If business is good and you see the opportunity to grow then now might be the time to take the leap. We’ve created a checklist to help you determine if it's the right time to expand your business.
Do you have a loyal customer base?
The key to success in business is building loyalty with your customers. Do you have repeat business from your customers? Do your customers refer their friends and family? Do you have lots of positive reviews on your website or Facebook page? Reputation is everything in business. So, the question is, do you have enough momentum to take your business to the next level?
Do you have a great team that’s going to stick with you through the rough and smooth? Do you have people you can promote, can take on more responsibility, and are willing to go above and beyond to help you succeed?
Is there a growing demand for your services or products?
Increased demand in your services or products is a clear sign it’s time to expand. Are you turning away potential business? Is product flying off the shelf before it can be replenished? Just make sure it’s not a short-term trend. Measure the growth of your business over a period of time to ensure that expansion is sustainable. Once you’ve reviewed the data it’s decision time.
Are you outgrowing your space?
Is there a need for more space? Does the building accommodate all your needs? If lack of space is affecting the quality of your product or service you definitely need to evaluate the situation and how best to move forward. Taking on a larger space might be the answer.
Process and procedure
Do you have your processes and procedures ready for expansion? If you’re going to grow you need to make sure your IT infrastructure is up to it. If you need more staff do you have an adequate onboarding process? Can your accounting software handle such growth? It might seem like we’re getting into the finer details, but that’s not a bad thing. You need to have the right infrastructure in place.
Recognize your limits
Is there room for growth in your market? What are your competitors up to? If you grow will you still work face-to-face with clients and run the business or will you hire a CEO to take on day-to-day operation while you continue to be the face of the business? Are there enough people with the right skills to hire in your area or will you need to look further afield? Do you have other commitments, such as family, that could suffer if you have to spend less time at home and more time concentrating on your business? There’s a lot to think about so better now than when it’s too late.
Are your finances solid?
How’s revenue? What about cash flow? What about accounts in arrears? Do you have a strategy in place to deal with late payments? Growth must be sustainable and numbers don’t lie. If your business is growing in numbers and you’re getting paid on time then you’ve solved a large piece of the puzzle when it comes to expanding your business.
If you’re still struggling to decide, our business teams are on hand to provide you with the support you need to make an informed decision. Stop in at one of our branches in New Berlin, Springfield, Palmyra, or Modesto.