You’ve been running your own company for some time now with relative success. However, your ambition is to take your business to the next level. Expanding your company takes a lot of time and financial investments – and it is never risk-free. Thus, you need to choose your timing wisely.
So, how do you know when it’s time to hold steady or scale up? Here are some indications that your company is ready to expand:
1. Your core team is solid
You have a business partner and a solid backbone of employees. They have been with you for years. Your company is also managing to attract new talent. If you have a solid team that you know can handle the changes and help mentor new employees as you bring them on, then you could be ready for an expansion.
2. The demand is there
A business is only as successful as the available demand. You’re in a growth industry and the market is booming just now. You have so many orders that you are actually having to turn customers away. If the demand is there, then it’s a good sign that an expansion might be successful.
3. You have security
Nothing is guaranteed to go right the first time in business, so it’s important that you have some security. Does your business have the capital to invest and reinvest if the expansion doesn’t work out? Will you be in a position to regroup and try again in the future? It’s important to always have a plan B in place before making any significant moves.
Expanding your company can be exciting and rewarding. We help companies who are looking to expand their business. Contact us to schedule a free initial consultation.