5 Signs Your Business is Ready to Grow

Growth sometimes happens naturally, allowing for easy and gradual transitions, but often involves more risk. It can mean hiring a new employee, opening another location, launching a new product, or branching into an untapped market.

To help you evaluate whether it’s time for your business to expand, take a look at the following signs:

1. Your numbers. Before you can consider growing, you need to know your business’ data. What are your sales on a daily basis? What’s your average monthly and yearly profit? Evaluate if your finances are ready to support your plans. Also review different analytics such as marketing efforts, new clients, or possible areas of improvement.
2. Your goals. What goals have you set for the future of your company? Do the numbers align with these? What about the number of sales or prospective clients? Do you need to reach a specific goal before you can continue?
3. Your workload. Are you and your employees able to keep up with deadlines, promises, and contracts without compromising your quality of work? If not, it may be time to hire more help to keep up with your growing business.
4. Your leads. Is your business gaining leads with little effort or expense? Maybe this is a cause of your feeling overwhelmed. Clients coming in with little work on your part is a good thing, and one of the most encouraging signs that you’re ready to expand. Review your numbers, and then take the plunge when the time is right.
5. Your future. What will growing do for the future of your business? Take the time to determine the benefits and potential pitfalls of expanding. Will growth help you reach more customers? Will it build revenue? Is growth what you need to achieve additional goals? If you answer any of these questions yes, it’s time to branch out.

If the concept of growth still intimidates you, try doing it gradually. Add a few employees before expanding to a new space. Test out one fresh product before introducing an entire line, or dabble with a service in a new market. Network with other businesses that can offer advice or expertise while partnering with you throughout your growth process. Or, if the timing is right and your business can fully sustain expansion, go for it. Know your numbers and evaluate your next move.