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.
