When you started your business, you set out to succeed. You had measurable goals and carefully planned out your growth strategy. So…what have you done to implement that strategy? In a recent article published by Forbes, their Young Entrepreneur Council published some great advice on growing your small business or franchise. Building on their valid points, consider these questions as you ask yourself, “Am I ready to grow this to the next level?”
Do I have the staff I need to meet the demands of an expansion?
If you are adding a production line, signing on with a new distributor, or selling your products in new places, make sure you have the staffing capacity to fulfill these orders. Expanding too quickly and not being able to handle fulfillment will torpedo your expansion plans. Take into consideration things like sick days, PTO, and the like, when estimating your staffing needs.
Do I have the inventory I need to meet the demands of an expansion?
Talk with your suppliers. Check inventory and predictions on raw goods. Don’t enter into a build-out phase without hard data that ensures you can meet demand. Backorders are the devil, especially leading into the holiday season.
Do I have the capacity to oversee this growth?
While some businesses can operate with an absentee or semi-absentee owner, most truly thrive under the watchful eye of the person who is fully-invested and committed to the business – you! There’s a reason why “growing pains” is a common phrase, and entrepreneurs who are available and dedicated to working through challenges are generally the most successful at achieving their goals.
Do I have the financial means to fund business growth?
Business growth usually means additional working capital will be needed at some point. Numerous funding options are available for business or franchise owners to tap into, including 401(k) Rollover Funding Plans, Unsecured Lines of Credit and other funding sources. This is where Tenet Financial Group has got you covered!
Our Senior Consultants are ready to evaluate your funding needs and your unique business situation to determine the best possible financial next steps. Reach out to us today!