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When it comes to running a business, growth is a good thing. It’s an exciting step and an indication that your business is poised for success. But it’s not always easy to know when your business is actually ready to expand. Growing your business before you’re ready could be just as dangerous as not growing at all. Here are some clear signs that your business is ready to grow, along with some solutions to make the growing pains a little easier.
You have a loyal customer base
Does your business have a loyal following of customers? If so, you may be in a good position to consider growing. Having a consistent, faithful customer base is a sign that you’ll have the demand needed to support a successful expansion.
You’re managing a positive cash flow
In order to fund the growth of your business, it’s important to have a steady cash flow. Positive cash flow indicates that your company is able to cover operating expenses, return profits to shareholders, and reinvest back into the business. Having strong financial foundation will also help ensure your company is able to handle the challenges that may arise during the period of growth.
You’re running out of room
Do you have enough square footage to accommodate your inventory and incoming orders? Do your employees have the space they need? If not, it’s time to consider getting a bigger space, whether you need to add a second location or utilize a rented warehouse space to store inventory, machinery, and supplies.
You have more business than you can handle alone
Is your business so busy that you’re turning away customers? Does your in-house staff have trouble keeping up with high demand and incoming orders? These are all signs that your business is ready for growth! Rather than hiring extra workers to fill gaps in employment, many business owners are taking advantage of outsourcing to increase their capacity while reducing overhead costs. If you’re looking for a cost-effective way to manage your business’s growing pains, outsourcing may be the right move for you.
At Ohio Valley Goodwill, our Industrial Services Division specializes in helping local businesses reach the next level of success. We know that growing a business is exciting and overwhelming all at once. Our innovative outsourcing services help businesses in Cincinnati, Northern Kentucky, and Southeast Indiana achieve growth while saving time and lowering costs. Our large, experienced workforce can handle projects of any size ranging from assembly and kitting services to packaging and order fulfillment, whether you’re looking for temporary labor or a more long-term solution.
Are you ready to expand your business through outsourcing? Contact Ohio Valley Goodwill Industries today to speak with our business development professionals and receive a free tour of our facilities.