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How Do You Know It’s the Right Time to Grow Your Business?

AUTHOR: Michael Nimura

For many small businesses owners, the idea of expansion and growth can be both exciting, as well as frightening. Making important decisions that impact the future of your company is simply part of the job. So how exactly do you know when it’s time to grow your business? Should you wait until you develop a larger customer base? Perhaps you should opt for funding rather than slowly gathering the upfront costs of expansion. Select Funding believes that the growing process can be made easier by asking yourself several key questions.

Do you have steady profitability and a stable balance sheet for an extended period of time?

For small businesses, market dynamics and profit margins based on recent track records can easily become the determining factor in your choice to expand. If your profits are stagnant or been on a downward trajectory, then expansion is likely ill-advised for the time being.

Is your local industry and economy healthy and strong?

Let's paint ourselves a picture. A small privately-owned business within a growing community, with fewer and fewer vacancies in the surrounding community, along with many other new businesses starting to break through the mold. This type of business, in a popularized and strong local economy, is safe to grow, if need be.

Is there room for a bigger market?

Long lines leading out the door, constantly full to capacity, frequently turning down product orders, these are a few of the signs pointing to expansion. Fixes for such a dilemma can consist of moving to a larger facility, hiring more staff, or improving the technological aspects of your business.

Are there opportunities within adjacent markets?

Customer feedback is an incredible tool that can help push your company in a new direction. Ideas on new products and services or simply ways to improve your business for the sake of the customer can lead to higher revenue while also forming a loyal customer base.

Do you have the appropriate funding in place?

Expanding your business can take time and certainly takes money in order to accomplish the move effectively. Something to consider is a small business loan. However, it is important to explore every available option before making such a decision. Whether it's in the form of SBA loans, traditional bank loans, credit cards and alternative finance options, every option should be carefully considered to ensure you are getting exactly what your business needs.

While growth may not equate to the picture-perfect scenario with every question checked positive, obtaining a better understanding of where you stand in pursuit of growth eliminates a large portion of uncertainty moving forward.

Read the full article at Entrepreneur.com

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