Updated on October 13, 2021
Think your business is ready to grow? For many new business owners, expansion is top-of-mind at pretty much all times — and with good reason.
Indeed, Forbes found up to 70% of otherwise successful startups actually fail due to premature scaling.
That said, it’s crucial that you take a strategic approach to business growth, and avoid falling into the trap of scaling before you’re ready.
Here, we’ll take a look at some of the key telltale signs that your business may be ready to grow.
1. You’ve Achieved Your Current Goals
You’ve set SMART goals (that’s specific, measurable, attainable, relevant and time-bound) for your business, right?
(If you haven’t, start there — and maybe don’t stay too focused on growth just yet.)
Once you’ve achieved your current short-term goals, the only logical thing to do is to take the next step toward your big-picture ones.
But it isn’t so much that you’ve accomplished these goals.
Rather, the idea is to understand how accomplishing them has put you in a prime position to grow your business. Moreover, it’s about how you should build your business moving forward, using your past accomplishments to guide your future efforts.