Running a business is tough when things are not going right, but when everything lines up perfectly, it is a wonderful thing. As you grow your business, you might find yourself wondering if it is time to expand and take things to the next level. Look out for these five telltale signs that it’s time to level up your business.
1. Your customers ask for more
If you have customers begging to give you money, you are doing better than most businesses. Only the elite in delivering their product or service in the best possible way have customers knocking down their door asking for more.
If your customers want to give you money, be ready to take it! If you can’t handle more business, it’s time to take it to the next level and add employees, equipment, space, or whatever it is that your business needs to continue to grow and thrive.
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2. Your team is over capacity
If you already have employees, they might not rush to tell you that they can’t handle their workload. And in this day and age, employees continue to take on more and more and may be afraid to complain.
Sit down with your team and review how everything is going. Look at the processes, workload, and add in any efficiencies you can. But ultimately some businesses need a capital or human capital addition to continue meeting demand.
When growing, try not to grow too much too fast. That may be a recipe for costs that spiral out of control and ruin the great momentum you have. Add on to your business little by little. It is good to have at team running at full capacity or close to it, but when things get overloaded customer service and quality can fall along with employee satisfaction.
3. You beat your goals
Setting annual, quarterly, and other scheduled goals is often an important and integral activity in managing a business. When setting goals, it is important that they are specific, measurable, and achievable. But what happens when you beat your goals again and again? You need to set higher goals!
If reaching the next level in your goal planning means taking your business to the next level, so be it. At a recent conference, Sumo founder Noah Kagan said you should set a goal that scares you. If you keep blowing past your goals, it is time to reach for the stars.
4. Your business is busting at the seams
If you run your business in a warehouse or office, do you comfortably fit in the space? If you create and manufacture products, are your machines running at full capacity 24/7? However you operate your business, you will be able to tell when you have outgrown your space.
Startup RealtyShares has moved offices more than once to make room for more workers since its founding in 2013. While it may be scary to commit to a big expense, like RealtyShares’ larger office space in San Francisco, those were needed commitments to allow the business to grow.
Don’t cripple your business by holding it back from the growth it needs. When the signs tell you that it’s time to grow, don’t ignore them.
5. You are bored at work
When you started your business, it might have been the most exciting part of your life. But over time, that excitement can fade away into monotony. But that boredom might not be about your business overall. You may have just mastered your current business and it’s time to scale it up for the next challenge.
Any entrepreneur that finds their business boring is doing it wrong. And if that boredom comes along at the same time you continually do very well, beat your goals, and bring in the big bucks, you may be ready to expand in the footsteps of Amazon, Facebook, Netflix, Walmart, and many other successful businesses.
How to pay for that growth
If you are ready to grow and take it to the next level, high five! But now it’s time to pay for it. If you can afford to fund your growth from your current operating profits, that’s great. But not every business can afford to expand without looking to outside capital.
When you need to grow, you can raise funds from family and friends, other investors, or may consider taking out a business loan. Business lending is easier than ever before thanks to a new crop of online lenders. Don’t overlook this option even if it didn’t work well for you in the past.
Go forth and grow your business
Your business is an important asset, and when the stars align and business is good, you shouldn’t ignore the signs. Expansion for business can be a very good thing. It can lead to explosive revenue growth and increased profits. Just make sure to grow with care, and you should be on track for continued success for years to come.
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