Growth is a huge indicator of small business success. It is tricky, though. If you grow too fast you could have major issues. If you grow too slowly, you run the risk of becoming stagnant and losing momentum. There are different kinds of growth, as well. You can grow slow and steady, or you can grow in bursts, sort of a “big bang” style of growth. How do you know if your business is ready for big bang growth?
This is probably the greatest indicator of big bang growth potential. If you find yourself struggling to keep up with demand and there is no end in sight, you could be ready to explode. The key is to recognize whether you are in a period of short- term demand or if a new normal is being created.
If your business is new and booming quickly, give it some time to see if any newness wears off and things balance out a bit. If you are fairly established and have seen huge demand that you are struggling to keep up with, it may be time for big bang expansion.
This could mean a new, bigger building or adding on to the existing one, adding new products, additional hours, or more employees. The thing about big bang growth is that it happens quickly and at once. If the demand is there, your business must be ready for it.
You Have No Choice
If your company is growing faster than you are currently able to handle, it can be difficulty to keep control. Take command and get things headed in the right direction. Prepare for the fast growth that may be increasing daily. You may find that you have no choice but to expand in order to nurture the growth in a profitable way.
Your Business is Ready: Now What?
Big bang growth is not just considering your options for a new building. It is not slowly adding more inventory or hiring a new person here and there over the course of time. This type of growth is explosive and carries forward. It is a brand new building, a whole new department, a new serving room, more trucks to make more deliveries, or anything that facilitates huge growth quickly.
Huge growth often requires huge funding. This typically comes in the form of equipment or real estate loans. There are many types of expansion loans, however. The key is finding the funding that works best for the growth needs of your business.
Biz2Credit can help with that. Our extensive network of lenders offers a broad range of small business financing products for various types of borrowers. Visit Biz2Credit.com today for more information.