Business growth is an exciting time, but you need to be ready for expansion. Leaping too early can actually hinder your business leading to financial deficits, unstable and stressed teams, as well as potentially unhappy customers. Here we look at four key signs that it’s time to expand your business.
Possibly the most obvious indicator that you need to grow your team is that you have more business than you can handle. It isn't bad to admit that your business has expanded to the point that you cannot complete all of the work either. In fact, it is a very good thing, as long as you respond to the growth correctly. Whilst you might be able to handle a busy month of deadlines and new business, working under pressure isn't sustainable and you are likely to burn out.
Run some checks to make sure you and your team are not overstretched. If you already have an analytical system for your business it should be easy to track workload within the last few months. If not, consider finding out how to track this over the next coming months. Make sure you use results over the course of a few months to be sure that you find an average sustained workload rather than a temporary spike. Use these results to help you decide whether or not it is time to add some new members to your team to spread the work evenly and help keep your business moving forward.
Expansion within your team may not apply just to employees. Your problem may be space. If your business is growing at a rate of knots, you may need to look towards expanding your workspace to accommodate for your team and business growth. Working in cramped space may affect your already strong team of workers.
It is likely that you have set you and your business specific goals and targets. Doing this is a great way of checking your business is growing. Whilst it is all well and good setting milestones for business growth, it is important that you reach these within the time allocated. If you or your business is continuously reaching your milestones before or on each deadline, that is great, but you may need to consider speeding up your plans and aiming higher. However, if you are missing deadlines and falling short of your milestones on a regular basis, you need to assess why and consider expanding your team to help deal with this.
It doesn't mean you need to set yourself smaller goals, you simply may need to change the way you approach them instead. If you are missing deadlines this may be a result of too much work and you should consider expanding your team in order to cover the workload. If you’re rushing to complete deadlines, the level of work produced may also begin declining. Missing deadlines and a decline in work quality can subsequently result in a loss of clients and customers and have a detrimental effect on the growth of your business. If you’re comfortable that you’re meeting your goals appropriately, then it really could be time to expand your business!
Taking count of your sales and work is a great way of keeping track of your business growth. If you are a retailer and customers are regularly asking for particular items, this is an indication to ramp up production. If you are a business and receiving constant feedback from clients of the success of your services or the demand for the availability of them elsewhere this may also indicate it is time to expand your team elsewhere. Both of these situations may require an expansion of your team, be it several new hands to help with the production of goods or a new team based in a different location to you. A valuable way of noticing room for growth is by listening to your clients. Use their feedback as an effective tool to measure the need for expansion within your team and continue to further grow your business.
Also pay attention to the landscape of the industry you are in. Are you based within an area where your services are saturated? Do you feel another location or industry is under-saturated of your services? If so, is it time to consider expansion into other places and areas. Hiring additional team members may be beneficial if you do not have enough experience of an industry you would like to expand into. Their knowledge may be just what your business needs to make a successful expansion.
In order to expand successfully, you must have an existing team that is strong, passionate and reliable. Expansion can place extra pressure and workload on the existing employees whilst new starters get up to speed, or whilst new roles are introduced. You need to be sure you’re comfortable that the people you already have in the team are ready for expansion. Can you trust them with more responsibility or the training of new employees?
If you’re looking at expanding in a new location, do you have employees in mind to take on the challenge? You may need to do a review internally and ask yourself who you can see moving the business forwards with you, and who may actually be a hindrance. The key is to ensure you don’t lose valuable team members during a period of expansion. Be mindful and supportive to employees who have already contributed to getting you to where you are today. With the right team in place, expanding can be as exciting as you’d always dreamed it would be.
If you’re considering an expansion of your team, why not get in touch with Endorsed. Endorsed connects you to the most talented candidates in the market, and enables you to chat directly with them making the hiring process faster and simpler than ever. Get expanding, get endorsed today.
Managing Director of Endorsed Direct Hiring. Larissa has worked in the technology and recruitment sector for over 10 years and knows just about everything there is to know about what it takes to hire great people.