A business needs to grow to thrive, regardless of its mission or business model. Business growth is an interesting time. It is when sales are coming in and you’re pleased with your customers. Your staff is highly engaged and in full throttle.
But alongside this growth also comes in a crucial question:
"Are you ready to take it to a whole new level? "
Here’s a short checklist to see whether or not your business has what it takes to go into a serious phase of growth:
Your business plans and processes are well-defined.
If you don’t realize where your business is heading, you lose track and you tend to question why you are there in the first place. You can get away with “driving by the seat of your pants” when you first started. But as you develop, mechanisms and structures need to be in place to cope with volume spikes and dips. Scaling up your business does not happen with a snap of a finger. It requires a lot of effort, time, and money, but you don’t have to do it at once. Instead, do it one step at a time.
You have a team of dynamic people that are working towards clear goals.
The human aspect of a business plays a vital role in its growth. When the right people are in the right place, a full-scale development is never difficult to achieve. Assess your squad. You need to have people who understand what you are trying to achieve and are ready to support you to make it happen. They will also be ambassadors for your business.
There is a strong demand for your products and services.
Your products sell well, and possibly beyond what you’ve ever predicted. You may need to make an inventory on which products are selling the best and market them more. You also need to take a look at those products that aren’t making many sales and strategize how you can market them more efficiently. If not, then it might be time to take them off the list so you can focus on where there is potential for growth.
You have enough capital to invest.
As you expand your business, incremental expenses like higher rents, utilities, salaries, and inventory costs will require cash. If you plan to grow, you’ll need to have far more cash on hand than you normally need to run your business. If you’re confident you can cover extra outlays and can overcome any anticipated and unanticipated expenses, then your growth prospects will look very good.
You are well-decided and have put your heart and head into growing your business.
Now that you have all those four signs above checked, it’s time for the final step – putting your heart and head in one place. You have to deal with pressure and amazing anxiety, assume enormous responsibility, and still manage to balance other aspects of your life, such as family and health. It takes passion, dedication, and near-total immersion to migrate from a start-up to a fast-growing company.
You have to get going to be better in everything you do, whether in business or in life. Don’t get left out, start your journey towards becoming bigger and better.