57% of small businesses with fewer than 500 employees have exhibited noticeable revenue growth over the past year, according to a study by the Small Business Credit Survey. If you’re a small business owner, chances are you’ve felt that your business has grown too big for its shell. This often happens once you’ve hurdled the challenges of getting a startup afloat, such as dealing with taxes, budget balancing and advertising. Check out these three signs and see if your business is ready for the next stage of growth.
When the Customers are Asking for it
Perhaps the most obvious sign that it’s time to expand your business is when the customers themselves are giving off hints that you should. This often happens when a business is flourishing and starts to make bigger waves, attracting customers from far and wide. Chances are, they’d love to keep frequenting your shop, but time and distance are significant issues.
When that time comes, the best thing to do is simply to open up a new location, or set up an “outpost” stand of sorts if you can’t afford it yet. Once a new shop is set up, keep maintaining it until it’s as big as the first one, and then open one or two more. If you’re stumped with choosing the perfect location for a new branch, there are commercial search sites to help you find what you’re looking for in a space.
Transport Becomes A Major Necessity
Most businesses start out catering to a single locale, with their workers either stationary in the store itself or going to and from nearby locations on foot or by public transport. However, there comes a time where the demand calls a business’ operations farther and farther away from home base. If such a time has come for you, it would be time to consider investing in your own company vehicle or a fleet of vehicles.
When investing in vehicles for your business, the main things you want to look out for are the types of vehicles you need and the functions you want them to perform. For example, if you run a catering company, you will need a vehicle that can carry all the tools and utensils you need for a service with minimal chance of damage when the ride gets bumpy. Whatever your needs, it’s important to check with reputable car raters and reviewers to get some valuable insight before purchasing.
When Business Has Become Too Overwhelming
When your business is struggling to handle the growth in demand, you might work longer hours or even declining potential clients. By then, it might be time to find more ways to accommodate the growing customers. Aside from the aforementioned upgrades, you can expand your business capacity by hiring more staff or outsourcing tasks to expand your overall productivity. If your business is primarily supported by machines, then adding another machine plus a staffer to go with it will help support the demand. The only thing you need to watch out for are signs that it’s not just a temporary spike in business, as accommodating a short-term demand would only leave you with long-term costs.
Growth is the natural progression of any successful business, and you surely want your business – and revenue – to remain small forever. If any of these three signs have become known to you, then it’s probably time to make preparations to take your business to the next step.