Growth is a funny thing. Too much too fast is not good, but not growing when the time is right is not a smart move either.
Growth usually requires money on the front end, but the investment can be well worth it if the timing is right. How do you now? Here are three signs it may be time to grow.
Trouble Keeping Up with Demand
If you consistently cannot meet demand it is probably time for some growth and expansion. If you choose not to do this you could have bigger problems. If customers consistently do not get what they want, they will stop trying. That is a bad thing for a business. Give them what they want. Invest in more space to hold more inventory, add more tables to feed more people at once, or add hours of operation to accommodate those that cannot make it during your current hours. If the people want to give you their business, make it easy for them.
Related Article: Plan for Growth, or Die
Steady and Stable Profit
Maybe you do not see a huge increase in demand but things are running great. Profit is steady but not necessarily increasing. This could mean it may be worth it to step out and test the waters by adding a new product, reaching out to a different market, or even trying some new hours. It can’t hurt to try if things are going well, and you may see some growth and increased profit from it.
Growing Market
Perhaps your target market is growing. Maybe you are in the retirement niche and the retirement community in your area is growing. Perhaps you cater to small children and there is a baby boom. Whatever the case, you are going to want to reach out to and accommodate your growing market. This is definitely time to think about growth.
Of course growth often means business financing. Whether it is in the form of real estate financing for a new location or equipment financing to add another freezer, oven, or whatever, Biz2Credit is here for you. Our network of lenders offers business funding options for all types of borrowers, and we can help match you with just the right one.
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