Scaling a business is never a decision an entrepreneur should take lightly. If you scale too soon, you can end up getting disappointed if you fail to reach your goals. Wait too long and you can lose your loyal clients and lose the chance to get ahead of your competitors. This leaves business owners in a difficult position of whether to start scaling their business or wait it out.
The good news is, sometimes, signs will present themselves showing you the right path you should take. If you can’t decide whether to postpone scaling your business or start the transition asap, then know that you are not alone. The following indicators will tell you that your brand is now ready to level up.
You Already Achieved Your Previous Goals
All entrepreneurs have business goals. Some of the best goals are done in a SMART way. If, after you measure and evaluate your progress, you found out that you can hit more than your monthly target, this is a good sign that business is booming.
Once you find out that your previous goals are too attainable, this only means you can now start scaling your business. An entrepreneur should not only try to comfortably reach their goals. They should continuously challenge themselves to assist business growth. Craft new goals that aim to surpass your previous ones and continue to strive for more success.
More People Now Demand Your Business
When a business owner first starts a company, one can still accommodate the number of customers wanting to avail of your offers. As time passes by and business has been good, you can experience a steady increase of customers while retaining your old ones.
Have you been turning down large orders lately? Is your customer’s demand continuously increasing? If you’ve been experiencing a surge of consumers wanting to do business with your brand and you can no longer manage the load, then it only shows that you now need to consider scaling up. This is especially true if you don’t want to lose your customers and let the opportunity of boosting your revenue pass you by.
You Can Afford the Right Technology
Your current systems may be enough to support your current business model. But once you start accommodating more customers, you will need to invest in more innovations to ensure the quality of your products and the efficiency of your business. It can mean you will be investing in new equipment such as faster fanless PCs that your employees can use to boost their productivity and efficiency.
Check your company financials and do a hard financial check. Can you afford the necessary technology? Are your current providers able to accommodate your growing business needs? Can you find other suppliers that can offer quality technology within your budget range? If you answered yes to these questions, then you could very well be ready to scale.
Your Employees Are Ready for Growth
One good indicator that your company is ready to scale is your employee’s willingness to take on new roles and challenges. Remember that your business is not just about you and your customers. Without your staff, success will be so hard to reach.
Rarely will employees dread the company to scale up. Sure, this can mean your business will mean their workload will be heavier. But this can also mean their compensation will grow and they get the chance to advance in their careers. Make sure to set their expectations right and to take care of their needs during the transition.
Your Employees Need Help Keeping up with Deadlines
With the increase in sales comes the increase in responsibilities. It can be inevitable to ask employees to work longer hours and work faster without sacrificing the quality of work. But if this scenario is consistently tiring your employees out, it could mean they finally need help in keeping up with their tasks.
This is not to say that your employees are at fault. It could mean they have reached their capacity due to the increase in workload and are now beginning to feel stressed out. You may consider hiring freelancers to lighten their load. But if you do this for long periods, it could cost you more. Seek employee feedback and ask them if, in their opinion, it is now a must that you add more people onboard.
Entrepreneurs need not stay in the dark when making huge business decisions. Sometimes, signs will present themselves and will tell you when to turn down a business idea and when to grab a business opportunity. Trust your instinct, listen to your employees, consider your financials, and pay attention to your customer’s demands.