5 Discernible Signs Your Business is Ready for Expansion

Photo Credit: Pixabay
Photo Credit: Pixabay

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.

If you found these tips meaningful, kindly share your thoughts below

 

About Chinedu Ozulumba

Chinedu is a portfolio risk manager and content writer. He believes desired results are born out of creative thinking.

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4 thoughts on “5 Discernible Signs Your Business is Ready for Expansion

  1. Saheed Oladele Reply

    Nice one, Chinedu.

    However, I’m of the opinion that fund idling in your account insinuates you need to invest. Most times, idle funds isn’t a sign that you need to scale your business.

  2. Kenny Nwakanma Reply

    Nice one bro, one thing I think you forgot to add is passion, because business is 70% passion and 30% work (which equally covers investments)..

    You could be doing a small scale business and it will be in its flourishing stage. Some businesses have a thing for blossoming in the beginning and along the line bam!!! it crashes…and then the owners stop, but if the passion is ever glaring, it will pick up the business and get it going even on one leg.
    Still I picked a cue from you bro..I certainly did. Thanks

    • Ozulumba Post authorReply

      Hi Kenny

      Thank you so much..your contribution was in depth and also revealing. You’ve enlighten me on picking oneelf up again.

      Thanks a lot..hope to see you soon.

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