Is now the right time to expand your business?
While you shouldn’t rush into any hasty decisions, there are some undeniable signs that might point to the affirmative. Careful planning will be needed, of course, but if any of the following are true, then it might be time to consider expansion possibilities to further strengthen your business.
#1: You have exceeded your customer targets
As part of your business plan, you might have put targets in place in relation to the number of customers you needed in order to make a profit. If you have managed to retain a loyal customer base, and you are regularly attaining new customers to your business, then you may have exceeded your targets. Well done! If you haven’t already, you should think about hiring new staff, as you should have the profits to do so. You will then be in a better position to manage the customers you have on your books, and with more people on your team, you might have the opportunity to expand your business into a second location.
#2: Your business premises are no longer fit for purpose
If your business has been doing well, then you may have hired new staff already. You might have increased your stock levels too, and you might have added new equipment and technologies to enhance your business. This is all well and good, but if you are now running out of space, then it’s probably time to consider renovating your building or opening up elsewhere, perhaps with the design benefits of these prefabricated commercial building solutions. You will then have more room and functionality to accommodate the needs of your growing business.
#3: There is the potential for more customers
Are there any potential customers living in areas far removed from your business premises? While some businesses can manage this by shipping their products, you might run a company that largely serves the needs of local people. If you know that there is demand for what your business offers elsewhere, perhaps because you have received queries from out-of-town visitors, then now might be the time to expand your business by opening up at a second (or even third) location to meet the needs of those people interested in buying from you.
#4: You have more customers than you can handle
Are you turning down business because your team is already working to the bone? Are your employees exhausted because their workloads have increased exponentially? If so, then this is another indicator that expansion needs to be on the cards. You might need to hire new employees, and as a consequence, you might also need better and larger business premises to accommodate the high demand that your business is receiving. This way, not only will you keep your customers happy, especially if you have had to let one or two down because of your busyness, but you will keep your existing staff happy too, particularly if they are tired of working overtime because of heavy workloads.
So, is now the time to expand your business? It might be, especially if what we have suggested is true to you. Think about what you might need to do to grow then, and then take the necessary steps to take your business to the next level.