4 signs that your small business is ready to expand
Should you expand your small business? On the surface, that question might seem like a ‘no brainer’. After all, who wouldn’t want to grow and make more money?
But if you’re not ready to expand, you could be setting yourself up for a lot of extra headaches. In a worst-case scenario, if you expand too quickly, you can even destroy your business.
Here are four sure-fire signs that your small business will be able to cope with expansion.
1. You’re on top of your business finances
You should be closely monitoring your business’ cash flow so that you’re always on top of all your current business expenses. Your revenue sources should be reliable and growing.
Online bookkeeping software like Xero can make sure that you always have all the financial information that you need at your fingertips.
2. You’re in a growth industry
It’s easier to expand in a growing market, rather than relying on taking business off your competitors in a shrinking market.
3. You have a sustainable competitive advantage
It’s important to have an advantage over your competitors that they can’t easily replicate if you want to expand your business. For example, it could be the quality of your products and services, or the location of your business.
4. You have efficient business processes and systems
Expanding your small business will be much easier if you have efficient business processes and systems in place to help you cope with more customers. These processes and systems should also be documented and well known to any staff that you have.
How we can help
We can also help you with any bookkeeping support services that you may need, no matter what type of business you have. We currently have clients in a diverse range of industries in South Australia, Victoria and New South Wales.
Contact us today to find out how we can help your business!