Is it time to upsize your business?
Learn about the signs and the fears your
and follow these 4 tips for upsizing your business
|The idea of any business is to grow. But you have to recognize
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
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
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.
|If your competition is non-existent or far behind you, chances are it is time to
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
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
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.
|It is important to carefully calculate the funds you’ll need for upsizing your
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
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.
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.
|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.
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