Businesses have four key phases: start-up, growth, maturity, and decline.
As a business owner, it’s important to be aware of which stage your business is in. The growth phase is the ideal phase to consider taking on loans and expanding. Read on to learn the telltale signs that your business is in the growth phase.
You never have enough inventory.
If you seem to run out of inventory before your next shipment can come in you just might be in the growth phase. Inventory is a delicate subject because most business owners agree that having a shortage and having a surplus can both prove to be challenging. Financing Your Way understands the challenges of maintaining adequate inventory levels when your business is in growth mode. The Financing Your Way retail business funding program was designed to help businesses in the growth phase find and keep the ideal level of inventory.
You have rave reviews.
A growing business is doing something right. Word of mouth is the most powerful form of advertisement. If your business gets rave reviews on social media, and Yelp, it’s highly likely you’re in growth mode. Maintain a great online reputation by resounding to criticism in a professional and understanding tone. Never engage in online arguments with customers and be sure to acknowledge positive feedback as much as you respond to criticism.
Your brand is recognized.
Growing brands get noticed. As you wear your company merchandise or drive company wrapped vehicles you may feel like a celebrity. Don’t be alarmed. Keep marketing material such as business cards, postcards, and flyers handy to offer to those who recognize your growing company.