Getting bigger doesn’t mean breaking the bank.
Once a business has hit a groove of steady income and a modicum of success, the possibility of expanding may begin to come up. For some, this is a simple change entailing bringing on new members of your design team or an assistant, and for others, this means creating an entirely new product line and literally going back to the drawing board.
Whether your business creates material goods or offers immaterial services, you have to be smart as you go about implementing growth strategies. Expanding too soon could mean you’re sunk in your business, and waiting too long could cost you, customers.
5 Signs It’s Time to Expand
1. You’re Frequently Behind
If you often have client orders piling up on your desk, or you rush to the post office every day of the week, scurrying to get your products out, it may be time to expand. If you are often behind, you are clearly bringing in enough work to warrant a new team member or additional product.
Having more work than you can handle suggests that you need to create a larger team, or delegate some of the more menial tasks. If your operation is a one-person show, delegate your correspondence to an office manager or assistant.
2. Your Clients Are Asking for More
If your clients are being turned away because you don’t have the time or bodies, or you’re constantly running out of product, it’s time to make a change. Following the trends of your customers is one of the best ways to stay relevant. If you frequently get emails from customers asking for a certain product, consider adding that to your line. If you are frequently bombarded by emails from former clients asking for additional services, find a way to make it happen.
3. Your Client Base Has Grown Steadily
A period during which your growth has grown stagnant is not the time to unveil a new project or bring a new hire onto the team. If, however, your client base has experienced consistent growth—even if it is small, consistent growth—it could be time for you to widen your scope.
Growth in your business should neither exceed the growth of your customers nor fall behind the growth of your customers; both are bad for business. Instead, follow the numbers: if your client base is experiencing steady growth, add services and goods accordingly.
4. Your Marketing Strategies Are in Place
If you are still struggling to find your footing in marketing strategies and content, it is not the time to expand. If, however, you are confident in your ability to adequately market your offerings, expansion is a possibility. Having a set marketing style and technique will make announcing new offerings simple and straightforward.
5. You Can Afford a Loss
Finally, expanding is risky. You could lose money, or you could wind up losing clients. If you can afford a loss, it may be the time to look into growing your business and creating new streams of revenue.
Source: Huffington Post