Is Your Business Ready for Growth?

The words marketing, success, growth, team, concepts, plan, and vision with a hand drawing a red line under them

I was pretty naive when I started my business. 

And when I started getting busier, I didn’t really understand what business growth meant, or what effect it would have on what I was already doing. 

I think a lot of business owners find themselves in similar situations; especially when they’re first starting out. 

Back then, my business wasn’t ready for growth. It is now, but only after a lot of trial and error. 

Is your business ready for growth? Perhaps, but perhaps not. 

Let’s talk about how you can tell and what you can do to get your business ready for the growth you envision. 

How to Tell Your Business is Ready for Growth

According to the United States Chamber of Commerce, there are a few indicators you can look for to determine if your business is ready to grow and expand. 

You’re Regularly Meeting Your KPIs

Numbers don’t lie. 

Your key performance indicators (KPIs) will give you a good basis to determine if your business is ready for growth. 

Pick one and study it. Let’s use customer acquisition as an example. 

What are the costs involved with acquiring new customers? If you do get more customers, can you financially sustain that growth? 

If you don’t have KPIs in place yet, it’s best to start there. Then you can determine if growth is possible or if it’s best to wait until you’re bringing in more revenue. 

Your Team is Solid

Having the right people on your team is absolutely essential if you want to grow your company. 

Think about your employees and ask yourself a few questions: 

  • Do they do their jobs well? 
  • Are they present at work or do they call in sick a lot? 
  • Are they able to take on additional responsibilities? 
  • Could any of them be promoted and be trusted to continue to do great work? 

If your team is filled with trustworthy people who do their jobs well, you could be in a great position to grow. 

You Have Enough Working Capital 

It’s vitally important to have a clear understanding of the capital you have to work with. 

You may need to fund more products or inventory or even hire new personnel to see the growth you envision become a reality. 

Unforeseen expenses can catch you by surprise at any time. Do you have the money to deal with them? 

Your Industry is Booming

If your industry is seeing substantial growth right now, it’s the perfect time to capitalize on it. 

Although business can be unpredictable as trends come and go, you don’t want your business to be left behind if others in your industry are doing well. 

Your Demand is Higher Than Your Supply

This is one of those “good problems to have” that business owners often talk about. 

If people are requesting more of your products and services, it’s definitely time to consider expanding. 

If you’re not able to meet demand, it can make customers go elsewhere for what they’re looking for. 

You Have a Good Process in Place

If all of the above (or most of the above) are true for your business, and you have a good process in place for meeting customer demand, now might be the right time to expand. 

Just keep in mind that as you grow, you’ll need to improve individual employee communication to ensure everyone remains on the same page. 

How to Get Your Business Ready for Growth

All of these things are important as you prepare your company to expand, but I like giving practical advice. 

So how do you get your business ready for growth? Here are some helpful tips. 

Getting Prepared Financially

This section could be its own blog post because there is so much to prepare for financially when you’re getting ready to expand. 

But just to narrow it down to some actionable tips, here’s a checklist: 

  • Make sure you have a qualified accountant. 
  • Make sure you have a solid bookkeeper. 
  • Ensure the bookkeeping software you’re using has what you need. 
  • Hire a payroll company if you’re doing payroll in-house. 
  • Consider getting a line of credit. 
  • Make sure you can cover an emergency if you need to. 
  • Estimate costs for increasing inventory and/or hiring more workers. 

Get Clarity on Job Descriptions

Sometimes the lines between job duties can become blurred. 

Suddenly, you’ve got your administrative assistant collecting everyone’s timesheets when that’s really someone else’s job. 

Take a look at your worker’s job descriptions and make sure they’re only doing their jobs and not someone else’s. 

And while you’re at it, consider setting up meetings with your employees individually to talk about their job satisfaction. 

  • Are they happy in their work? 
  • Are there things they’d like to change? 
  • What areas do they feel strongest in? 
  • What areas do they need additional training in? 

Consider Improving Your Processes, if Needed

In our agency, we absolutely need a good project management system. Otherwise, there’s no way we could keep things organized. 

A few days ago, we received notice that our system will only allow 10 contributors on one of our workspaces at a time. 

Right now, that’s OK. We don’t need any more than 10. 

But in the future, that might not fly, and that means we’ll need to find a different project management system. 

Take the time to look at your operations and the current system you use to manage orders, employees, and contractors. 

With some growth, will that system continue to work? 

If not, it’s best to get a new system in place before you grow so you don’t find yourself in a mad dash to immediately get a new one and get accustomed to it.

Look at Your Public Image

Preparing for business growth also means taking a fresh look at your public image. 

This could mean anything from your logo and signage to your website and social media presence. 

  • Has your logo been around for decades? Maybe it’s time to talk with a graphic designer for a refresh. 
  • Are you on the right social media platforms? You may need to change things up so you can be where your audience is spending most of their time. 
  • Is your website responsive and modern? Most people are finding you on cell phones or tablets, so if your site looks dated, they’re likely to choose your competitor. 
  • Do you have a verified and optimized Google Business Profile? This is one of the most common ways people will find your company when they’re searching for what you offer. 

You may also want to consider ad marketing once you’re ready to expand your business. 

We’re Here to Get Your Business Ready for Growth

At Colwell Creative, growing businesses is what we do best! 

When you work with our agency, you have a team of people at your disposal to help with everything from a new web design and social media marketing to graphic design for your logo and direct marketing materials. 

Business growth is exciting! But when you’re not ready for what it entails, it can be catastrophic. 

Contact us today and let’s put a plan together to prepare your business for what lies ahead. 

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