Corey Shader Explains: Three Indicators It’s Time to Expand Your Business

Most business leaders dream of significant growth that leads to major profits. But, one of the trickiest decisions leaders often face is whether they should expand, as entrepreneur Corey Shader explains.

While expansion can provide a lot of benefits, there are serious risks, too. So, what should you look for if you think it might be a good time for you to expand?

Below are three indicators that it’s time to expand your business.

1. Customers are Asking for More

A clear indicator that it’s time to expand your business is if your current customers keep coming to you asking for a solution that you don’t offer. These customers often will love whatever products or services they’re buying from you, but they might have other needs in complementary areas.

This is a good position to be in on one hand, as it means you’ve established a customer base that’s trusts you and wants to purchase more with you. On the other hand, if you find yourself in this situation, it means that time is of the essence.

If you’re unable to expand your business quickly enough, these customers could go elsewhere to find the solution they need. That being said, you don’t want to expand too quickly just to meet these customers’ needs.

That’s why it’s so important to pay attention to these clues that it could be a great time to expand your business.

2. You’re Consistently Profitable

Another indicator that it’s time to expand your business is that you’ve built a consistently profitable operation. When you’ve reached the point where everything seems to be running on auto-pilot and you’re raking in the profit month after month, you might want to dedicated some time and money to expansion.

In fact, this provides one of the more optimal situations for business expansion. If you find yourself in this situation, you could work on the expansion without drawing too many resources away from the main business. This could result in you investing in expansion without upsetting your current operations and your consistent profit flow.

3. You Have a Team You Can Trust

Corey Shader speaks to the above point by saying that another indicator that it’s time to expand is when you have a team you can fully trust with the operations. If you’re able to leave the day-to-day to a team of people who can run the business without any worries, that allows you to work on expansion as almost a separate project.

More than just having a team you can trust, it’s also important that your leaders are nimble. Are they able to take on some extra responsibilities while you focus on the tasks necessary for expansion? Will they be able to handle the expansion, even if that means adding a new product or service line that is different than what you currently offer?

If you want your business expansion to be successful, you need to have the proper structure in place. So, having a team that you can trust and that’s also nimble is not only a key indicator that it’s time to expand your business, it’ll also be essential to ensure it produces results.

About Corey Shader

Corey Shader is a self-made entrepreneur, consultant, investor, real estate developer, and founder of several companies, notably Insurance Pipeline. Operating primarily out of Ft. Lauderdale, Corey’s endeavors span across the nation, consulting for start-ups, and sitting on the board of digital media and senior healthcare agencies. As a consultant, Corey helps young businesses develop sales funnels and maximize profitability. Shader takes pride in challenging others to push themselves to be their very best — he believes in constant self-improvement, inspiring others through sharing his own life experiences.