Is it Time to Expand Your Business? Key Signs You’re Ready for Growth

It is a tough time for businesses at the moment, squeezed as they are on all sides by a stagnant inflation rate, rising business costsand a growing employment crisis. In times like these it can be especially tough to understand when investing in the growth of your business would be the correct and wise path to take, with so many factors contributing to the downturn in business in other industries. However, the current economical landscape should not trouble you too much – and may even be clouding your judgement. If your business is showing any of the following symptoms, then it may well be time to expand.

You’re Struggling to Meet Demand

One of the first outright indicators that investment in growth is a wise decision is the struggle to meet your demand – whether it has grown beyond the production capacity of your equipment, or your suppliers aren’t quite up to the task anymore. This signifies that investment in your process of delivery, and into your supply chain, can improve outcomes for you.

Your Workspace is No Longer Fit for Purpose

Another tell-tale sign your business is growth-ready lies in its physical location. Your business’ workspace, whether an office, workshop or manufacturing plant, should be fostering the best environment for your business to thrive, but can conversely place limits on that growth. Whether an uptick in orders has resulted in a warehouse backlog, or an increase in city-centre clients has rendered your sub-urban office redundant, switching offices can represent a key step in business growth. Moving an office is not an easy or inexpensive task, and can require up-front investment well in advance of any growth returns; a secured business loan can help you front the money for your move, enabling you to expand your horizons in terms of location and size, and give your business the best chance at growth.

Your Staff are Busy

Workload is an interesting subject in the workplace, and extremely important to manage not just for the health of your business strategy but also for the health of your employees – which can, in turn, affect your business’ growth. So, when your staff begin to regularly work overtime or skip lunch breaks, this is a sign of two things: that your business is growing larger than your workforce’s optimal capacity, and that your growth is set to be curtailed by sub-optimal work. This is a sure-fire sign that now is not only the right time for growth, but also a crucial time for it. Onboarding new staff can relieve the pressure placed on your existing cohort, allow you to cater to demand (as mentioned previously) and ultimately grow your company in a healthy way.

Your Profits are Growing

It is incredibly easy to overthink the prospect of business growth, especially with the significant investment it can represent to you and to any existing stakeholders – but sometimes the simplest signs are worth following. If your business’ profits are increasing in what looks to be a sustainable way, your business is already growing – and it’s up to you to facilitate that growth with proper investment of your newfound revenue. Of course, there are factors to investigate, but robust market analysis coupled with financial projections can indicate whether your profit growth is a sign of things to come.