7 Signs Point to a Real Need for Business Growth
Complacency is a trickster; don’t fall for it. These seven signs clearly indicate that now is the right time for business growth.
The Time is Right – 7 Indications that Business Growth Should Be Your Top Priority
Complacency is a trickster. Not only does it creep up on us unawares, it also creates blind spots, leaving us open to missing opportunities or warning signs. If one or more of these seven clear signs that point to the need for growth apply to your organization, it might be time to prioritize marketing and operational strategies that can help you grow your business.
7 Characteristics of a Business Needs to Grow to the Next Level
- Benchmarks hit – or missed.
It is said that Alexander the Great wept simply because he believed there were no new worlds to conquer. If you have hit the goals you set for your business, it’s time to set new ones. Conversely, if you have missed goals and benchmarks that you anticipated reaching by this point, it could well be that your business needs to grow to meet them.
- Cash flow challenges. It’s common for a business to experience cash flow challenges from time to time; however, if your business has a track record of coming up short when it comes time to meet operating expenses or payroll, or you do not have the money you need to expand – or even replenish – inventory, then it is very likely that your business needs to grow in order to enjoy more stability and sustainability.
At Corsa Finance, solving business cash flow challenges is our specialty. Clients use our invoice factoring services to speed up cash flow in order to more easily:
- Meet operating expenses and payroll
- Finance business purchases, repairs, and renovations
- Cover unexpected expenses
- Maintain cash flow during cyclical or seasonal lulls
- Replenish or expand inventory
- Add new products or services
- Expand by adding location square footage or opening up new locations
- Execute strategic marketing campaigns or pay for new marketing tools
- Hire temporary staff seasonally or while growing
- Employees are stretched too thin – or becoming bored.
One sure sign that you need to grow your business (so you can hire more employees) is when you and one or more of your staff are stretched too thin, wearing too many hats, or juggling too many responsibilities – often with the result that tasks aren’t getting done on time or they fall completely through the cracks.
On the other hand, employees who are bored, disengaged, or disinterested may be telling you that it’s time to grow your business. Adding new projects and challenges to employees’ jobs may be just the thing to keep them interested and engaged with your business.
- There’s new technology on the horizon.
Your business may need to grow in order to keep pace with technology advances in your industry; conversely, the emergence of new technology may be providing you with new ways to grow your business.
- Customers losing interest or shopping around.
If customers believe that they know all there is to know about your business or have experienced all the benefits your products and services offer, they may begin to lose interest or shop around to see whether competitors may have something more to offer.
Keep customers interested by growing your business (expanding or changing your product or service lineups) and engaging in marketing campaigns that create intrigue, incentivize loyalty, or stimulate word-of-mouth marketing.
- Your industry is evolving.
Technology is not the only industry innovator that may make it desirable for your business to grow. Finding more efficient ways to do business, new ways to promote a business, or identifying new target markets can all mean that it’s time for your business to grow beyond its old boundaries.
- Competitors are gaining ground.
Whether in the form of direct competition or indirect competition (e.g., there are substitutes or alternatives to your business or its products or services), when competitors begin to eat away at market share, it’s a sure sign that your business needs to grow and evolve, as well.
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Do you need improved cash flow for business growth?
Here are four things that must be part of your plan for business growth:
- Clear vision, understandable, well-defined mission, and a strategic marketing plan
- The right people on your team
- A plan for how infrastructure will evolve with business growth
- Working capital and business financing tools
We provide receivables invoice factoring services that can be used for business growth and sustainability. We would be happy to help you determine if factoring can help your business or provide you with a no-risk, free proposal for business financing that could take you from approval to funding in a few days – or even faster.