You are an established and successful entrepreneur, which means you know exactly what it’s like to be in a position where you recognize that your business is doing well. Taking your business from where it is now to the next step is big and it can be difficult to know whether your company is ready for that step. You need to be sure that you are ready as an entrepreneur before you get ready to move your company into deeper water. You have to be able to address your weaknesses as a business and firm these up before you move forward into a new way of doing things.
So, how can you tell that your company is ready to grow? How can you get more information on funding the expansion that you feel you are ready for? We’ve put together some signs you need to check yourself against, so that you know you are making the right decision for your business.
A strong team is going to go a long way before you embark on expansion. Growing your business is an exciting adventure, but it does put a lot of pressure on the team that you have. Your team has to be ready to take on the challenge of growth and you have to be ready to trust your people with bigger responsibilities and bigger decisions.
A loyal customer base can tell you a lot about whether you are ready to grow. If you are popular, and struggling to keep up with demand, this is a good thing. The trouble is, if you aren’t keeping up, then it’s not the best thing in the world out there. Good customers will be able to give you solid feedback, so ask them what they think!
Demand exceeding supply is a wonderful place for a business to find themselves, but if you are finding yourself too cramped and small for the work you are doing, it’s time to move out and move up. While you want demand to stay high, you don’t want to fall behind trying to keep up. It’s a balancing act.
A strong financial backing for your expansion is important and you need to have solid funding before you press your foot on the growth pedal. You don’t just need funds for the initial expansion, you need them to ensure you can continue on your path to success and growth.
A solid track record in what you already do as a business is a great indicator that you are ready for that next step. Consistently meeting deadlines and milestones ahead of schedule is a sure-fire way to make sure that you could cope with the demands of increased business.
Deciding whether you should take your business to the next level is a decision that should include all the department leads in your company. Get some good, strong advice about your company and make sure that you expand at the right time for you all.