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Signs Your Business Is Ready To Expand
  • 25 February 2016
  • Eric Michaels

Signs Your Business Is Ready To Expand

Starting a business might be more difficult than you first imagined but it might also become more successful than you thought. With the right mix of planning, skill, and hard work, you could find that you need to expand your business in order to maximize its potential. Here are some signs that growth is the next step for your company.

The business runs itself

Have you noticed yourself stressing out less about the fate of your company? When consulting with your manager or other employees, does it seem like they have everything under control? These are signs that you’ve done an excellent job starting and running your company and suggest that you’re ready for a bigger challenge, i.e., expansion. Could you handle running two or three locations as opposed to one? Perhaps you’re ready to take on more accounts (keeping in mind that each of these endeavors might require adding new staff.) If you feel ready for the challenge, it might be time to take the leap.

The competition has already done it

By expanding or encroaching on your customer base, your business competitors sometimes force your hand. Their success or failure could provide insight into what expansion might look like for your company. Use social media reviews and other types of research to determine how they have fared since opening up new locations. If you find mostly glowing reviews or positive comments it could mean you’ve been beaten to the punch. Rather than conceding defeat and regretting the missed opportunity, look for key takeaways that you can use when planning and executing your own expansion perhaps into a different region.

You have more tricks up your sleeve

Sometimes, growth means diversifying rather than duplicating your original model. For example, restaurateurs with popular desserts could consider opening a location where only desserts are served.To this point, your brand is more than the products and services you offer, so if you do choose to expand, you have a core group of customers to steer toward your next venture. This gives you a tremendous advantage and puts you in a great position compared to companies just starting out. Succeeding in business means using your leverage and having a loyal group of clients proves invaluable because you don’t need to sell them on your company; you only need to sell them on something new from a company they already love.

Picking the right time to expand can be tricky and it’s important to have access to all of the business services you need to make it happen, including financing, online marketing, and human resources. Once you’re ready, grow your business the right way.

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