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The UPS Store Small Business Blog
  • 27 January 2020
  • Leo Covey

Key Signs It Is Time To Expand Your Business

For the third and final part in our Rightsizing series, we are going to examine the signs that it may be time to expand your business. What do we mean by “expand your business”? For the sake of this article, we mean adding additional resources into your business to help it scale up and grow. These resources can run the gamut from adding new manufacturing and distribution channels to exploring fresh marketing techniques to reach new customers. And the great news is that, in many instances, The UPS Store® can help you expand your business with key services like printing, direct mail and even some valuable hookups with premier partners in our suite of Small Business Services.

A clerk handing a bag of purchased items to a customer
  1. Demand is outpacing your supply. This is simple economics. Assuming that profit margins are healthy and you still cannot keep up with customer expectations, it may be time to expand your business. In times like these, you will likely be on the hunt for new methods of manufacturing or channels of distribution. You need to find solutions that will help get your products into more people’s hands, like a new store location or updated equipment. Solutions like these are capital intensive and may require you to open up additional lines of credit with the right partners.

  2. You are exhausting precious resources. This is a nice way of saying that you and your team are exhausted running a successful business. In this case, expanding your business can take the form of hiring new people. Maybe you want to hire a specialist to take care of bookkeeping and HR needs. Maybe you need more people to run the shop. Either way, The UPS Store knows that recruiting takes time. Our partners are here to help you staff up with new talent so you can expand your business.

  3. You have saturated a marketplace. Customers cannot get enough of what you are offering. Your products or services are flying off the shelves, be they physical store shelves or the digital ones too. These are good problems to have. In these instances, expanding your small business means reaching new customers. From targeted digital campaigns to direct mail services, The UPS Store can help you expand your business by reaching valuable audiences and untapped markets.

    Business woman sitting at a desk doing paperwork
  4. Customers are asking for it. Scour your social media feeds. Look at the comments section in your blog. Read the notes in your suggestion box. Often your customers are asking you to expand your business right in front of your eyes. “I can’t find your product in my city.” “When will you be opening another location?” These casual comments can have profound implications for expanding your small business. If enough of them pile up, it may be time to take them seriously and do something about it.

  5. You just have a hunch. Listen to that tiny voice in your head whispering that it may be time to expand your business. Entrepreneurs are known for following their instincts and going with their gut. If you have a nagging suspicion that it may be time to expand, but aren’t 100% sure what to do with it, we can link you up with a small business coach to consult with.

When to expand your business is a serious question with not-so-simple answers. At the end of the day, “Rightsizing” is about establishing the right size and scale for your business, with the emphasis being on what’s right for you personally and professionally. Find the right balance between being patient and setting healthy goals that don’t overstretch your resources. Look for the signs, talk things through with your team and know that The UPS Store is here to support you on your journey.

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