Seven Growth Signs Worth Your Attention
YOUR COMPANY’S GROWTH SIGNS CAN BE THE BEST INDICATORS THAT IT IS TIME TO TAKE ACTION.
Business leaders understand that knowing when to act is just as important as learning how. In today’s competitive environment, company success is a continuous process of growth and expansion, one in which there are moments to immediately react and moments when some insights and evaluation are necessary.
As an indie brand CEO, before you lean into the next opportunity, take a moment to evaluate your company’s growth signs; they are often the best indicators that it is time to act. The added bonus: understanding these signs provides easy opportunities to communicate your business instincts to your team, investors, and stakeholders.
To help you identify and evaluate your key drivers, here are 7 fundamental signals every business owner should understand and learn to recognize:
01 | Customers are Coming to You
If you are in the right place and experiencing increased demands for your product or service, with customers reaching out for more offerings, it’s probably time to increase your availability. When reading this signal, align your insights with trends in your industry and market. Ask yourself, will this increase in customer demand continue to hold in the marketplace?
02 | You Realize You Have Momentum
Business momentum, or “traction,” happens when you accumulate a series of wins. It can align with growth and expansion in your industry. Or it can be when your product or service addresses a pressing social issue. A win can include non-financial metrics, such as improved customer acquisition cost (CAC) and lifetime value (LTV).
03 | You are Getting Too Comfortable
When business is strong, challenging yourself and your company to change the status quo can be tough. Drive momentum and avoid complacency by renewing your connection to your customers with new services and products. Remember, if you’re not progressing and improving, you risk slipping backward and potentially losing market share.
04 | You Have an Opportunity Too Good to Pass Up
A shift in consumer preference could lead to new opportunities knocking on your door. The retailer or distributor you have longed to work with approaches you with a partnership deal. Expanding your business to seize new opportunities before they pass you by requires agility and scalability that you might only gain by expanding your current operations.
05 | You’ve Outgrown Your Resources
Customer service and technology are crucial for winning in any business phase. If you have delayed past projects, now may be the time to evaluate your current capabilities, processes and network. Meeting changes in customer demand often requires expanding your support system of employees, contractors, and vendors who can help you find opportunities and solve challenges.
06 | Your Team is Nimble and Supportive
Great companies have great teams. Teams that are agile and drive results. Teams that motivate others around them and build relationships. Reflect on your leadership and culture as indicators that your organization is capable of meeting the demands of growth and expansion.
07 | You’ve Examined Your Finances
When considering expanding your business, your financial position is essential. Review your current cash flows and projected revenues and determine that you have the financial resources to support your vision. Growth for growth’s sake, without a financial plan for profitability and cash flow, can significantly increase your risk.
Expanding your business, especially during a time of economic uncertainty, can feel overwhelming. As a business owner, you will need to analyze the situation and see if expansion is feasible and right for your business. When it is time to expand you will know it. The signs and messages are there with the right insights and reception.
Are you prepared for the next business opportunity or challenge that comes your way? At Thielstyle we offer financial strategies that set you up for success. For more information, reach out at info@thielstyle.com.