If you’ve been in business for a while and are getting the urge to grow or expand your business, make sure that you take enough time to evaluate your situation and the reasons you want to grow your business in the first place. Every business can and should grow when given the opportunity, but it’s not always wise to jump into business growth without an appropriate plan, necessary resources, and logical reasoning. Ask yourself these six questions to help you determine whether or not it’s right for you to grow your business.
1. Is now the best time to grow?
There are business opportunities everywhere and nearly all the time. Many business opportunities can be created under the right circumstances or capitalized on when the market is ready and waiting. You need to know whether or not you and your business are ready to jump on an opportunity, create your own, or wait until the time is just right for something else to come along.
2. What’s the endgame?
It’s important to know what the purpose of growing your business is. It’s not enough to simply want your business to grow. You need a goal you can imagine and can say with confidence that you achieved when hitting certain milestones. You’ll want tangible and specific goals, like acquiring a certain number of customers, rather than simply saying, “I want more customers.” Be specific, make it tangible and achievable, and write it down.
3. Is my business plan flexible?
When growing a business, things often go unexpectedly wrong or have twists and turns that you did not anticipate. However, things can go unexpectedly better than you thought as well. Evaluate your current business plan and determine how flexible it is. When you’re growing, you need to be able to fluctuate with the market, increase or decrease in sales, adjust your resources, and deal with many other factors.
4. Do I have enough capital?
Business growth usually does not come without a cost. Look at the resources you have and determine whether or not you have enough capital to spare on expanding or growing your business. If you do not have enough right now, you may want to wait and save. If you need to immediately capitalize on an opportunity, you’ll need a cash infusion to your business.
5. What kind of financing can I get?
Growing a business is not an easy task to take on by yourself. Even if your company is small, look around for ways to get help from others. Employees may be willing to step up to the plate in the interest of helping the business grow or furthering themselves in the organization. You can always find outside help through business advisors and strategists.
6. How can I find additional business funding?
If you need to find a business loan, you can always visit companies that specialize in helping you succeed. Need to capitalize on an opportunity? Want to grow your business? Give us a call today at Smart Business Funding and we can help close the funding gap for you so that you can grow your business and take it to the next level.