When and How to Kickstart Growth in Your Service Business
- February 21, 2019
- By: Vonigo
This article about kickstarting growth for service businesses is by Ty Kiisel, Editor for OnDeck.
For most service business owners, growth is not just an option or an objective – it is a goal that will propel your business forward in its journey.
But how do you know it’s the right time to take the next step? How do you even begin the process to grow? Should you finance your growth? And what or where should you focus your growth on?
There are many questions involved when looking at what’s next to come for your business, and we’re here to help! We want to give you the information you need to identify key opportunities for your business and have a plan of action for what comes next.
Growth is necessary for most service businesses. Either you’re growing or you’re losing business. Very few small businesses maintain the status quo year after year. Some years will have slower incremental growth, while other years you plan to create a plan of action and leap to growth.
Often these larger growth goals require capital and if your business is ready for the next big step, you may have considered financing growth for your business. But there are many other factors to consider as well when considering growth.
How Do You Know It’s the Right Time?
Watch for opportunities and pay attention to what’s working or what’s not. You may need to leverage borrowed capital to fuel the growth you need, or your business may be able to maintain growth on its own positive cash flow — either way you need to have a plan.
The first step is to watch for these telltale signs of opportunity where your business is about to take off:
- Business is booming.
- You’ve outgrown your current space or business model
- You need more tools or resources
- The numbers make sense – and you’re finding new ways to increase sales more often than not.
Do I Need Financing?
For some, they have the financing they need to invest in their business and move forward to the next level. For most, it’s necessary to finance growth to build a healthy business. Either way, small to large sized businesses across a wide range of industries leverage borrowed capital to fuel growth.
Knowing when to finance growth can sometimes be a challenge for many service businesses. Some business owners take a very aggressive approach to growing their businesses; while others take a very conservative, slow growth, approach. Regardless of the approach you take with your business, determining when and how to grow your business will help you decide if financing capital makes sense for what you want to achieve.
Ready to Grow Your Business?
Here’s what else you need to consider…
We’re hosting a 30-minute webinar hosted by Small Business Educator, Ty Kiisel, and John Carter, CEO and Co-Founder of Vonigo — makers of cloud-based service business software. In the webinar, we’ll talk about several factors of small business growth including:
- Recognizing the right time for your business to grow and take on new opportunities.
- Identifying potential projects that could help grow your business and focusing on where to invest your resources.
- Realizing if you have the right tools to support your business and your customers not only now, and for the future.
- Making the right decisions for financing your business and understanding how financing can support your goals for growth.
- Lastly, figuring out what to do if your business isn’t quite yet ready for growth and using the tactics we’ve covered to help prepare you for the growth to come.
Ready to learn more about the tools and tips to grow your business?
I write about small business and small business finance as Editor for OnDeck.
With over 30 years in the trenches of small business, I’m a Main Street business evangelist, author, and marketing veteran that makes the maze of small business lending accessible by weaving personal experiences and other anecdotes into a regular discussion of one of the biggest challenges facing small business owners today.
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