When you first launched your business, you could hardly believe it was finally real. Maybe it was months or perhaps it was years that you toiled away without a single penny to show for profit. When the first customer came in, you had to convince yourself it wasn’t just a one-time stroke of luck. Now, you’ve been running your company smoothly for a while, but things are beginning to pick up a bit faster than you can accommodate. Some small businesses get so comfortable with their level of success that they wind up suffering when their audience demands more. To help you grow with confidence, here are signs that you need to expand your operations stat.
You might find that your inventory is flying off the shelves, but you’re unable to meet demands as fast as you would like. Without the right equipment, a fleet can suffer under the crushing weight of a rapid or poorly integrated expansion. Start identifying ways you can improve deliveries for both customers and drivers. Fleet managers can adopt a better dispatch software and invest in technology like GPS tracking and dash cams. If you want to learn more, an online guide covers everything you need to know about the different types of dash cams for trucks. It’s a good place to get started if you’re new to operating a fleet or want to improve your current equipment.
A Strong Team
A business is only as good as the people who run it. What does your employee base look like? You may have started solo or been in a small team, but now you have enough talent to sustain and grow easily. If your employee pool is strong enough to keep the business running while you focus more on the big-picture, take advantage of this moment. In fact, you can incorporate their strengths into your evolving model to capitalize on their diverse skill sets.
You Are Retaining More Than You Spend
If you earn more money through the lifetime value (LTV) of your customers, then it may be time to expand. For small businesses, customer acquisition cost (CAC) often causes them to work at a slow pace to avoid falling into deficit. But once your company is off the ground, you’ll likely find that the cost of keeping customers far exceeds the cost of acquiring new ones. When that’s the case, you can leverage your consumer’s loyalty in order to spread the word while you expand your operations.
Look to your long-term clients to consider what would be the next best move. Should you increase existing product offerings or branch out into something a bit different? Do they want more of what you already offer, or are they expecting more innovation? Feedback surveys, social media polls and questionnaires are great ways to find out what your audience expects from you in the future.
Finances Are No Longer Your Biggest Determining Factor
You are no longer asking yourself questions about if and when it makes sense to borrow money to fuel your business. You have enough stability to think about more than just expenses. In other words, getting capital or raising your revenue are not your sole avenues for growth. Instead, you realize that your business can change in a number of ways, and the ability to make these choices without sweating bullets over your bank account is a blessing.