It really is an interesting time for your business, isn’t it? Sales are rolling in, and your customers are happy. Your employees are highly engaged and going full tilt. 5 Signs Your Company Is Ready to Growth
You’re now in a position where you need to answer some serious questions. Are you willing to do what it takes to expand? Do you have what it takes to enter a serious growth phase? Your recent business success isn’t the only thing you should look at. Here are five ways to tell if you are ready to start business growth.
You had a good idea. You turned it into a business. You’ve gotten off to a great start. But this is where the real work begins.
Migrating from a start-up to a fast-growing company requires passion, dedication, and near total immersion. You must deal with pressure and incredible anxiety, take on enormous responsibility, and still manage to balance other aspects of your life, like family and health.
Ask yourself if this is for you? If you can’t imagine yourself doing anything else with your life and are convinced that you will not just survive but thrive, then you may have what it takes to jump on the road to growth.
You must have regular customers. You should have a steady, and hopefully growing, base of customers. Having a regular flow of customers shows there is continued demand for your product or service.
Repeat customers are the best kind of customers. They prove that your offerings are satisfactory. And, the recurring revenue from repeat customers helps make your business more stable.
There are endless stories of friends, relatives, classmates, and colleagues starting a business together only to find out that old relationships aren’t enough to fuel a successful and scalable business. Even teams that have successfully launched a business may not have the skill sets required to lead and scale that business over the long-term.
Growth only happens when all needed “human elements” are in place. This means people who have either worked in a large and thriving business or understand the technologies needed are the right employees to fuel sustainable, scalable growth.
Look at your current team. Do you have those people? The ones who can lead and inspire and know how to manage people? Are they masters of sales, finance, marketing, communications, and logistics? If not, can they learn to be?
If the answer to these questions is a resounding “yes,” then you are almost certainly ready for growth.
Never forget the capital. A smart small business owner keeps a close eye on the bottom line, monitoring all expenses and all returns on investments. Before you grow your business, be sure you have the finances in place to secure its success.
Growth costs money. Since you may not see profits from a new expansion for several months, you need to have the funds needed to carry you through until then.
A key skill to develop in order to be successful is the ability to spot market and industry trends and developments and to act on them. If you see a shift in your market or industry, you want to generate ideas about how you can leverage those changes to grow your sales, profits or market penetration.
Do your due diligence first, then take action. Talk to other industry players, interview prospective customers or investigate how a similar technology or process is used elsewhere.
There can be multiple signs that it’s time to grow your business. The key is to be able to recognize these. Look at what’s currently happening while also forecasting what could happen in the next year or two so that you can position yourself for both short-term and long-term success.
We have given you the signs, now is your turn to take action and grow!