Expanding your business can be scary, but there comes a point where it is necessary and the only option to move forward. Whether you are getting too many customers, or you have hit a plateau, implementing an expansion can really move the needle in your business.
At the heart of your expansion should be meeting the needs of your clients and your business. You need to know what is going to make your business grow so that you can fund the expansion. An expansion is necessary for many different scenarios, including when you need to make a shift in your business structure or you need to meet high demands. To help you on your journey to expanding your business, here are the top 4 things you need to consider. These will help your expansion go much more smoothly, and you can increase your chances of success.
By Team Savant
Image: Roozbeh Eslami
1. Figure Out What You Need and Make a Plan
Why are you expanding your business? This is the first and most important question you should be asking. Expanding your business is a big investment, but one that is necessary if you want to grow. But you want to make sure that you expand strategically, or else you risk wasting your time and budget on something that will only sink your budget, not increase it.
If you need to meet customer demands, consider how you can best do this. Do you need more space and more people creating your products or offering your services? Or do you need to contract out more work to a marketing agency to drive more traffic?
Sit down with your employees and gather their insights. Take a look at all the data that you collect for your business. Consider where you are now, what your goals are and how you can get to where you need to be. This will inform the strategy and the steps you need to take moving forward. You shouldn’t make any steps until you have figured this step out.
You can then put it into a plan and create the budget accordingly. It can also be helpful to create a timeline to inform your staff and customers about the expansion and what they can expect.
2. Hire the Right Skills
Skills are crucial in any expansion. Consider what skills you need to support the expansion of your business. This may be a business consultant to inform the expansion, or it could be a product developer to help you meet the demands of your customers. You may also need movers and renovation professionals to create the space you need.
3. Find and Personalise Your Office Space
An expansion typically comes with a new location or space to work from. This is important if you are responsible for employees or bringing customers to your location. You will need to find a suitable building that is relevant to the work that you do. A renovation at the start of your expansion is a great way to facilitate this. You will need a professional electrician, plumber, interior designer and other contractors to help pull the space together and make it safe, and personalised to your brand. You will then need to think about how you can organise the layout for a productive and safe working place to support your business growth.
4. Shout About Your Expansion
Once you have made a plan, hired the right skills to move your renovation forward, and created a space that reflects your business expansion, you need to shout about it. Tell your audience that you are expanding, and what that means for them. This is a great way to rally support for your expansion and keep momentum going while things are changing.
A business expansion is a really important part of growth. Not only do you need the right skills, but you also need the right space to facilitate it.