Small Business Buzz: Those of us that own a business know that, at some point, there will be cause for expansion. This can be both exciting and scary. Exciting because it only means that our business is doing very well and demand for the product/service we provide is growing. Scary because it is practically common knowledge that, next to tapping into the wrong market, the transition from a small business to a not-so-small business is one of the top reasons businesses fail.

There are some clear indications that it is time to expand your business, and being able to recognize those signs will help to eliminate some of the anxiety that accompanies such a change, since you will know it is necessary.

New Challenges

One of the first signs that your business is in need of a change is the fact that you are facing challenges and struggles that you have never faced before. There may be an overwhelming feeling that your losing control of the business.

Ineffective Management

Another indication that your business may be outgrowing itself is that your current management (which may even include yourself) is just not cutting it. As a business develops and grows, the dynamics and needs of that business change. The manager or CEO you hired when your business employed 5 people and your product limited to state wide distribution, is not going to be as effective when the demand for your product expands to a national market and you’ve had to hire 20-30 more employees.

Revenue Plateau

If your revenue has been within the same range for the past two or three years, chances are the demand for your product/service has increase, but your business is not currently capable of meeting that demand. Not only do you have too few employees, but it is likely that many of the ones you already have don’t have the ability to perform at the level the business needs to succeed.

How You Know It’s Time to Grow [Small Business Buzz]

• 0 Comments

  

Comments

 Add your own comments

Name:

Email Address:

URL:
Remember Me? YesNo

Comments: (you may use HTML tags for style)

What next?

 Digg it

 Save This Page

 Subscribe to GetEntrepreneurial.com

 Leave a comment

Next Article: Entrepreneur Profile: Richard Crasnick »

Previous Article: Personalize Your Marketing »

Marcel Sim is a GE Network Expert. View Marcel Sim's profile or read more articles from Marcel Sim. Learn more about the GE Experts Network.

Have an expert opinion on issues entrepreneurs and small business owners face everyday? Join the GetEntrepreneurial.com Experts Network and share your expertise with the community!

The new GE Experts Network is inviting seasoned entrepreneurs and small business owners to come on board and contribute small business advice to our community of aspiring entrepreneurs. If you have an effective way of generating sales or you know how to use social networking to connect with your customers, join us in providing wider entrepreneurial content that would benefit small business owners worldwide.

Click Here to Learn More >>

Related Articles

 Reknit Your Old Sweater » Springwise: Each month, Reknit will unravel old sweaters and re-knit them into a different item; this January, it's scarves. Consumers begin by...

 Marbling Art on Stone » Hurriyet Daily News: Saadet Erciyas, a female entrepreneur from İzmir, and her team are creating decorative products by using the marbling art...

 HP's Store in Store Concept » AMEinfo.com: HP Middle East announced its new retail strategy in the UAE - HP Store in Store, which is focused on facilitating enhanced...

 BIZNESS! Newsletter Issue 97 » Square Payment Square is a mobile app that lets you start accepting payment cards immediately with no contracts, monthly fees, or hidden...

Need more brand new promising business ideas and innovations around the world you wish you'd thought of? Visit CoolBusinessIdeas.com now!

Ever wanted to be the CEO of your very own Starbucks or Amazon.com? Fire your boss and be your own boss? Now you can, with BIZNESS! - the free biweekly business newsletter about new business ideas, opportunities and innovations from around the world. More than just new business trends, BIZNESS! helps the aspiring entrepreneur (you!) with small business advice, business tips, and entrepreneur resources and opportunities.

   Subscribe for free now!    

---