How to Know When to Expand Your Business
Opening a business can feel like a gamble and expanding your business can feel like rolling the dice all over again. If you’re looking for clues that it’s time to grow, here are a few telltale signs that you should start making moves.
Customers are giving great feedback
The most obvious sign that it’s time to expand is positive customer feedback. When customers are letting you know they’re regularly traveling to your business it’s a good cue to start thinking about opening another location. If you’re getting suggestions from patrons about products you should stock, it’s probably safe to start expanding your catalog. Community feedback is a surefire way to know when and how to grow your business.
You have a team of dedicated employees ready to support your transition
If your employees have stuck with you for some time and proven commitment to their position, it alleviates a lot of stress that comes with a transition. When you’re planning out the timing of your growth, having a team that you trust to hold down the fort when there’s a possibility of growing pains should be an essential factor. A team with the knowledge and dedication to keep the ball rolling allows you to focus on your next steps worry-free.
Your industry is growing
Do your industry research and keep an eye on trends. Is your industry growing, or fading out? Even if you’re finding local success, it’s good to look nationally and globally at the popularity of the goods or services you provide. For example, if you service exclusively pocket watches, it might not be a great idea to open a second location offering the same services. Expanding your business to include smart watches and fitness trackers may be a direction for you to explore.
A golden opportunity presents itself
If your business has been steadily growing. you’ve been eyeing an expansion for some time, and the opportunity comes knocking, open the door! Preparation can get you far, but some “signs” are undeniable. Though expansion can feel like a gamble, it’s worth it when you hit the jackpot!
To put a plan in place and enable your small business’ growth, consult with Pioneer’s Business Team to see how we can set you up for success.