A thriving business is a sign that you’re on the right track, but eventually, you’ll outgrow your location or local customer base. Expanding your business may be the best way to leverage your investments and take the company you’ve built to the next level. Here are a few signs it’s time to look into economic development services and start expanding your business.

When to Consider Expanding Your Business

1. You’re Exceeding Your Sales Goals

Consistently meeting or exceeding your revenue goals for the quarter means you’ve developed enough demand to justify growth. To raise expectations and set higher goals, you may have to add staff members, increase your warehouse capacity, or open a second location. If you’ve already created the demand, providing a reliable supply is the next step.

2. Your Vision Is Evolving

As your business grows, your interests may change, or you might see opportunities in other industries. Taking advantage of changes in the industry or branching out into other areas often means investing in new equipment and hiring new team members with the expertise you need.

For instance, you might be planning on taking your local retail store online or expanding from consulting to providing fully managed services. If your business is evolving, you’ll likely need to tap into local economic development services to expand.

3. You’re Turning Down Projects

If you’re already operating at maximum capacity, you may have to turn down interesting or profitable projects simply because you don’t have the time. Or you might be constantly struggling to keep up with demand if your production facilities can’t make products fast enough.

Struggling with more business than you can reasonably handle is one of the best reasons to expand. Increasing the size of your staff or the capacity of your production lines may be necessary just to meet the demand you’ve already created.

If you’re thinking of expanding your local business, the City of Florissant offers economic development services to maximize your chances of success. This city is committed to creating a positive business environment that contributes to the economic health of the entire region. Visit their website for more on their economic development services, get updates and tips on Facebook, or call the Florissant, MO, office at (314) 921-5700 with any questions.