How do you know when it’s time to grow your small business? It’s exciting to think about expanding your brand and offering new products and services, but it’s best to be on strong financial footing before you take that leap. Read on for a few crucial points—if they describe your business, you may be ready to grow.
You Have a Loyal Customer Base
Hopefully, you’ve got a steady stream of customers visiting you, both in person and on social media. You may even have a few recognizable regulars! The presence of a loyal customer base is a good indication that your business is needed and valued within the community. Why not expand your outreach even further?
Your Profits Are Soaring
Track your finances every month. Are you bringing in significantly more profit than you did at the beginning of your venture? That’s an obvious sign that you’re doing well—and a sign that you have room to grow. Set aside some of that money or take out a private startup business loan to fund your next growth phase.
You’re Swamped With Business
Is there simply too much going on? Maybe your storefront sees more foot traffic than your sales staff can handle. Or perhaps you’re getting so many bookings for a service you provide that you have a hard time fulfilling them all. If your current business model is straining under the pressure of high demand, it’s time to expand. Hire more people, buy more inventory, improve operations, and bring your business to the next level.
You’ve Grown Complacent
You should always be thinking of ways to improve and elevate your business. Have you spent months—or years—doing the same thing every day? Even if it’s working for you and turning a profit, it’s probably time to challenge yourself. If you know your business does very well in one area, consider expanding to adjacent projects to keep things fresh and engaging.
While growing your business takes years of hard work and patience, those virtues do pay off eventually. Recognize when your business is doing well, and challenge yourself to make it even better. You’ll be able to tell when it’s time to expand your small business by taking note of these signs.
If you’re ready to expand and need assistance securing funding, visit Pango Financial’s convenient funding solutions tool to learn more about your options.