If you’re running a successful business or SME and wondering about whether it might be time to expand into new markets or hire new staff, it can be intimidating to take the leap. Here are five clear indications that perhaps business growth should be on the cards for your company in the coming months.
1. You’re turning down opportunities
If you’re regularly turning down work opportunities, whether this is because your business doesn’t have the capacity to take on more work or because you’re not currently employing the right kinds of people, then you know there’s demand outside of what you’re already offering. This is a good sign that expansion can go well.
2. Your clients want more than you can give them
Relatedly, if your clients are asking you to provide services that you don’t currently offer, is there room to expand into these services in the future? If the range of services you offer is too narrow, some clients may even look elsewhere to find a company that offers everything they’re looking for under one roof.
3. You’ve aced your current market
Nobody should be thinking about expanding a business that’s not already flourishing. Before expanding, make sure you’re brilliant at what you do. If there’s room for improvement, either in terms of the end result or the service you’re giving customers, or in terms of your own internal workflows, these elements should be worked on first. Only expand when the feedback you’re getting from customers about your current services is overwhelmingly positive.
4. You feel like you’re coasting
If you’re starting to feel like you’re coasting at work – your business is running smoothly, and the books are always healthy – then perhaps this is a sign that you’re not challenging yourself enough. Expanding is the next logical step when your business is running so smoothly it barely needs your attention.
5. You’re running out of space
Sometimes, expansion is as literal as it sounds. Even if you’re not looking to move into new markets, simply moving to a bigger location can mean hiring more staff and new equipment, which can in turn allow you to take on more work and offer a higher standard of service to your customers.
Business growth – where to find out more
Tower Leasing have supported the investment and growth of over 40,000 SMEs. No matter what your plans are, we have the business finance products in place and the expertise to help you see them through. Get in touch with us to let us know how we can help you with business growth, or read more about our finance options for business growth.