A common mistake made by small businesses is not expanding when it is time. While it might be safe to stick with your stable profits if you can grow your business by creating new products and appealing to even more customers, why wouldn’t you? It may take some effort, but the results are often worth the work you put in. So, if you’re a small business owner and you’re not sure whether it’s time to expand, here are eight signs that it is.
1: You Can’t Handle Business Finances Alone
One sign that it’s time to grow your business is that you cannot handle finances alone – particularly if you were previously able to. It shows that your business has become even more profitable and that you have the ideas to go even further. As well as growing your business, be sure to outsource your accounting. You can find London Accountants for financial advice, tax accounting, payroll accounting, and more, allowing you to focus on your business’s growth.
2: Your Schedule is Overloaded
If you find that from the moment you start work, you are swamped with endless tasks, consider that it might be time to expand. After all, it shows that you are endlessly busy – so why not grow your business to handle that amount of work? Better marketing strategies, a larger workplace, and more employees could turn your busy schedule into a more productive one.
3: Your Customers Keep Growing
Has your business experienced a steady growth of customers, or perhaps a sudden spike? If so, then then it’s a good sign that your business is appealing to many and that expansion could end up a profitable decision. If the customers are already there, you already have an audience. By expanding your ideas and improving your marketing strategies, you could reach even more customers, boosting your revenue.
4: You Need to Hire More Staff
Another obvious sign that business growth is necessary is the need to hire more staff. Businesses that can get by with one person running the show typically aren’t ready for growth. If you find that you keep needing to hire another employee, and then another, and then another, then the chances are you have success and that you could build on that. Don’t miss the opportunity – build a solid team and let your business flourish.
5: Your Business is Consistently Profitable
While high profits are a sign of the potential for business growth, you should consider whether those profits are consistent or not. A sudden spike in customers is a good sign, but if it is only temporary, then trying to expand too quickly could ruin the business. If your business’s profits are consistently growing, however, it is a sure sign that it is time to expand.
6: You’re Receiving Lots of Enquiries
If a large portion of your day is spent replying to customers, clients, and potential business partners, then good news – your business is reaching success, and you should make moves to expand on that. It means that people are genuinely interested in your business; that you have good, solid ideas, so don’t waste them by staying small. Instead, take the best opportunities that are given to you and let your business reach greater heights.
7: You Don’t Have Enough Room
Do you find that you don’t have enough room to accommodate your business equipment, stock, or even your staff? If so, then not only is it a sign that you should expand, but it also shows it’s time to find a bigger workspace. Every business starts somewhere – yours might still be run from home, or perhaps a tiny rented office nearby. Most successful businesses move on from those locations. If you need the room and you are financially able, don’t hesitate, as it could help you grow your business and build more profits.
8: You Have Excellent Ideas
While all of these signs are good indicators that you should grow your business, what really matters is the ideas you have. If you aren’t sure where to take your business next, it might not be the best time to do so. If you have inspired and realistic ideas, though, then it might be time to take your business to the next level. After all, every great idea starts somewhere, and you already have found success in your business, so why not keep going?
The choice to expand your business isn’t one to make lightly, but if these eight signs seem familiar to you, then it’s likely the right decision.
