If you’ve recently begun to ask yourself whether or not it’s time to upscale your business, then congratulations are in order! This means your customer base is growing, you’re adding to your team of personnel, and sales are on a steady rise. So, the big question: is it time to upsize? You may be hesitant to add a new location or hire more staff in fear of the risks. If that’s the case, ask yourself the following questions to help you reach your decision.
If you’ve noticed an increase in leads without spending more time and money on marketing, that’s a great sign. You may find yourself with more work than your current team can handle efficiently - which isn’t a bad thing. It just means that it might be time hire more people and find new office space.
Don’t jump the gun; it’s not time to upsize just because you’ve noticed an increase in sales over a short period of time. Monitor your net income (in other words, subtract your expenses from the gross income) over a long period of time. If profits are steadily growing, you’re on the right track.
Consider staff, training, production, office space, and other resources you may need to grow your business. Will you be able to cover the costs of everything involved? Will you need to seek additional funding, and if so, is it likely to pay itself off in a reasonable amount of time?
Have your customers been requesting new products, services, hours, or locations? If so, maybe it’s time to give them what they want. By satisfying customers, you’ll bring in more sales - which means you’ll replenish what you’ve invested by expanding. Keep a log of requests from your customers, and pay attention to any patterns that you see. If the idea of upsizing seems daunting, this will at least give you some smaller objectives to work towards.
Bonus points if you’ve tapped into a newer, uncharted industry. If this is the case, you’ll have even more opportunity to grow and expand quickly. Even if you’re not venturing into an untapped market, ask yourself if the industry is currently growing. If it’s stagnant, or even beginning to decline, you may not be making the wisest investment.
After asking yourself all of those questions, weigh out the pros and cons. Expanding blindly may cause your business to suffer, and will result in a lot of wasted time and money. Make sure that your business is just as ready to grow as you are, and consider the investments you’ll make. Think ahead, and plan for any pitfall that you may encounter. If the answers to all of these questions seem pretty promising, then it just might be time to take the leap!