Home Business, Personal Finances, Money and Investing Tips

Home Business Small Business Business Ideas Art of Marketing Negotiating Skills Selling Tips Office Furniture Office Space Employment Personal Finances Money
 

Is it time to upsize your business?

Learn about the signs and the fears your might face
and follow these 4 tips for upsizing your business

Two business women making a handshake deal at a business meeting
The idea of any business is to grow. But you have to recognize the signs
and pick the right moment to upsize your business when demand is there.

This question isn’t always easy to answer. If you are running your own business, you are surely aware of the heavy burden of responsibility you shoulder every day. It can often be difficult to hold on to your vision for the future. Especially when you are putting out fires that require your immediate attention left and right. This, along with the desire to play it safe, can be among the reasons you are postponing any thought about taking your business to the next level.

It is an important topic to consider, however, and always have somewhere in the back of your mind. Luckily, you don’t need a crystal ball to determine whether it’s time to upsize your business or not. These are some of the telltale signs that you should look out for.

The signs

Little competition

Finding the right niche or tapping an untapped market is the key to success of businesses of any size. However, having very little competition and getting a lot of inquiries is a sure-fire sign that it is time to upsize your business.

This can happen very early on in the life of your company. Sometimes even so early that you feel as if you do not have the means to expand in the right way. You will either need to ensure bank support or raise funds. Some businesses even go the route of offering franchise opportunities. This is a way of expanding in a more sustainable fashion for their young venture.

Athletes running hurdles.
If your competition is non-existent or far behind you, chances are it is time to upsize
your business for more growth and success.

Too many leads, too little time

Another sign it’s time to upsize your business that often catches people by surprise is getting many leads while putting minimal effort into marketing. While this is the dream of many, having your business basically grow of its own accord can be quite stressful. It is usually difficult to keep up with the demand you weren’t counting on and requires a quick reaction.

If you notice this happening, you should move towards hiring new people. In addition, you should expand your office space and perhaps even reorganize the roles of certain employees. This way you will hopefully be able to handle the workload. At the same time, you will deliver the quality of service you have set for yourself.

Straining to handle the workload

Having too much work to do won’t only catch you by surprise if your business is new. One of the signs it’s time to upsize your business that people often shrug away is being less and less able to effectively handle the workload in the existing conditions.

This one is hard to notice because it creeps up on you. Working very hard to establish your business often simply morphs into working incredibly hard to satisfy the ever-growing demand. One can easily be confused for the other. However, it can become increasingly difficult to handle the workload with the employees you have. This, coupled with the quality of your service or product slipping means you should definitely consider upsizing.

The fears

Even if you are able to read the signs and have determined it is the time to upsize your business, that task can seem quite daunting. However, a good deal of planning will ensure you are able to upsize successfully.

One of the main fears is sales slowing down. Your plan could be to open another location or simply expand what you already have. Whatever the case, make sure you have a clear purpose. You should also plan for the profit you expect from upsizing in the first year. Calculate what you can afford very carefully before you take the leap.

Two colleagues doing some calculations.
It is important to carefully calculate the funds you’ll need for upsizing your business,
and take into account other important considerations for business expansion.

Another reason why you may feel ambivalent about the right time to upsize your business is the hassle of the move. This quickly becomes a non-issue once you realize there are moving companies like Spyder Moving Services that have perfected corporate moving so that the effort that you and your employees have to make is minimal.

As much as you can relocate without negative effects on your business, you can also ensure that upsizing doesn’t harm the quality of your business. You can achieve this through careful planning and insistence on consistency in the culture and values of your business in all your location and with all of your employees, old and new.

4 key tips to upsizing your business

Here are some tips on what you should keep in mind when upsizing your business.

Know your enemy

Although Sun Tzu didn’t exactly have capitalism in mind when he wrote "The Art of War", a lot of what he wrote is applicable. The importance of knowing your enemy i.e. your competition is never as great as when you are expanding. In order to keep your business sustainable, you need to be able to predict your competition’s next moves.

Expand in more ways than one

Upsizing doesn’t just have to mean expanding your existing operations. If you are hiring more people and opening a second location, you might want to consider branching out into related markets. Say your business is dog grooming. Opening a second location could be aided by branching out into making dog treats or selling accessories.

Make friends

For most businesses, upsizing will require extensive financial backing. Whether you will turn to a bank or try to raise funds from investors, you will have to find new partners. Choose them carefully to ensure your business takes off in the right direction.

Business women and men at a meeting.
Finding the right partners is very important when upsizing your business,
as well as to talk to your employees about planned growth and business expansion.

Be flexible

We mentioned this in passing above. Upsizing your business will require you to play very fast and loose with the roles you and your employees will play in your new circumstances. Even if you decide to shoulder most of the responsibilities yourself, you will need others to pick up on what you did before this new project. Don’t be afraid to reorganize your operations and find ways your business can work more easily and effectively. It might even make your office more productive.

All photos by Pixabay

  Small Business Guides and Tips
Database Activity Monitoring
Database Activity Monitoring
The Game of Modern Business
The Game of Modern Business
Help Your Business Evolve
Help Your Business Evolve
How to Impress Clients in Office
How to Impress Clients in Office
How to Protect Your Money
How to Protect Your Money
Life Sciences Business Reagents
Life-Sciences Business Reagents
Product Lifecycle Management
Product Lifecycle Management
Project Management Tools
Project Management Tools
Project Plan Blunders to Avoid
Project Plan Blunders to Avoid
Raise Business Capital
Raise Small Business Capital
Reduce Business Travel Expenses
Reduce Business Travel Expenses
Small Business Debt Collection
Small Business Debt Collection
Small Business Employment Law
Small Business Employment Law
Small Business Human Resources
Small Business Human Resources
Successful Project Management
Successful Project Management
Is It Time to Upsize Your Business
Time to Upsize Your Business
Treat Employees Like Family
Treat Employees Like Family