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Congratulations – your business is a success, and it’s time to expand! Building on a
solid and established foundation means you have the capacity to open doors to new
venues, new products, new consumers, and more revenue streams. Conducting in-
depth market research and putting careful thought and research into your next move will
help ensure your business’s success. Structured Strategies can give you an edge when
it comes to getting your next business phase off the ground and running.
Making the Call
How do you decide when it’s the right time to expand? Maybe you’re getting more
orders and don’t have space for the excess inventory you need. Perhaps you’re getting
customers from different geographic areas who are asking for services in their
neighborhood. Maybe you want to add a new product or service and need extra space
to do it. Consider sitting down with a financial advisor and looking at your cash flow and
expenditures and map out what an expansion should look like. You’ll want to run the
numbers, assess local market indicators, make educated projections, and create a
budget before taking the plunge.
Things to Consider
Of course, beyond the financial elements of business expansion are the time
considerations. Will an expansion require more on-site management? Will you need to
travel more, train more, or otherwise invest additional time beyond the initial expansion
phase? These are important considerations, particularly when it comes to maintaining a
healthy work-life balance. Also think about whether you’ll need to hire more staff, how
much of a disruption an expansion will have on current operations, and, according to
Smart Business Daily, how customers might be impacted – positively or negatively – by
your plans. Staying in touch and communicating changes will keep them in the loop and
on board.
Planning Ahead
Once your business expands, you’ll want to put processes in place to ensure smooth
operations with the added capacity. This might mean more customer service
representatives, a tight line-item budget, or an investment in software that can improve
overall efficiency. For example, automated inventory management software can help
you order and track inventory, as well as create line-item reports to provide you with
ongoing analysis of inventory costs and profits. Not only can this save money and time,
it will also help you be more organized with the way your business is managed.
Communicating with Employees and Customers
According to BBN Times, it’s important to share your expansion plans with employees
and customers to reassure them that their jobs and services are safe. This might be a
good time to step up your marketing, both as a way to reinforce your brand and get
traction for your expansion, especially if you’re going into new markets.
Hosting an event like a grand opening or open house is a good way to introduce new
products or services, and a new location, if that's part of the plan. You can announce
your event through your website, social media accounts, and flyers. If you’re operating
on a tight budget, instead of hiring a graphic designer, you can create your own flyers
using an online flyer maker where you can edit and customize templates to your
preferences.
Expanding a business is the next logical step for a thriving and successful venture.
Think through key processes before diving in, and enlist the help of professionals to
help ensure your move is well-received. Your team of relocation or expansion experts
might include real estate site selectors, movers, general contractors, designers, and IT
gurus.
If you’re looking for coaching, strategies, and training that can transform your
business, reach out to Structured Strategies!
Guest Writer
Derek Goodman
Photo by Pixabay