Expanding your company is an enormous step — one that can be extremely nerve racking! With all of the variables and uncertainties involved with such an endeavor, it’s impossible to know whether it will be a success. Minimize risk by thinking strategically, as lasting success does not happen overnight. Begin the process by recognizing the need for planned growth.
5 Signs it’s Time to Grow Your Company
If any of the following situations sounds familiar, it could be time to develop a growth strategy:
- Regular Requests for New Products: If you continually receive requests for new products and services, it’s prudent to listen. Factor feedback into future planning. After all, if you don’t give customers what they want, eventually they will find another company that will.
- Skyrocketing Sales: Strong sales are a clear indicator of success. Is there a market for your product / service in other areas? Is there demand for additional services / new product development? If so, it might be the perfect opportunity to expand!
- Massive Interest with Minimal Effort: You can only accomplish so much with a small team. If your company is seeing a disproportionate amount of interest, based on the amount of effort / investments made to attract leads, it could be a clear indication that demand is extremely high. Imagine how much volume you could generate if you had a much larger, highly skilled team working to make your vision a reality.
- Stagnant or Declining Sales: Companies need to grow to remain successful, which does not mean they need to expand locations in order to grow. Growth can be in various forms, such as additional services or new products. If sales steadily diminished, it could be imperative to grow to remain viable.
- More Work than You Can Handle: An excessive workload is a tell-tale sign it is time to expand. Quality is bound to suffer when your team is in over their heads. Overworked employees will become disgruntled and will are more likely to eventually seek employment elsewhere. A proactive approach to hiring ensures ongoing job satisfaction with current employees increases your ability to source ideal candidates when the time comes.
While there are many aspects involved in running a business, none are more critical than staffing. Before growing a company, create a proactive hiring plan to ensure that the right people are in the right place at the right time. Covering all bases ahead of time addresses challenges and reduces errors, such as insufficient or inadequate staffing. Reacting to issues such as these during an expansion can lead to hasty hiring decisions – which will only compound problems.
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