I recently ran across a great article titled “How To Know When It’s Time To Grow Your Business?” This applies to you too, the Locksmith. If you are a small shop with only mobile and look forward to the day to open a brick and mortar, this article applies. Maybe you already have a brick and mortar, but question if you should have two, then this article applies to you.
How do you really know? Three indicators that your business is ready for growth include strong sales and a loyal customer base that’s asking for more. You might also want to think about expanding if your sales are languishing but you recognize untapped markets.
- Strong Sales
- Little to No Growth
- Customer Requests
That’s not the only driving factors though. In order to grow your business effectively, you need to have a firm grasp on the market, your customers, and your competition. What is it that stands out about your company? Why should people call you or buy from you and not your competitor?
Once you have the answers, thoroughly researching your new products or services before expanding is also critical. Then, stay the course.