(This is a contributed post)
What does growth look like to you? In the working world, it’s one of the most commonly aspired to goals of new entrepreneurs and older small businesses alike.
Expanding a business is a natural part of owning your own company; it’s the main form of growth, and if you’re able to open up another store, or increase the size of your office block, it can show some real success on your account.
But expansion also takes an intangible form as well. It’s not all about revamping the office, or opening up multiple locations across the country – it’s the amount of stock you hold, as well as the number of people you employ, and the network connections you can make, and ultimately, the amount of capital you have behind you. The better your resource amount, the larger your stockpile, the better your chance of expansion, and the faster you’re going to get there too.
And so, in the interest of helping you expand your business, in multiple forms inside and out, here are a few suggestions you might want to look into. Make sure you keep them in mind when you’re planning out the future of your business – there’s a lot you can put your money into, and you want to be sure you’re putting your cash in the most worthwhile of places.
Take a look at the charts and see what kind of growth is next on the cards for you!
Take on Some New Employees
A new employee is a good sign for your business. If you have the funds to take on someone new, and you have plenty of work for them to get up to, you’ve got a business match made in heaven. You’ve certainly done something right so far!
So look at your books – what do you see? Do you see the funds there to afford to interview and hire another talented professional? Maybe you see just enough to generate a training program? Either way, it’s important you increase from the inside out, just as much as you look for outside prospects.
Network More Frequently
Networking is one of the best ways to expand your horizons, and building some bigger and better working relationships is always going to be a great way to strengthen your link to the market, and the executives that know it the best. The more you can get your business out there, and show off what you do and why it’s important, the more people are going to take notice of you.
Attend conferences, and make sure you’re maintaining a presence at trade shows within and around your local area at least. The more you turn up, the more you become a cornerstone. Seeing as people need to see something 7 times before they think to buy it, you can use the same principle to your own advantage here. They’ll note your name down, look to get in touch with you, and even if they have little to offer on your end at first, this is the first step towards expanding your business in the right direction.
Find a New Place to Work
Of course, one of the most obvious ways to expand a business is to physically move on to bigger and better things. But that can be very expensive, can’t it? And there’s no saying you have enough funds in the bank to make such a move worth its while. After all, do you even know if there’s a better market out there that would garner you a better profit, if only you could maintain a presence within it?
The key thing to do here, if you’re someone who’s interested in finding a new place to work, is to do your market research. And don’t just focus on what kinds of markets and customers are out there, focus on what other businesses you could collaborate with as you go. Local economies are always in need of investors, and if you put your money where you mean to make it, you strengthen the amount of buying power in the area.
Even looking into buyers agents for commercial buildings, as a first step, could be a fantastic starting move, and garner you more results for the most worthy move you could make than you ever thought possible! Wouldn’t that be such a good-faith way to move your company across the country? It might even lead to an international link…
Open Up the Office
Finally, make sure you’ve got the right office space to your name. You want the place you work in to have a good flow of traffic to it – you don’t want your employees clogging up the aisles on a daily basis, at the very least!
A closed-off office is also much harder, and a bit more expensive, to keep clean and tidy. If you’re already spending quite a substantial amount of your yearly budget on the cleaning team, you might want to think about investing in a renovation to try and keep these kinds of costs down.
Take the office cubicles out, and try to line up the desks one by one, leaving a good column of room in the middle. This is one of the most commonly used working layouts in the modern day and age, and that’s because it really does capitalise on all of the space you have to work with inside your block! Or you could cluster the desks together in four by fours, sticking out in a circle in separate places around the office unit, to better promote team working and handy ice-breaking procedures.
The key to an open office, after all, is to make sure your employees are all connected and working positively off of each other. It’s one of the best, intangible ways to expand; working relationships branch out all over the place!
So, your business is in a prime position to expand; what are you going to do about it? Hopefully, you’ll keep these ideas in mind!