How to tell it’s time to expand your small business
Being able to determine when it’s time to expand your small business can be just as important as actually doing so. Trying to get too big too fast can lead to disaster. But staying in the same position can keep you from taking advantage of great opportunities from which you and your small business could benefit.
No small business’ situation in the same, so only you can know when it’s time to make a move with enterprise. Here are some things to consider if you’re trying to figure out when the time is right for expansion.
Do you have access to funding?
Being able to afford an expansion is one of the most important factors when trying to decide if the time is right for growth. Taking stock of your working capital and what resources are required to expand can help give you a better idea. An unsecured line of credit can also be exactly what you need in this situation. It can put your company’s future in your hands, providing the financial flexibility you need to hire more staff, buy new equipment, lease a new location or otherwise fund your expansion.
Does demand outpace supply?
A sure sign that it might be time for you to think about accessing a business line of credit to expand is if the market demands it. If you’re consistently selling out of your product or customers and clients are contacting you requesting your services, try to take note of it and track how much of this activity you get. If the demand continues for a sustained amount of time, it might be time for you to expand to accommodate the market.
You have the right team
No matter how good your product or service is, you need a strong team to keep the wheels of your small business turning. This becomes even more important when considering expansion. If you grow your enterprise too quickly without adequate staffing capable of handling an uptick in responsibility, you risk overstretching your personnel and burdening them with too much work. This could lead to burn out and resentment that causes your best and brightest to leave.
While sticking to a carefully thought out business plan is often smart, not everything in the world of business always goes according to plan. That’s why it can be so difficult to figure out the perfect time to expand your small business.
Kikka Capital is here to help you with these steps by offering funding that puts the decision-making power in your hands. Apply online and be assessed for one of our unsecured business loans in less than 10 minutes. That could be all it takes to gain access to a line of credit that can finance the expansion you desire. Contact us today to learn more.