Signs that you're ready to grow your business
Category Commercial and Industrial News
Almost every small business owner has one thing in common: the desire to see their business grow. Timing is everything though, and entrepreneurs need to keep their businesses small until the time is right to expand. 3Cube Property Solutions takes a look at the factors entrepreneurs need to look at in determining whether it's time to grow - and at some of the best ways to make your business grow.
How do you know if your business is ready to grow?
Unfortunately, having a couple of great months in a row is not necessarily a sign that it's time to expand your business. However, consistently high demand for your product or service could mean that it's time to take the next step - whether that means taking on more staff, expanding your service offering or moving to bigger premises. Consistency is key here and you need to be as sure as you can be that the upswing in demand is long term rather than seasonal. A consistent increase in the number of repeat customers you see can also be a good indication that's it's time to grow.
Some simple market research can reveal whether there are any additional services that your client base would like included in your offering. Expansion may mean branching out into new areas and offering new services rather than increasing the size of your customer base. In other words, if there's a product or service that your clients need, then it may be time to expand horizontally in order to fulfil that need.
Another factor to consider is the projections for your industry as a whole. If there is any uncertainty in the macroeconomic environment, then it may not be the best time for expansion.
From an internal perspective, a final point to consider is the structure of your business and your readiness for growth. As a business owner, ask yourself questions like "would my team be able to run the company efficiently if I went on leave for a week?" and "are we able to consistently cope with our current workload?" If the answer to either of these questions is no, it is worth considering whether you are in a position to grow your staff complement before you think about growing your business.
The fastest ways to grow your business
While there is no guaranteed recipe for business success, a number of tried-and-tested ways to grow your business can be identified for every industry. Speaking in general terms, ways to grow your business include focusing on your customer experience and using digital marketing tools to get your business ahead.
- Putting your customers first
One of the criteria for being ready to expand your business is having a loyal customer base - and the way to build a loyal customer base is to focus on providing every customer with the best possible service. Good service will mean different things in different industries, but examples include providing personal responses to emails or responding to social media mentions from irate customers, offering quick and easy product returns and finding solutions when a customer needs a product that's currently out of stock.
- How to grow your small business with marketing
In the age of digital marketing, there are more ways than ever to promote and grow your business. With everything from Google Ads and social media advertising to content marketing and search engine optimisation (SEO) and much more, your business needs the right blend of marketing tactics. Marketing isn't an online-only endeavour - expanding your business also involves networking and having a strategic corporate social responsibility policy.
If it's time to expand your business, one of the most important things to ensure is that you have the right premises. If you're in Gauteng, you can count on 3Cube Property Solutions to find ideal premises for your business. Contact us today for more information.
Author: 3Cube Property Solutions
