Business growth is the sign of a healthy operation. But how do you know it’s time to focus your attention on your business expansion? Expanding your business requires thought, time, and money to be invested – you want to make sure you’re doing it at the right time. Here are three key signs your business is due for expansion.
You’re swamped with work
If your business is experiencing more custom than it can handle, it’s time to grow. Investing in a few more employees, be they full-time, part-time, or freelance, is a great way to facilitate your business development. Many hands make light work, so consider expanding your team.
If you have employees already, make sure they are satisfied before you bring any new blood in. With too much work for too few hands, it’s easy for dissatisfaction to brew. A shakeup such as a new promotion, pricing structure, or marketing campaign can help invigorate your staff and kickstart the next phase of your business development.
When products are flying off the shelves faster than you can replace them, you know it’s time to invest in your business growth. It might be the time for you to think about placing larger orders from your suppliers or investing in some larger scale storage for your products.
If your finances allow it, you could also think about expanding your business premises. Few businesses stay in the same place forever – as you grow and develop it’s natural to want to try and find larger and more suitable accommodation.
Your brand is growing
Take a look at the impact your brand is having on the marketplace. If you’re in the position of having a social media following and customers who actively seek you out, it’s time to invest in your development. You’re now an influencer in your industry.
If you’re able to present yourself as a more established brand, that in turn will drive more custom. With that level of brand awareness, you’ll have a solid foundation to possibly establish second premises in a new location to capture a whole new market.
Signs your business is due for expansion – where to find out more
If you’d like to expand your business, but need help with finance, please get in touch, we can help.
To find out more about the business expansion finance we can help with, please visit our Alternative Finance page.
Image: Young startup team. Men and women working in loft – Credit to https://www.lyncconf.com/ by nodstrum licensed under Creative Commons 4.0