Growing your business can be daunting, but if there are signs indicating that you are ready, it might be time to go for it! So how do you know when you should consider expanding your business?
Bursting at the Seams
If you’re regularly running out of inventory, constantly have customers waiting for tables, or are having trouble keeping up with clients, it might be time to expand your business! Keep an eye out for signs like these that indicate you might be spreading yourself too thin. Do you need extra help? Do you need more space? Can you afford to go ahead and expand your business? Make sure you have the tools, equipment, and manpower you need to run your business well.
No Risk, No Reward
It’s natural to have a bit of trepidation when you’re considering expanding your business. Expanding is a big risk: after all, what if it doesn’t pay off? That being said, putting off expansion until you feel certain it will succeed may be an unnecessary precaution. If the signs are there and you are being advised to expand, try not to waver or doubt yourself. Even if you’re unsure it will work out, remember that it’s okay to take risks. Some amount of risk is often necessary for growth.
Expanding Your Business in a Well-Paced, Strategic Manner Can Increase Your Effectiveness.
There are two extremes business owners tend to swing to:
1. Either they never take any risks, stockpile their money, and postpone expanding their business indefinitely OR
2. They take too many risks, spend too much money too quickly, and end up expanding prematurely or too quickly.
Both of these approaches are likely to crash and burn for obvious reasons, so well-paced, strategic expansion should be your goal instead. If you’re considering expanding your business but are still unsure if it’s wise, the right timing, etc. get feedback! Talk to financial advisers, analyze your growth patterns, and weigh the risk/benefit of expanding your business. Make a list of pros and cons. Ask yourself what’s holding you back. If wisdom and wise counsel are advising against expanding, hold off. But if fear and uncertainty are dictating your growth trajectory, it might just be time to take that leap of faith and expand your business.