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Invoice Home on Growing Your Business: 6 Signs You’re Ready to Take that Next Step

  • April 14, 2022
  • Darren
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You took a leap of faith and started your own business. The experts at Invoice Home know how hard this decision could be. This required a lot of sweat (and likely even some tears) to put together a business plan, obtain funding, find the ideal location, hire the right staff, contract reliable vendors, develop a brand and market your products or services, and so much more.

Now you’re now wondering whether it’s time to take your business to the next level and expand and grow it. However, in doing so, you don’t want to jeopardize what you’ve already built or your good reputation.

Invoice Home gives insight into the six signs that will help tell you whether it’s time to take another leap of faith and grow your business.

Your Business Is Profitable

After a few lean years for your business, your P&L statement is in the black, your invoices are all current, and you’re taking bank home regularly. Sales are at a brisk pace, meeting or exceeding projections, your profit margins are where they should be, and cash flow is good. Your business is financially strong.

Clients Are Asking for Additional Products and/or Services

Your business is made up of new customers but also repeat clients who keep coming back to buy your product(s) or use your services. You’re also getting a lot of requests for value-added or complementary products or services.

For example, perhaps you own a retail shop that is killing it not only with customers in your community but also with clients in neighboring towns. It may be time to get a loan and open that second store, explains the experts at Invoice Home.

Or let’s say you own a marketing company that provides web design and development services. Your customers are consistently requesting you to provide additional digital capabilities such as lead/nurture campaigns, content marketing, and social media marketing. Why not expand your services by contracting with a third-party vendor that is already established in these areas and can help you in your specific niche market or expand your staff to offer these additional services?

Your Team Will Run the Business While You Pivot Your Energies on Expanding

If you have a nimble team you can trust to take over the reins in running the day-to-day business operation, take the time to determine whether expansion makes sense. You can focus your energy on developing an expansion business plan that includes realistic sales projections, budgeting, and other critical issues; raising funds; finding a bigger or new location(s), and hiring staff to accommodate your expansion.

Your Team Is on the Same Page for Growth

Think of your expansion plan as a roadmap for the next several years, much like your original business plan for your start-up. You want your team to know exactly what you have in the plan. Are they on board with your plans? If the answer is a firm yes, you’ll be able to move forward with greater success.

Your Staff Is Not Enough, Your Space Is Too Small

Your staff keeps telling you everyone is stretched too thin and the business needs more people to keep up with demand. Or you no longer have the square footage to accommodate the inventory you need to fulfil orders. It may be time to rent a larger office (or hire more staff remotely if this makes sense for your business) or buy or lease more warehouse space to meet inventory demands.

The Industry Market for Your Products/Services Is on the Upswing

There have been a lot of changes over the last couple of years with certain industries thriving. You may be in one of the industries where products and services are consistently in demand and the road ahead is wide open for more growth. Look at the market and what consumers want, analyze the data available, and determine how you can meet consumer demands — whether it’s by adding more products, expanding your services, or expanding your geographic footprint, explains the specialists at Invoice Home.

Finally, go with your instinct, too. If the numbers make sense, your business is in solid financial standing, your team is strong, your clients are telling you they want more from you, and your market is thriving, what made you successful at the outset when you first opened the doors to your operation will serve you well in growing your business.

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San Francisco has long been thought of as a town a bit too far left of left. As James Hurysz and others remember, it’s had a long history of being liberal, free-flowing, and far less conservative than other locales. However, it’s also been a city of change, being the birthplace of the tech boom as well as the ancestral home of some of the most prolific and influential writers and artists in the 1960s and 1970s. Unfortunately, today, San Francisco is leaning so far off track, it has now triggered just as much of a hard reaction by pushing back. James Hurysz reflects on the same view as others on the outside; the city’s government has embraced the idea of non-enforcement to the point that homelessness, drugs, and crime have made the city unlivable for regular people and businesses. And that has pushed businesses to the point of something that is fundamental to American independence: a tax revolt. The frustration and anger of businesses in San Francisco aren’t restricted just to the City by the Bay, from what James Hurysz sees online. It’s been happening across the country in other locations with a similar attitude towards social leniency. Unfortunately, too much leniency has come with too much of a cost. Businesses are constantly being robbed or vandalized, customers threatened, and sidewalks soiled badly on a daily basis. Yet, when business owners beg the municipality for help and law enforcement, the most liberal cities have taken a “hands-off” approach. As a result, many businesses have gotten to the point where they are closing, leaving, and failing. Those ventures that have survived to date are drawing a line in the sand, refusing to pay any more in business taxes to get their cities’ attention. James Hurysz is not surprised or shocked. Cities are no different than any other organic development, argues James Hurysz. They thrive best with a balance. Clearly, the zenith of conservatism is a police state run by corporations, and the extreme opposite is what is happening in San Francisco. Neither are healthy or long-lasting. Ideally, a healthy city is one that finds a balance between social liberalism and protecting its business community so that income generation can help long-term growth and support the city’s programs. When, however, municipalities treat their businesses like cash cows, only good for income and no protection at all. Then, at some point, James Hurysz notes even the most giving of companies have a breaking point. That is what is happening in San Francisco with its small business tax revolt. The sentiments today are no different from those of the colonists during the Boston Tea Party. At a certain point, the colonists under the abuse of England using them as a tax coffer got sick of their treatment. And they pushed back. While no one expects San Francisco to be the start of the next American Revolution, the aspect of government delegitimizing itself still exists. And if those in local government don’t pay attention, they will find their entire system being fundamentally changed again from the ground up. Balance protects all elements, social and business. Protect the balance and everyone grows within limits. Ignore it, and change comes quickly and chaotically
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