As a small business owner, you may not know exactly when the right time is to expand. Several factors can point you in the right direction and give you the clue that expansion will be a smart decision for your company.
When your business is growing so quickly that staff members simply can’t keep up with the demands is a key sign that it is time to expand. When you assign more than an employee can handle, the quality of the work will begin to suffer, and this can negatively impact your bottom line. You can continue to have high expectations for staff members, but make sure they are realistic and will keep employees engaged and satisfied in their work. At this point, it is probably time to expand the business and hire additional staff to maintain the high quality.
Previously Untapped Market
If your business offers a solution for a problem that has previously gone unanswered, you are probably finding a lot of success. When your business solves a problem for people, they will tell their friends and family members, and your company will boom. Take advantage of this growth period by looking for ways to expand. This might include offering additional products or services or providing opportunities for others to own franchises of your company. Both of these options allow your business to grow without costing you a lot up front.
Marketing Ventures are Paying Off
When you spend money on marketing, it is important to have a team member assigned to track the returns on investments. If the marketing is working and your business is thriving, you can put some of that money back into the company by looking at expansion opportunities. One great way to start the expansion process is to open an additional location. You can hire extra staff and offer more access to clients while increasing your revenue.
If you decide that the timing is right to expand your small business, the best way to proceed is to make a detailed plan. As the owner, you will be putting in extra hours for training and potentially traveling to find new locations, so make sure you can put the time in when you decide to expand. In addition to the extra time that expansion will require, you will also need to plan ahead for additional financial needs. If you need to consider additional funding, small business cash advances from Bad Credit Business Loans provide the best funding options to help your company grow.
Follow the Leaders
Business owners around the world have found success in growing their small businesses into thriving companies. As a small business owner, you can look to these examples for tips and tricks to successfully do the same with your company. Richard Branson, the founder of Virgin Group, emphasizes the need to pay attention to small details. He found that offering something unique, such as better customer service or transparent pricing, helped to keep customers more loyal to the brand. Find something like this that you can implement in your business and see how it can affect the overall opinion of your company.
Avoid Common Mistakes
Branson also shared a personal story about a fellow business owner, Richard Reed, whose company makes soft drinks and smoothies. He emphasized that Reed kept the fun and innovative feel in his company, which boosted morale and increased engagement of staff members. Many small business owners become overwhelmed with responsibilities as the company grows, and this negatively affects the staff. When you focus on the positive and keep that spirit alive in your business, you can expand and grow more easily with dedicated staff members.
When considering expansion, small business owners have a lot of factors to take into consideration. With the success of the popular television show, Shark Tank, which shows investors buying into the ideas of other business owners, many company owners are looking for ways that they can also improve sales and increase revenue. If your company shows signs that it is ready for expansion, this venture can provide success for everyone involved.