Explosive Growth: 4 Signs It's Time to Expand Your Business

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Growth is always scary for businesses. When done right it’s great—but when done poorly it can bring about a premature end for your business. The best way to expand is to know the signs that an expansion is necessary. Below are four of those signs.

Demand Exceeds Capacity

Simply put, there comes a point at which you get more business than you can handle. Even if you’ve got the right equipment and the best staff, you may find that you’re simply getting more work than your current business can handle. When you hit this point, you have to expand—failure to do so can lead to a major drop-off in your business. You have a relatively short amount of time to take advantage of a shortage of capacity, so make sure you start moving as soon as you begin to regularly become overwhelmed by demand.

No More Lead Hunting

Are you getting leads with very little effort? If so, you’re probably meeting a market demand that you hadn’t expected. Word of mouth is working faster than your own marketing efforts, so it’s probably time to expand. You’ve reached a saturation point for those who already know you, so branch out in order to reach those who don’t. If you’re getting too many leads, it’s time to expand your business to the point where hunting for leads becomes a necessity again.

Exceeding Expectations

Sometimes your business will grow faster than anticipated. If your business continually makes more money than you had assumed it would make and you find yourself meeting your milestones faster, there’s a good chance that your business will be able to survive an expansion. You may have lucked into filling an unknown niche or your business’ products might be just that good, but you should always look at success as a valid reason for growth.

Meeting Milestones

It’s also important to grow according to a solid plan. When you were creating your initial business plan, you probably had certain conditions under which you could foresee growing your business. While it might be frightening to put those plans into action, you came up with them for a reason. If everything is going according to plan, it’s time for you to start growing your business.

When your business begins to grow it may also be time for your location to grow. When considering business growth consider how and if your company needs to expand. Consider moving to a new area or constructing your own, perhaps with the equipment offered by Direct Hire. Either way, you need to decide what would be the most beneficial and helpful to your growing business.

Business growth should always be looked at with a critical eye. If you’ve satisfied one of the criteria above, it may be time to explore growth. If your business is flourishing, taking the next step may be the best way to make sure your business continues to thrive.

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