There are times our business is growing so much that we seem to miss out on opportunities to scale up! Here are 3 signs to know when to expand your business:
Difficulties with meeting up customer demand
We can’t overemphasize how much your business must be timely! A delay in keeping to your promise as a business owner often leads to bad reviews. When you start seeing a slack in delivery, this reflects on your overall capacity. This often at times reflects growth and more patronage hence the need to increase your current capabilities by getting more space/outlet or hiring more capable hands.
Your customer base has grown
From regular customers who can’t get enough of your products to new converts, outgrowing the number of existing customers is a major sign for expansion. profit gotten from the patronage of regulars helps sustain your business in the long run.
You have stable profit
After reviewing your income and seeing you have great profit post business expenditures, then it is time to consider expanding. Review the long term success of your business. If you have enough profit left over, then you can invest it in your business. In time, it will grow.