Five signs your business is ready for the next level
Many business owners know exactly what to do to grow their company, but don’t have the time or cash to make it happen.
If these opportunities are significant, it is likely that your business will also be attractive to acquirers and investors too, and it may be time to hand over the reins and sell all or part of the equity. Here are five signs that your business is in peak condition.
You are turning away work
It’s a great problem to have, but if demand is outstripping supply, then you need to take action. Otherwise, it won’t be long before customers start going elsewhere.
Your customers are household names
Working successfully for major players often creates a domino effect of referrals and new business, which also mean cross-selling opportunities. How often have your customers asked you, “I know it’s not really your area, but would you take a look at this for us…”?
You are winning business from the big boys
Once you aspired to be like them, but now you are tendering for the same work as your larger competitors – and winning. Whatever you do is clearly working, but increasingly you still find that the really big jobs are putting the whole business at risk.
You are recruiting more and more staff
Bringing in new expertise or an expanding headcount is an obvious and very visible sign of success. But it also means your company is transforming itself from within. New staff bring new ideas, contacts and processes, which can re-energise colleagues and accelerate growth.
There aren’t enough hours in the day
You are constantly in demand by staff, customers and suppliers, but the paradox of making dozens of on-the-hoof decisions is it leaves you no time to properly plan your next growth phase. It may be time to look at expanding or empowering the management team, or selling all or part of the business to get the backing you need to reach your long-term business goal.