Every entrepreneur hopes he/she will expand weeks after doors are opened up for business. Many businesses are excited to reach this expansion phase quicker than others. It’s vital to discern when its right to move up.
If you experience some of these, get prepared to take on a higher level of operation..
1. Funds idling in your current account
This seems unrealistic most especially for start-up businesses needing money all the time. Taking into account the economic recession and how macroeconomic events are unfolding, allowing funds to idle away may be counter-productive.
When funds begin to sit in your checking account month after month without any investment objectives, then you’ll need to look for other areas to deploy that extra cash…as simple as that.
2. Monthly review shows your sales figure is increasing through referrals
Your products are experiencing good times in the market through repeated sales from existing customers. The good news is the acceptance of your products have opened doors for new users.
However, overwhelming demand is beginning to make you feel uncomfortable despite your efforts to close up demand gaps in the market.
3. Your team is asking for more of the action
This applies to entrepreneurs and their team.
When it seems your team is bored and are limited to daily routine, then you have to do something quickly before redundancy sets in.
Your front office and back end staff are vibrant and ready to take on more but your business is not providing the atmosphere to challenge their minds.
Expansion comes with overwhelming challenges. Planning your next phase will help your settle in smoothly and serve your customers better. The drive for expansion is most times fueled by the right team.
4. You are mentally prepared for the next phase
Business owners should not mix ambition for growth with the true financial health of the business.
Ambition in business must be backed up with the adequate financial preparation. Your finances could also look good but you’ll need to be mentally prepared for the hassles that come with additional workload, probably you have a young family that needs your attention. It’s important to assess your coping abilities before you make the move.
5. Your contemporaries are looking to partner with you
Anyone approaching you for partnership of some sort must have seen something you have that they don’t.
They’ve come to tap from your knowledge and resources. This development tells your perception in the market and it shows you’re getting some business principles right. It’s clear that some entrepreneurs have been watching you grow and what to tap from your successes.
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Chinedu is a portfolio risk manager and content writer. He believes desired results are born out of creative thinking.