How do you recognize when it’s time for your business to grow? Whether you are thinking about how customers look for new products or when you should pass on an opportunity. Here’s a few tips.
Customers are Looking for New Products
Customers may be requesting additional products or services. You don’t want to turn them away, potentially sending them to your competitors. If customers or clients are asking for more from your business, that’s a sign. You could have the existing clientele and word-of-mouth marketing to support a new product line or second location. However, be sure that the business can sustain an expansion. Don’t make changes solely on customer demands. If an increase in production results in a decline in quality, you risk losing customers — and sales. For fast-growing companies, demand can sometimes exceed the business’ bandwidth. Do you have to turn down orders or put in crazy hours to complete work? If so, it could be time to expand your business. You could hire more employees or open a second location.
Space Is Getting Tight
Whether you’re working in an office, a restaurant, or a manufacturing facility, you need enough room to operate comfortably. Your waiters might be tripping over each other or your employees are scrunched desk-to-desk. So you may need to expand. These close quarters could mean purchasing a new space. Building a second location, or renovating your existing site are possibilities. Be thoughtful about the decision to lease a larger space or purchase another location. Do you need to expand? Is growth consistent or is the tight capacity due to seasonal trends? Will the expansion lead to improved customer experience or employee work environment?
You Can’t Pass Up the Opportunity
A prospective customer may have heard of your business. They may have approached you with a larger-than-usual order for goods or services. Or perhaps a business associate reached out to you. They have a partner with her firm to provide a full suite of services to your respective customers. When options like these appear, you must recognize them as the opportunities they are. However, to serve those opportunities, you will need to purposely grow your company. You may need to hire additional employees. You may need to move your business from your house to a separate office or obtain external financing. Here’s some tips on recognizing expanding opportunities: https://www.betranslated.com/blog/identify-business-growth-opportunities/
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