There is no set path that your business will take to succeed. Often it is the things that we don’t take into consideration that help us reach our goals in business. With that said, there are always things that you can do to help your business along the way. Knowing when to grow your SME and expand can be a vital part of your brand succeeding, but it can be hard to know when to make a big investment like that. Unfortunately, knowing when to level up your business will rely on the context of your work, as well as the current framework you have for your company. If you feel like your business is starting to outgrow its current framework, it might be time to consider expansion. There are other indicators that can help you make this levelling up decision, which we are going to outline here to help you make the best possible decisions for your growing business.
Listen to your customers
One of the most organic ways to check the health of your brand is to listen to what your customers are saying directly and indirectly. Are they asking about other locations for your brand or driving a great distance to reach you? If so, then it might be time to think about growing your brand to establish another location in the surrounding area.
Similarly, if you have customers asking for products that you don’t sell, consider including them in your stock. Or, include accompanying items that go with your popular products – so if you sell lots of shoes, maybe consider stocking some socks too.
You’re running out of space
If you started your SME in a cosy nook, then you will probably be struggling with space. As companies expand, it is incredibly common that their original workspace simply won’t cater to their needs anymore. If you find that your staff are stuffed in corners and stock is stacked high, then it might be time to look at a larger location for your business.
There are lots of signs that you should watch out for that will indicate that your business is outgrowing its current platform. To let your brand truly flourish, know when to level up and make a prudent investment that will see your business grow even more.
Levelling up – where to find out more
Established since 1989, Tower Leasing Ltd is a funder with the support of brokerage facilities which enable companies across the UK to acquire much needed capital equipment through leasing. We create the opportunity for businesses to manage their cash flow whilst being able to secure the latest assets and technology which enables our customers to stay competitive within the market. Our services also provide the capability to deliver additional funding to support your business growth with our wide range of finance solutions. Get in touch to find out how we can help with levelling up and expanding your business. Or find out more about our business finance solutions here.