Source: Small Business Trends | Repost 9/9/2021 –
One of the most significant milestones for any business is the day it reaches a point of expansion. While every business owner looks forward to the day they can grow their business, it’s important not to be hasty in doing so. A successful business expansion depends on a number of factors and needs to be carried out at the right time. To help you understand when the time is right for you to expand your business operations, 13 experts from Young Entrepreneur Council (YEC) answer the following question:
“What’s one sign it might be time to expand your business operations, either by opening up another retail store, diversifying your product offerings, etc.?”
Be sure to look for these signs before you make any expansion plans.
1. Demand Is Higher Than You Can Handle
“One of the first signs that it might be time to expand your business is when you have higher demand than you can handle. But make sure to track and check your sales history to ensure your spike in sales isn’t because of a holiday season or special event. You need to be confident that the increased interest in your brand is genuine and not just a good month.” ~ Benjamin Rojas, All in One SEO
Author: Scott Meister, CPA
I help small businesses, accountants, bookkeepers, office managers, and business owners with their accounting needs. I’ve used QuickBooks since 2002 and train folks on how to use it efficiently. I create high-quality video training tutorials for QuickBooks and post them on QBScott.com.
Certifications include: Certified Public Accountant (CPA) | Certified Bookkeeper (CB) | Advanced Certified ProAdvisor for QuickBooks Desktop | Advanced Certified ProAdvisor for QuickBooks Online | Certified ProAdvisor for QuickBooks Enterprise | Certified ProAdvisor for QuickBooks Point Of Sale