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If you are fortunate enough to be in charge of your own business, how do you think it is doing these days? If you believe that you may be ready to step up to the plate and take your business further, please read this article and read it well. Here we look at some signs that will help you to identify the current state of play with your company’s progress on the big stage.
Why Change Up?
Perhaps your profits are looking really healthy for the first time and you’d quite like to keep this trend going. Maybe you are a little tired of dealing in small units and really need to take your company into deeper waters where the big fish are swimming. In order to see if you are ready we will now look at some signs that you should be familiar with.
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Positive Signs
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Your business is turning in a nice profit and this has been apparent for at least three years, preferably more.
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Your available cash is starting to grow into a substantial amount of capital. Enough for you to start investing in growing your business.
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You no longer need to borrow any money for your future business ventures.
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Your target market has been reached and you supply over twenty per cent of them.
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Your line of business is very popular with the consumers and this interest is on the increase.
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You have a very loyal customer base and they are starting to ask you to stock a wider range of products and services.
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Another business is asking you to start a new franchise with them in an equal partnership.
Provided you can tick all of the above boxes, you should start to consider the move up quite seriously indeed. But you can also help your cause if you consider the following warning signs:
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You may indeed have a loyal customer base and repeat customers are the bread and butter of successful business, but are you sure you can reach a wider audience? Perhaps you have already captured the whole market for your products and services. You need to do some research and see if there is a wider customer base out there for you. If you expand your services, will your current customers be interested in your new lines?
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Before you decide to expand your business you need to look at your technology situation. If your systems are out of date, they will struggle to keep up with an increased throughput and demand flow. You have to have the equipment up and running before you secure the orders for your new clients.
A final word regarding going into business with another group or individual, you need to accept that you will lose some control. You will effectively stop being the MD or CEO and move to a more junior role, especially if the new company has a controlling stake in the new set up. You should be prepared to make this sacrifice before you sign on the dotted line.
About the Author: Jake Moore is a successful businessman who enjoys blogging in his free time. He feels that dreams are made reality one step at a time and the more a person dreams, the farther they go. He recommends nbn to his readers.
