Did you know that starting a business is a lot like being a parent? For the first couple of years of its life, there is nothing more important than looking after your creation. Then, it’s hard to let go and allow them to grow as they age. You see, every entrepreneur wants to build a successful brand that will turn over millions, if not billions of dollars. Still, there comes the point when an owner just isn’t ready to pull the trigger, and it’s damaging to the business’s future.
If these signs are apparent, it’s time to take off the shackles.
Consistent Profit
One good year isn’t a valid reason to expand. Why? It’s because any firm can have a couple of healthy sectors and appear profitable. However, there isn’t a company on the planet that can do it for two, three or four years without doing something right. Profit is all about being consistent, and more than two years in the black is a sign that consistency isn’t an issue. The key is to not allow your heart to rule your head, or let factual anomalies get in the way of the truth. If you’re truly profitable, expansion is on the cards.
Tight Working Quarters
Sure, your current premises may have been good to you over the years, and it may be hard to leave as a result. But, there is no way you can let sentimentality get in the way of the firm’s future. Simply put, a cramped working space is a glaring sign that the business is growing. And, the premises need to change if you’re going to use it as a vehicle for success. There is no doubt that it is hard to find office space which suits your needs. Still, it’s better than the alternative.
Too Much Business
It doesn’t happen often, but there are times when companies have to turn people away because they are too busy. Of course, it’s the right choice when you are operating at the limit. After all, no one wants to suffocate under the weight of their success. Still, the fact is that the business could take on more customers with better resources. By expanding, there is no reason to say no any longer.
It’s In The Customer’s Interest
If the customers have to go out of their way to come to you, it’s time to think about making the process easier. Okay, they do have loyalty, and it should be enough to keep them on board. But, there is no reason for them to traipse from home to the store when you can move closer. As long as the demand is high, a brand new store will make the customers happy which means it will also make a killing.
You Have Loyalty
The reliability of your customer base is something not to underestimate. They might be with you now, but people do move on if they find a better offer. The key is to test whether they are fickle, or whether your customers are loyal. If they are with you until the end, an expansion won’t fall flat. If they’re likely to bounce, it’s best to rethink the strategy.
