If there’s one truth in business, it’s that change is inevitable. If you’re not the one changing, then the market certainly will — and you’ll find yourself behind the curve in that case.
Fortunately, change isn’t always a bad thing; in fact, it can be a very good thing. A business can’t grow without change, so keep that in mind as you plan the future of your company. Of course, there are many different ways to grow your business — you can hire new people to grow your client base, you can enter a new market, you can offer new services or products, you can merge or acquire another business, and so on.
However, before you take any of those steps, you need to first determine if it’s the right time for you to restructure and grow your business. It’s a move that can certainly equate to more revenue and happier customers, but only if done smartly.
Here are the signs that your company is prime for a new chapter.
The prospects are there, but the capacity is not.
If you’re turning away business on the regular, you probably need to consider expanding your team to accommodate the clients you’re missing out. Alternatively, you might just need to restructure your current systems to be more efficient and automated, so you and your team have more time to take on new work.
You’re fielding requests for products or services you don’t have.
When your happy clients are coming in to suggest ideas and tell you how much they wished you had extra services or sold something else, take that as a sign that the demand is strong. Bringing on new products and services is a great way to grow, but keep in mind that any new offering should complement your existing business structure.
You’ve done market research that reveals a gap.
The industry is ever-evolving and consumer behavior is always changing. Thus, new needs and demands are always on the horizon. If you’ve done the research and can confirm that there is an absence of an in-demand service that you’re qualified to fill, take that opportunity and run.
Everything is stable and you’re getting bored.
Stagnation is a great sign that it’s time to grow, but only if everything is already in place. Your finances must be in order, current clients must be satisfied, your team must be onboard, and your existing business structure must already be efficient and productive. If you have all of these boxes checked and you’re just maintaining the status quo, then it’s high time to turn that boredom in creativity and work up some new ideas for your business.
It’s that simple. As long as you have a strong brand, a supportive team, a creative idea, and a market that demands it, it’s likely that you’re in a great position to restructure your business and grow it to new levels. If your ducks are in a row, have faith in your company and be confident that you and your team can handle the move.
Kevin Dennis is the editor of WeddingIQ and the owner of Fantasy Sound Event Services, a full-service event company based in Livermore, California. Dennis is the current international president for WIPA.