Growing your business
5 Signs You're Ready to Expand Your Business
Starting an effective business can be sure-fire way to prove your entrepreneurial passion, but to expand said business can be a stagnant and complex procedure! With myriad aspects to bear thought to, developing a brand is wracked with responsibility and is ultimately the be-all and end-all of most merchant practices. But fear not, weary entrepreneur, as a friendly financier of smaller businesses, we will help you carry this burden, or at least support your forward notions by supplying you with five signs that show you’re ready to expand your business (listed below).
Assemble a Team
A business is only as strong as its team - a dedicated and proven collective of skilled employees that promote brand policies, enable company growth and develop in parallel with the expanding business. Get a good group of people to help support your company through the prospective expansion! Realise who is trustworthy and who isn’t. Decide who is responsible and who lacks deliberation. Consider who will effectively move forward with you and who won’t...
Building a Customer Base
A pretty obvious sign, but a sign nonetheless, is the actuality and affirmation of your customer base. Without the love of the people, your business is going nowhere. But, if you already have a solid volume of customers that’re hungry for your goods, then to expand can only be advantageous to all! Retentive, requesting and relentless is the kind of consumer base you need to relinquish all woes of expansion. And if all these aspects are fully realised, then your business is ready to boom!
Profits, revenue, cashflow and financing. These are all terms which you’ve undoubtably come across when starting up your business. Yet, to be sustaining isn't really going to kick it when considering a full-blown expansion. You need to have a good amount of money to set aside to finance the proliferation of your company, while maintaining a sufficient cashflow to keep your employees paid and your goods in stock.
A great way to maintain financial sustainability during the ramp-up phase of your expansion is to secure a third-party financing system. Get a tailored quote from one of our experts at Liberis and be approved for our Business Cash Advance! A unique repayment system that takes a small percentage of your customers' credit and debit card transactions only when the funding begins to make you money. Know Your Money offer a useful step-by-step guide to securing business finance today.
Set to Burst
Again, a relatively simple but necessary sign that your business is ready to expand, is that people actually want your goods... Like, really want them! If your website/shop/office/restaurant is getting too cramped with budding customers, sweat beads and surplus goods/orders, then it’s probably a ood indication that your business is in need of proliferation! Take advantage of this high intake and prepare prospective sales/services months in advance. Be ahead of the game, and not revelling in shame.
If you’re business is failing to boom and your website isn’t picking up as much buzz as you’d like, then consider using some online tools to bolster your backend. SEO tools such as Google’s Keyword Planner, Analytics and Search Console are great devices that help you find the best keywords for your advertisement/marketing strategies, identify with trends in the market and analyse how many people are visiting your website and/or social media pages. With a bunch of respective variant tools on the web, it’s no excuse to simply expect your brand to pick up wind. Especially in the competitive world of commerce and business expansion!
Be prepared to hand over aspects of your business to new teams, ensure that your customer service team are prepped for new demands, integrate an efficient documenting apparatus, and make room for a higher intake of goods, office items and employees. Have these systems in place and ready to take the blunt force of the expansion and cut out the rough that comes from an expansive move.
If your business isn’t showing any of these signs, or a few too little of them, then perhaps take some time to properly prep for such an exciting prospect! Gather your crew, increase your customers, amplify your profits and be prepared in order to make the process as smooth and as simple as possible.