Knowing When to Expand Your Small Business
The decision to expand your small business can be an exciting yet understandably intimidating prospect, especially since it can raise the question—is now the right time? While there is no universal path or “secret formula” that will automatically lead small business owners to expansion, there are some determining factors that can help you determine if this is the right decision for your small business at this time. Customer demand Consider your current customer base: do you cater more to a niche group, or do you have a diverse range of customers? Understanding who your customers are and whether there are more customers to reach or untapped markets within your industry to explore can help you determine if expanding is worth the time and money. In other words, if you don’t see large-scale customer demand for your products/services or avenues that you could venture to reach more customers, sticking with the scale of your business now may be best. It can also be important to consider whether you’ve had customer demand for a while now but you’re just unable to keep up, as this can be a clear indicator that it’s time to expand. Observe the demand and see if it has been on an upward trajectory over an extended period of time, as this can provide some reassurance that the demand is reliable and can be carried with you when you expand......
Visit Our Small Biz Blog
Looking for more resources for your small business? Visit our Small Business Blog for more tips on how you can run your business more effectively and efficiently.