Is My Business Growing?
Here's how to prove your company is growing...
Growth is an important goal for every company, especially for a new or small business looking to gain an edge in the market. It takes time, energy, resources, tenacity, and focus, to build a strong organization. Whether the business is ticking along nicely or breaking even, it can be difficult to spot the signs it is ready to grow more substantially. Here is how to prove your company is growing.
Profitable Services or Product Lines
Selling products or offering services is one thing; getting solid margins may be another. When each and every service you offer or product you sell makes a profit, it shows you have managed your services or product portfolio well and market acceptance of your business is high. This also clearly shows that your company is growing. Perhaps, now is a time to start focusing on finding new segments or geographic markets, increasing distribution, and even considering export.
You have Regular Profits
Look at your company's net income. Basically, take your business's gross income and subtract expenditures. This will tell you how much money your company is actually earning after you pay your expenses. If you have regular, increasing profits, it's proof that your company is growing.
Don't just focus on short-term success. Look for long-term success and consistently growing profits. If your company does have a regular income, you can invest some of your profits in your business.
A need for New Hires
If your business has been steadily growing and revenue has increased over the course of several months to a year, it is a good sign that your company may need to hire additional employees for continued growth and efficiency.
Industry Projections are good
If you are following industry forecasts and growth projections already, start looking deeper into your specific industry and outlooks. Do the research. Consider fleshing it all out business-plan style so you can see the vision and process what the data means for your particular business outlook.
If trends show a slowdown in your market, or a newly proposed regulation or tax plan creates industry uncertainty but your company still looks stable and strong, it's clear evidence that it's growing strongly. It's probably not the best time to expand quickly, but your business is on the right track. Wait and see, keeping an eye on numbers and projections to determine the growth of your company.
You Can Demonstrate Clear Social Value
Turn your attention to the social value your product or service can bring to the table. Can your company address a pressing social need or advance an important cause? Can you help a customer type achieve these goals? By using social impact and demonstrating a clear social value your company can reveal alignment with new customers or business verticals and quickly determine whether the business is growing and can stand out against potential competitors.
At BEVFL, we make loan or equity funding available to help you grow and expand your company or business. We are looking to assist the brightest and the best Bahamian Entrepreneurs who have great business ideas from a wide range of industries. Contact us to learn more and get started.