Owning your own business can be exciting for anyone – even more so when your SME has expanded from a small operation into something far more successful. The next few steps after that success are vital – whether it’s equipment leading to expanding, increasing space or even hiring new staff. Here are just a few of the signs that it’s time to take that next step and expand your small business:
You’re working around the clock to ensure everything is done
If you frequently find yourself pulling 12-14 hour days to get it all done, and the profits are piling up nicely, that’s a good indicator that it’s time to expand your business beyond yourself. Employing someone to handle the areas that are time-consuming when you could be doing other things is an excellent example of responsible expansion, especially when it comes to customer support and sending out products.
Your supply can’t keep up with demand
Whether you’re running a bakery, you create clothing, or you sell a service, if your supply can’t keep up with the demand that indicates you should think about expansion. As your small business cash flow increases, it makes sense to invest some of that back into further increasing your output – that’s how the majority of small businesses start, after all.
You’ve not got the time to introduce new niches
Businesses are built on the ideas and knowledge of their owners, so when it comes to expanding your business, it makes sense to run with those ideas and grow further. If you haven’t got the time to explore additional avenues or potential sources of income, it might be a good idea to invest in more effective technology, better equipment or additional staff.
You’re getting bigger and better offers than your current system can handle
One product? No problem. One thousand of that product, though, and you might be in trouble. If you’re being asked to fulfil larger and larger requests, this is an excellent sign that your business is going places. But to meet those requests, expansion isn’t optional. Whether it’s finance for additional equipment or even moving to a larger warehouse or office space, if the offers are there, then expansion is on the horizon.
Expand your small business – where to find out more
Ready to take your business to the next level? Tower Leasing might be precisely the help you need. Contact us today to find out more.