Deciding to expand your business is nearly as exciting as it is deciding to start a business in the first place. It can be a busy time and you’ll need to be on the ball to make sure you don’t forget anything important.
To give you an idea of what you’ll need to consider before going ahead with conquering the world here are our five steps to successful expansion:
Step one – is the time right?
The first thing to consider is whether the time is right in the marketplace for expansion. Will you need to offer a new product or service to continue standing out from the crowd?
Also, is the time right in your personal life for business expansion? More staff, a bigger or second premises, and bigger demands from your customers will all mean your business will take up more time than it did before. Are you prepared for the affect this will have on your lifestyle?
Step two – have you thought about your energy supply?
Business expansion could mean bigger utility bills if you move to a larger premises or take on additional premises and you’ll need to organise setting up a new electricity supply and gas connection.
If you’re moving premises, take a look at our handy guide to making sure your energy supply moves with you.
You might also want to look into which utility companies offer the best business energy solutions so you get the most cost-effective tariff.
Step three – what about your existing customers?
As important as it is to gain new customers and continue expanding your business, it’s also important to make sure you carry on looking after your existing customers. You’ll need to make sure they get the same high standards of service no matter how big your business gets.
Step four – can your suppliers deliver the goods?
Expansion might mean that you’ll need bigger or more frequent deliveries from your suppliers. Can they cope with the increased demand, or will you need to start looking for someone else who can fulfil your business needs?
Step Five – the bottom line
What all of this comes down to is whether you have the time, money, and energy to expand your business. Once you decide to go ahead there’s no looking back and you’ll need to know that the increased costs are going to be justified by the extra revenue.
On top of all of this and perhaps most importantly, if you’re going to succeed you’ll need to believe in your business, so give yourself a pep talk when the going gets tough.