4 Signs It's Time to Grow Your Business

Written ByĀ 
Mathew Hein
,Ā Ā 
Director of Business Banking, Firstrust Bank
Business
Jul 16, 2018
|
UpdatedĀ 
4:00 pm
Ā 
ET

With one of the strongest optimism ratings in 45 years*, small business owners are feeling more confident than ever about their companyā€™s future. In fact, at the beginning of 2018, small businesses were anticipating:

  • Growing revenue 9.1 percent on average, up from 8.7 percent one year ago**
  • Better performance in 2018 than in 2017, up 12 percentage points**
  • Strong business growth, up 10% from the expectations of late 2016**

But even with record-high expectations and a strong outlook for overall business performance in the upcoming year, how do you decide if it is time to invest in growing your business? Here are 4 signs it may be time to take the plunge and focus on expansion.

  1. Youā€™re Ready to Migrate Past Being a Start-Up. When your passions collide with your dedication and you are convinced that your business will not just survive, but thriveā€”it may be time to pick up the pace and get your growth on the road.
    ā€
  2. Your Customers Are Asking You to Grow. Take a look at the patterns of your customer feedback. If theyā€™re begging for new products, services, or longer hours, you may want to invest in meeting their demands. Hopefully, your business will see a quick pay off of your investment with increased sales and satisfied customers.
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  3. The Industry Youā€™re In is Growing. If your industry is booming, itā€™s likely your business will be too. With an in-demand business, growing is easier and less risky. While youā€™re at it, go ahead and think of some future-proof offerings that will help you gain stability if the industry ever becomes stagnant.
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  4. Customers are Lining Up Out the Door. If youā€™ve got more business than you can handle, itā€™s a clear sign that expansionā€”whether adding more workers or expanding your spaceā€”would be a good idea to help you meet the demand and even bring on more customers.

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