In business, missing opportunities and perfect timing can lead to a disaster. Just like in love, business takes time and patience. It is hard work. It is a sacrifice. But after showering it with love, affection, honesty, and respect, you will wonder if it’s time to take it another notch? Not all businessmen have that eye for these golden opportunities. Not everyone has a business instinct as honed as Warren Buffett’s. So how do you know that you and your business are ready to take the dive?
It’s Getting Hard to Manage the Business Because of the Demand
If you run a restaurant that offers delivery services, you can hire an order-taking call center. If your receptionist cannot handle the deluge of customers and phone calls anymore and you’re missing out on a lot of those phone calls, it’s time to call in the big guns. Outsource the order-taking part of your business to a call center. A small team of 10 people can help your business take in more orders and delivery services.
You Have Regular Customers
Regular and return customers are the best kind. It means that they find your products and services satisfactory. As a business owner, you have a special affinity to these people. Should they be the ones you think of when you consider expanding your business? Not necessarily. You have to make sure that this clientele isn’t a fluke. These “regular” customers should have been with you for months, and not only because it’s the holidays. Business seasonality and market fluctuation are unstable reasons to grow a company.
Your Customers Are Demanding for More
One of the tell-tale signs that it’s time to grow your business is if it’s coming straight from your customers. If they are already asking you to offer more products and services, then consider doing so. If you have a physical location and customers are asking you to open shop in their area, then consider going for another branch. Track the suggestions and comments of your customers so that you know which way you need to go.
You Have the Right Employees
The best employees don’t mean that they are right for your business. Five years from now, can you still see these people as your employees? Do they understand the business as much as you do? Are they on the same page as you? The most important thing when expanding a business is having a team with you that believe in and follow your vision.
The Business Has Exceeded the Goals
Can you still remember the goals you have set for the business? Have these goals been met? It’s one thing to meet the milestones; it’s another to have exceeded these goals. That is a clear sign that you are ready to take the business to the next level.
You Have the Capital
But sometimes, it’s as simple as this: do you have the money? You may have great sales, but if you’re not receiving the payments on time, then you might not have enough cash flow to expand your business. Make sure that your finances are stable before diving into business expansion.
Growing your business is exciting. Think about how you feel when you first started. That’s how it’s going to be again, minus the nervousness of putting all your money into this business. This time around, you’re hopefully in a more stable financial condition.