Expanding your business is a time for celebration. You are taking bold new steps into the future, riding on the back of success. You have demonstrated that your bright idea not only works when put into practice but that it can sustain a lot more than the bare minimum. It’s especially worth celebrating, given everything that businesses have been put through over the last few years. Success has been anything but assured. You and your business are doing remarkably well if you have reached this point.
However, given just how rocky things have been and will continue to be, you need to make sure that you’re moving forward carefully. The rising cost of living does not seem to be slowing down much, despite the government’s attempts to calm things down. The market will continue to be competitive, and many of the issues that businesses have already been dealing with are still just as much of a factor.Â
Look At The Competition
While you’d never want to look at your business rivals and decide that the best thing to do would be to copy them, it’s always worth doing your market research. There’s a good chance that other businesses in your sector will have taken moves towards expansion in the last few months, so why not have a look at how they’re getting on? You may find that there are some ideas that you would rather not use, and you may also find that they made some mistakes that you could easily avoid. If they’ve leapt first, they may have stumbled in ways that you don’t have to.Â
Research Any New Locations Carefully
One of the most common types of expansion for businesses is moving into a new location. For example, an online business may decide that the time has come for a brick-and-mortar shop or office. And a company which already has a physical space may have discovered that they need more room to accommodate new staff members. There are so many different factors that you’re going to have to consider when you’re looking at a new location. You’ll need to do your property market research (and with prices at a serious low at the moment, that may give you better news than you might have thought). You’ll need to have a close look at the neighbourhood and see if it’s going to get the kind of footfall that you need if you’re opening a store.Â
Ensure That New Locations Are Up To Code
This one is particularly important if you are opening any kind of shop or store. As soon as you take your business from online into a public space, you are shouldering an awful lot more responsibility. You need to ensure that the building is compliant with fire safety regulations and that it is properly ventilated. You’ll need to have a qualified inspector come in and check the electrics, and don’t forget about the plumbing too. It’s worth taking out business insurance just in case there is an injury either to a member of staff or to a customer, but you should also think about looking for a firm with experience in facilities management. SWL Services is committed to quality, honesty, responsibility, respect, and teamwork, and they can provide excellent service for issues that range from fire conformity and plumbing to drainage and UVC cleaning.
Keep Your Staff In The Loop
It’s easy to lose sight of the essentials when you’re planning an expansion. Remember that your employees are on this journey with you too, and you can’t afford to make them feel like they are being neglected. So, talk to them about the steps that you’re planning and why it’s so exciting. Ask for feedback where you can – to see if they’ve got some bright ideas. It’s also worth remembering that they may be worried about how they fit into the plans for the future if you’re bringing on new employees. Make sure that you offer training where appropriate and make yourself available to answer any queries or concerns.Â
What Do You Need From New Hires
It’s always exciting to think about what new members of your team can bring to your business. You’ll be finding people with new skill sets and using their talents to take your company to the next level. But the process of finding the right people for your company may be a little more complex than you may have thought at first. The UK job market has been through a whole series of ups and downs in the last few months, and while much has been made of the skills shortage, there is still a huge number of people looking for work. That means that you need to think very carefully about what you need from any new hires before you post your job listing. If you’re vague or rely too much on the applicant to detail what they can bring, you will be absolutely swamped by applications. You will also run the risk of bringing someone on board who doesn’t actually have the skills that you need.
Find A Way To Build A Financial Cushion
There’s no getting around the fact that expansion costs money, whether you’re bringing on new team members, moving into a new location or exploring new areas of the market. And there are always going to be a lot of risks when you’re signing up for major expenses like this. That means that you’re going to have to think about what happens if things take longer to pay off than you’d hoped. If you’ve pushed your budget to the absolute limit, then what happens if it turns out that you need to do more social outreach to draw attention to your new location than you originally anticipated, for example? Talk to your financial advisor about putting a cushion together. They might be able to help you to find some local incentives for businesses, and they’ll probably have been through this experience with other clients.
