When you start a business, especially that which is funded by investors, you generally begin with business growth and market expansion in mind. But growth has a pace and takes time , and growing too quickly can give you severe growing pains. Whether it is hiring additional employees, or going for bigger office, or increasing production or product line, or expanding services, rushing it would make the consequences quite devastating. Growth has stages and you will find that every business will display indicators that signal that you are ready to scale. Look for these green signals before you leap.
You have the Ideal Team
This is one of the crucial deciding factors that indicate whether your business is ready for accelerated growth and market expansion strategies. Besides having strong leaders it is also very necessary to have the right team and people in place. A competent team with qualified workers, can do much in handling the company’s growth. An amazing team can turn even a mediocre expansion idea into something special.
Customers come seeking you
To be ready for growth your business has to reach a level of awareness among customers. It is only when customers come to you own their own and voluntarily seek your product or service, that you can be confident that you are positioned for growth. When your business has gained a certain momentum and customers, who are the catalysts for growth, are coming to you from afar, you can think of market expansion for their convenience. You will be expanding and also feeling good about your prospects.
You have a realistic idea about how much you can handle
Before taking up a market expansion strategy or a big growth opportunity, you need to stop and consider. Is the growth opportunity too big ? Are you capable of handling it competently? You need to carefully consider the financial benefits and also if you possess the infrastructure and resources to meet the expansion requirements. If everything is in place, you can go ahead with confidence.
You can comfortably handle the increased workload
Any business growth initiative taken up by you, will require you to put in extra hours of work. This will have its effects on family, on your health and similarly on your team members as well. The initial rush or growth spurt will often take months to even out into a normal rhythm. When you can confidently say that you are prepared to make some sacrifices and lifestyle adjustments, of family time, personal time and effort to accommodate the growth, you are indeed ready for expansion.
You are meeting established goals and have adequate cash
A key component for growth and market expansion is that you need to have a positive cash flow. The process of growth costs money and you definitely need to be in a position to carry the business forward until the new sales figures break even with the investment. Also, if you have already reached some of the goals you set out with, it is a proven indicator that you can meet defined objectives and gives you the confidence and credibility to expand your business.
When considering expansion of your business, it is wise to check whether you qualify by having the right team, the customer base, the confidence to handle workload and the money and proven track record of achieving goals. With all these attributes , you obviously have the green signal for growth.