Remember the time when a hamburger chain started its very first branch, which now serves more than 68 million customers in 120 countries? Just like McDonald’s, any company can be in a situation where growth is acquired slowly through expansion – increasing the number of locations.
As these businesses boom, banks and licensed lenders have also expanded their offerings to meet ever-increasing financial needs. An example is flex pay loans. Whether it’s business expansion or acquisition of additional inventory, ARF Financial offers flexible loan options to help businesses grow.
But just when is the right time to expand your business? Below are some of the key indicators it’s time to take the business to the next level.
Good customer base
Having a good number of loyal customers means that the business is generating sales from a steady base. This also shows that your offerings are in demand and that your clientele is satisfied with the quality of your products and services.
Turbulent surges in sales don’t necessarily mean the company is ready to expand. Bear in mind that people might just be curious about what the company offers. However, if numbers consistently rise for at least three years, it’s safe for the company to start expansion plans.
Human resource is one of the most vital elements in business. A group of mature and responsible people in the company, willing to take on the challenges of handling the operation of a second site is a good sign that the business should expand.
Does your company have all these three? If so, it might just be the right time for you to speak to a loan representative and discuss what they can offer for a possible business expansion loan.