Time to expand???

Time to expand

There’s no denying it, expanding your business can be a daunting task, but growth is exciting and what’s more, expansion is a major indicator that your hard work is paying off.

We know that making this next big step can feel scary (almost as scary as starting in the first place but hey – look at where you are now!) or maybe you aren’t sure if expansion is right for your business so, to make things easier we’ve pulled together three signs that it may be time to make that leap:

  1. You’re consistently seeing an increase in demand for your products, services or your time. This could be indicated by an uptick in sales, new customers reaching out to you, or positive feedback from current customers. If you’re finding that you’re unable to keep up with demand, it may be time to consider expanding your operation to keep up – and expansion isn’t only about  premises, it can also mean hiring staff! Taking on staff when the time is right means you can concentrate on the business of sustaining growth – doing things like looking at long term ways to increase production, developing sales strategies and sourcing reliable and cost efficient supply chains.
  2. Your financial situation. If you’re seeing a steady increase in profits and have a solid business plan in place, it may be a good time to invest in expansion. This could include purchasing new equipment,opening a new location.
  3. Finally, it’s important to consider your own personal goals and aspirations for your business. Are you happy with the current state of your business or do you envision it growing and expanding in the future? Expanding your business can be a great way to achieve your personal goals and reach new heights of success.

Overall, expanding a small business can be a big decision, but it is also an opportunity to take your business to the next level.

By paying attention to signs such as increased demand, capacity constraints, and financial stability, you can determine if the timing is right to push forward. Remember, growth takes time, planning and hard work, but there’s no doubt that watching your ‘baby’ grow can be both incredibly rewarding and fulfilling.

If you’d like to talk to someone about expanding your enterprise, we have a team of Mentors and Coaches on hand to offer you support and guidance. You can reach out to us here to make an appointment or to find out more about the services we can offer you and your business: