As a business owner, like most entrepreneurs, you’re probably bursting with ideas and can’t wait to put them into practice. When your business starts to become successful, is it ready for expansion? There are many tell-tale signs that it’s time to expand and grow. Here are a few:-
- You have more business than you can handle – are you having to turn customers away or simply don’t have the time to handle your workload? Does it seem that you and your employees are working 24 hours a day? If this isn’t the result of poor time management but from high demand, then it’s a major sign that there is a need for business expansion.
- Are you running out of room? Sometimes you just need to expand to a larger location. If things are getting on top of you and your employees are sitting cheek-to-cheek, it’s time to move to bigger premises. Relocating to a more spacious location is also a sign to your competitors that your business is doing well.
- You have a loyal customer base – a strong base of repeat customers is always a good sign. It indicates an on-going demand for your products and services. Your customers are satisfied with the quality of products and services you provide. It’s the right time to take things a step further and expand.
- Has your business been profitable for at least three years? A recent surge in profits isn’t necessary enough on its own to justify business expansion, it could be temporary or seasonal. On the other hand, steady profitability and growth is a definite sign you’re doing something right and your business model will work elsewhere. Expansion is the key, make the decision to expand and go for it.
North East business expansions
Many businesses in Newcastle and the North-East region saw encouraging expansion in 2017. Recent statistics highlighted business growth and expansion in a variety of industries like manufacturing, electronics, leisure, estate agents as well as Newcastle International Airport. Many businesses moved into large work spaces and different areas within the region, always a positive sign of growth.
One company who had an extremely busy and successful 2017 was the PQQ, Bid and Tender Specialists, Executive Compass. This resulted in expansion in terms of new members of staff from bid writers to management consultants, admin and marketing assistants. Executive Compass is proud to have maintained its success rates in 2017 and built up repeat business to 75% of all sales, quite an achievement.