If you are trying to determine the best way to embrace your business’s expansion plans, contact us.
We would love to help you look at your financial options so you can get back to doing what you love.