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Things to consider when growing your business

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Em Parsons
Things to consider when growing your business

If you are looking to expand your business, it is most likely because you are achieving well in your current space. Growth and expansion can be exciting, however, many business owners end up second-guessing themselves along the way. Growth expansion can occur internally with products or employees, or it can be a physical expansion of the business, Do not let intimidation get to you, thus have a thorough expansion plan. Here are a few factors to consider before your business starts expanding.

 

Resources

Not only do you need potential to expand, but you also need to have the resources to do so. Assessing your business analytics is the best place to start, so you can estimate your sales projections. Through your accountant or financial advisor, you should be able to devise a monetary plan for funding the expansion. If you start expanding your line or moving into a bigger office, it is essential that you have human resources to help you achieve this. Whether this is a new supplier partner for product materials, or employees to help you pack everything away and reassemble, it will make the process a lot easier. Set growth goals and make sure they are possible within your time limits to keep your business headed in the right direction.

 

Expansion of Product Line

Expanding your product line might sound easy. However, there is actually a much wider development process that goes into the expansion of a product or service line. Firstly, you may want to talk to your current customer base and ask about what new products or aspects they would like to see. Look at competitor offers and see if they offer something that you don't, but you would be willing to invest in. Once these hypothetical product expansions come about, you will need to create prototypes and ask consumers about their thoughts again to check for any modifications before launch. It is important to ask how much they would be willing to pay for such good or service, which may be relative to your current offerings.

 

New Office

With the expansion, you might realise the office is no longer physically big enough any more. It may be time to upgrade, perhaps to a higher traffic area, such as closer to the CBD. In order to move, you might need to hire a service like 1300 Rubbish for an office strip out, to ease the process. A new office may take some getting used to initially, but it will be worth it when your employees have space to work. Consider things like public transport and parking for offices.

 

Expand Territories

Think about your current target market. Is there a gap that your business can fulfil? Sometimes there are consumers in a different market you have not considered that could benefit from your products or services, but you are yet to target them. Additionally, you could physically expand your territories by trying to target new areas, whether that be offering to ship further, or having retailers in other parts of the country. With this involves more advertising to spread awareness of your brand further within new target markets both demographically and geographically.

 

Hiring Process

With the business growing, it can be a struggle for the current staff to keep up with extra demands, moving and new product lines. The temptation is to quickly hire new help as soon as possible. However, it is worth taking the hiring process slowly in order to ensure someone is the right fit. Spend time creating a job application that specifies the exact skills needed so you do not have to spend as much time training. Moreover, take time actually interviewing people in person to see if they are a good fit for the position. The right person may not be the first person you interview, so spend time weighing up between multiple candidates. 

Ultimately, if you have the resources, profits and sales projections it may be time to expand. Expansions can occur physically, such as to new geographic locations and a new office. They can also occur internally, like a new product to add to the product line, or a new target customer. Be careful to hire people who are the right fit for the company in terms of skills and culture, and do not just rush for the sake of filling positions.

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