Is Your Business Ready to Expand?April 18th, 2022
Let’s be upfront here. Being a business owner can be… well, risky business. But it’s understood that you must take risks (perhaps not blind risks, but well-calculated ones) to see great strides in potential growth and longevity. But what exactly are the signs that it might be the right time to consider expanding? Venturing into expansion can either make or break your long-term business goals, depending on whether it truly is the right time. Here are some indicators that your business is ready for expansion.
- Loyal customer base. Are you active on social media and your following is growing exponentially? Are people talking about your services and referring you to your friends outside of paid advertising? If you have a steadily loyal customer base that is feeding into the growth and good reputation of your business or services, then it might be time to capitalize on that wave. In addition to possibly expanding your business’ services or opening a second location, you may want to consider investing in your business in even less traditional ways. For example, as your business grows more popular, investing in a properly configured, professional website that is equipped with tools to foster your growth beyond word-of-mouth (think SEO, and thoughtful capture forms tied to the ability to email potential customers) is a great next step.
- Packed schedule, or rapidly selling out of stock. If you’re a services-based business, and your scheduled is booked out months in advance, or if your storefront is frequently selling out of items faster than you can restock the shelves, then you’re ready to reevaluate how you continue operating your business. You might want to consider a larger location, a second location, or *gasp* raising your service prices due to the high demand for them. The time is now for small businesses to capitalize on technology, so ensuring your business has the basics in place (a professionally done multi-use website as mentioned before) should be a priority.
- Your current staff or team is feeling overworked. If the volume of your customer demand is essentially overworking your existing team, then it’s likely time to expand in terms of hiring more employees. If you increase the cost of your services, and then add team members, you’re giving your business the ability to support and sustain growth.
Of course, if your business needs capital in order to take any steps toward growth or expansion, Velocity Group USA can be a useful and supportive partner in getting your business funded quickly and painlessly.
Apply today, and see what possibilities lie ahead of you and your business.