Everyone talks about reaching a point to expand your business’ potential. But what does it actually mean and how do you know when it’s the right time for your business to shape up, or ship out? We examine some key indicators to set you on the right path and determine when it’s the right time to grow your business.
Don’t just grow your business for the sake of growing
When entrepreneurs think about business growth, we think bigger is better right? More stores, more customers, more employees etc, but you need to be certain that you are ready to grow your business, if not you could end up putting immense financial strain on your revenue. All too often, business owners don’t do their homework when it comes to business expansion and end up putting a strain on the business with added resources that aren’t needed and only after some time do they realise their mistake. According to a recent report by Emergent Research and Infusionsoft this is not how small business owners want to expand their enterprises, it’s the non-financial goals that continue to drive them. According to the article Why big is not always better, featured in the October/November issue of Your Business, “the new generation of SMEs is not interested in growth for growth’s sake.” Small business owners rather want to place importance on being their own boss, having flexible working hours and having a positive impact on their employees, customers and the community at large. But of course a business exists to make money, which is why having strong financial goals is a growth investment worth taking seriously.
When sales are looking up, don’t just expand
When sales are up and your demand is exceeding your supply, countless sources will tell you to expand. Skip the vagueness and instead create value by building a sound infrastructure and use resources that cultivates sustainable growth. Make your investment go further by flexibly growing your business in a consistent manner without losing your focus on the core aspects of the business.
When focusing on expanding your market don’t only think about your physical reach, also consider improving your virtual reach. Upgrade your website, or start from scratch if you don’t already have one. Attract a new client base by becoming more active on social media or use traditional advertising to boost your sales.
What to do when your customers are asking you to expand
A strong client base is a clear indication that your business is ready to take on more. But plan it appropriately. Does this mean you will need to hire someone to help manage the extra load? Always keep customer satisfaction at the back of your mind because the flipside to constantly pursuing growth opportunities could affect how your customers are treated. You might not have enough time for them because your priorities lie somewhere else. Customers can tell when you are focusing too much on the business and not enough on them and If you lose sight of satisfying them, this could harm your reputation. So be vigilant when undertaking grow strategies that might affect your customer service, without customers there will be no need to grow. Get the timing, planning and implementation right, the rewards are worth it.
Grow your business potential with us
HOMEMAKERSfair is South Africa’s largest direct-response lifestyle magazine with over 35 years in the home-improvement industry, we know what sells and how to get your brand out there. Allow us help you improve your customer reach and ultimately grow your business. Download our guide below for more business tips.