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It’s the moment every small business owner dreams of. That excitement you feel when you realize that it’s time to expand. You’ve been growing your customer base, you’re getting positive feedback, and all signs are pointing to you need to bring about some big changes to continue to grow. Below are three major factors that you should be considering when you make the decision to expand your business that will help you to continue to flourish.
Your first thought when you start to expand may be to hire more staff to share the increased workload. But whether you are hiring your first private employee or your hundredth, it can be a difficult task to undertake. Sometimes it is just as easy as putting out an advert, interviewing the first candidate and offering them the job. But life and business are rarely that straightforward. You might get over a hundred applications for one position, meaning that you have to spend the best part of an entire day sorting through which ones are worth interviewing. Then you have to organise a telephone interview or face to face meeting. All of this is time out of your day that could be better spent running your business. You may not get any replies to your advert, or not have interviewed anyone you feel is up to the job, which means you need to find time to take a more proactive approach to sourcing your new talent. Teaming up with a professional recruitment service like Eagle Headhunters Ltd could save you time and money in your hunt for the right person. Whether you choose to manage the hiring process yourself or work with a recruitment company, the important part is to fill your vacancy as quickly as possible with the right individual. The longer the position stays unfilled, the more it will cost your company in lost profit and inefficient working conditions.
It might be that your company has outgrown its current premises and it’s time to look for somewhere bigger. You could choose to buy or rent, but you should always consider all the relevant factors when choosing your new premises. Not only should it be the correct size for your needs, but it should also leave you room for growth. You should also be mindful of the location you choose. It’s all well and good moving to larger premises due to your continued growth, but if your business requires customers to come to you, you don’t want to be moving further away from them. Make a list of essential criteria to help you narrow down your selection process. Bear in mind that bigger premises also mean bigger costs. Ensure you have done the calculations and you can afford the increased rent and utility costs.
As your business grows, so should your marketing strategy. As a larger company, you have more resources at your disposal, meaning that you can have a greater potential impact on your market. Set yourself achievable targets and formulate a plan to facilitate them. Measure your success so that you can evaluate the effectiveness of your campaign. Think of your customer growth in terms of percentages rather than individual transactions; this will allow you to scale your efforts according to your size. A 5% growth in customer transactions is good but will mean entirely different things depending on if your usual transactions are fifty per day or five hundred per day.
Obviously, there are many other factors you should be considering when planning to expand your business, but these three points should put you on the correct path, allowing you to continue down the road to ultimate success.