Reaching the point where you want to expand your business and push the boundaries of what you do and what you are capable of can be an exciting yet challenging time. However, pushing forward with expansion plans before you are ready can lead you down a path to failure and impact your ability to stay on top of your current business and responsibilities. Before leaping in and forging ahead with plans, you need to assess if your business is ready to expand or if you are jumping the gun.
You Can Handle Current Business Easily
Basically, if you cannot handle what you are currently doing, then you shouldn’t be actively moving ahead with expansion plans. You can put plans into place to help you cope with your current operations and customers, but if you are struggling to meet your obligations right now without issues, then holding off on expansion pals is a good idea.
But if your team is able to cope with what you are doing and are proving they can handle increased pressure and get the job done, then you are well primed to consider expansion plans.
You’re Running Out Of Space
Are you struggling to house inventory? Can’t fit another member of staff through the doors or you can’t physically cope with footfall in a store? Then, it might be time to consider expanding operations and adding to or moving to a bigger location to meet your needs.
Some good options include relocating to a bigger space, adding a second location, or using a company like IMS Builder to help you add usable buildings to your current space or area to handle increased staffing levels or inventory, for example, and give you more room to do what you do without having to uproot everything and get settled in a new place.
Customers Are Coming To You
If you’re finding that you’re not so much attracting customers as opposed to them finding you, then you could be ready to expand to meet demand. Suppose you are under a constant stream of taking on new clients or serving more customers, or even you are being asked to open another location in different areas as people are traveling with you. In that case, it might be the ideal time to grab this opportunity with both hands; typically, you will already be well established and are coping with increased demand from customers thanks to a good reputation or word of mouth. But this is a good sign that things can move forward for you right now.
You Have Good Cash Flow
If you are able to fund your new plans financially and you are meeting all of your financial obligations, then expansion plans could be a go-to action. The last thing you want is to take on too much and not have the funds to bankroll these actions. You need to be able to cope with all of our current expenses and cover the cost of expanding and the extra pressure this puts on your finances until it becomes profitable. It’s not enough to simply be taking more money now; you need to be confident that expanding will generate the income you need so you can afford the increase in utilities, rent, wages, equipment, and supplies you will be paying for and that you won’t be in financial straits by doing so.
There are multiple indicators that you are ready to move forward and expand your business. These are just four signs you and your business are good to go and can handle growth right now.
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