Planning to Grow Your Business? Ask Yourself These Questions
The goal of any business is to grow and thrive, and in Australia, the market outlook for small business suggests the sector is on track to meet that goal.
The growth of small and medium enterprises is expected to continue this year, as more and more small businesses invest in growth opportunities. As discussed in a recent post, SMEs are investing for their future by acquiring new equipment, hiring new talent, stocking up on inventory, and boosting capital.
If you’ve been running a business for a while now and you’re planning to take your organisation to the next level, take time to evaluate your current standing. It’s also a good idea to look into the reasons for wanting to expand.
Every enterprise can and should grow if the opportunity arises, but it’s not always prudent to jump into it, especially if you’re not prepared. You got to have the right plan, plenty of capital,resources, and logical reasoning.
To get off on the right foot, we’ve listed some important questions you should ask yourself to determine if your business is ready to grow.
Is the market favourable?
Businesses are popping up everywhere all the time. Many business opportunities arise and can be created under the right circumstances. You can also capitalise on these when the market is bullish– when opportunities are ready and waiting.
You need to know if the market is in your favour. After you overcome this hurdle of expanding, you need to make sure that there’ll be more opportunities rather than more hurdles. Is the business ready to jump on an opportunity, or would it be best to wait until the time is just right for something better to come along?
What’s at the end of the road?
Ask yourself, “What’s the goal here?” While it’s great to grow and for profits to go up, you shouldn’t stop there.
You have to have specific, tangible goals in mind, like getting a certain number of new clients or customers, rather than simply saying, “I want more customers.” These milestones and goals should be specific, achievable, and more importantly, profitable.
Is your plan concrete, or is there a wiggle room?
Even if you have the most comprehensive business plan and market predictions, things won’t always go your way. The market can sometimes be unpredictable; it can go unexpectedly go your way or in a completely different direction.
Go over your business plan and see how flexible it is. When you’re expanding, you need to be able to adapt with the market and/or any fluctuation in sales. Your business must have the capability to adjust capital and resources smoothly, and handle numerous unexpected obstacles.
Do you have enough capital?
Fact: Business growth comes with a price.
Check your resources and determine whether or not you have enough funds to grow your business. If you don’t have sufficient funds, it’s better to wait and save.
But if the time is ripe and you need funds, you can take out a loan for a cash infusion. Capify offers business loans and merchant cash advance to give businesses that financial boost they need.
What kind of financing do you qualify for?
Businesses need funds to move their organisations to the next level but it’s also required to sustai the increased workload, expenses, and other overheads.
Look for financing options from both traditional and alternative lenders, and choose the products that are more suited to your organisation and needs.
The Capify business loan, for example, is an easy solution that’ll get you the working capital you need– perfect for business owners looking for flexibility. Instead of monthly payments, this loan option follows a fixed, daily repayment schedule so you can manage your budget and cashflow more effectively. We also have a “Flex” program that can adjust based on your business’s highs and lows.
Our Capify merchant cash advance option, meanwhile, is ideal for businesses with fluctuating cash flow. Rather than the fixed, daily repayments, we take a small portion of your credit card and EFTPOS sales for the term of your advance. This gives your business the flexibility to make lower repayments when sales aren’t picking up.
In business, part of the success includes finding and capitalising on the right opportunities. If and when there’s a great opportunity for business growth but you lack the funds, Capify can help.
Talk to us today and find out how we move your business further.
Or call 1300 760 930 to speak with one of our friendly Lending Consultants now.