3 Signs Your Business Is Ready for Expansion - What to Know

Do you feel you’re ready to grow your business? Feelings and reality can clash at times, though. Even if you feel like your business is doing well and want to scale up, you must tread carefully. Many small companies have gone through the expansion only to find that they were not as ready as they thought they were. So, you must be sure that your business is prepared to expand before doing anything about it.

To help you know when the right time to expand is, here are some signs to pay attention to:

1. You need more space

Is your workplace becoming more and more crowded to the point that you can barely work? Whether that is because you are handling more stock, you have hired more staff, or more customers are coming to your store to buy, you will need to expand.

A cramped space is never a good idea, as it makes business much harder to run, not to mention that it can hurt it too. For instance, customer experience may take a hit as people barely have any place to move around. It can leave your buyers a little unhappy with your business, too, giving them a reason to go somewhere else.

2. Your team is ready to embrace growth

If your team has displayed that they got your back and are willing to work hard for you, that is great! When you decide to expand, your team will have no problems putting in a little extra work and hours to help you grow. That said, if the teams are a little shaky, take the time to build them first. It can be anything from training them more or hiring new skilled workers to add to the mix.

However, before you expand your team, you need to identify what you need specifically. That can mean that if you need to grow your sales team, you will employ salespeople. Sometimes, you might not need to hire at all. For instance, your current marketing team might still be capable of handling growth, helping you save money from hiring any new marketers.

When you have a good team behind your back, you can put your company on the path of expansion.

3. You can barely keep up with business

Are you engulfed with the demand for your products and services? If so, then expansion is a good strategy. Note that it does not mean that you should go ahead with growing your business quickly.

If you are experiencing this for the first few months of your business, however, it does not mean this will continue for the next year or so. So, go slowly first by hiring extra workers for different tasks where you need them to be. If you find that business starts to slow down a bit, you have done yourself a favour of not expanding yet. On the other hand, if you still find demand to be growing, and you are overwhelmed, then you can start expanding faster.

Conclusion

By paying attention to these three signs, you will know when your business is ready for expansion. Once again, do not expand recklessly, as this can put you in a situation where your business is too large and is not making enough money to support it adequately. Many companies have made this mistake, and you should learn from them. When you see these signs happening, see it as a sign to expand slowly and carefully.

Looking for an online accounting firm to work with to help expand your business? We can support you all the way through! We at Ecommerce Accountant will tailor to your exact needs, ensuring that whatever your goal is, we can assist you. Reach out to us right away!

  • Instagram - Black Circle
  • Facebook - Black Circle

© 2019 The Ecommerce Accountant by New Wave Accountants and Business Advisory

5/2481 Gold Coast Highway,

Mermaid Beach, QLD 4218

Tel: 07 5504 1999clientservices@new-wave.com.au

{ website design by starling memory }