If there is one thought that is always in a business owner’s mind, it is how to expand on what is already a successful business. But there are many things to consider when your business is expanding!
Of course, success if a funny thing that can disappear in the blink of an eye if you get too comfortable, so it is important to keep driving forward.
Strive for more profit and continued growth. Now that we are coming to the end of a financial year in a few months, you may be thinking about drawing up a budget plan for an expansion.
Here are a few things to consider when creating your business plan on how to take those next few steps.
As your business grows, you will no doubt need to expand your computer network in order to accommodate the extra staff and, potentially, work across multiple sites.
In this technology-dependent age, your computer network has the ability to be the aspect of your business that rockets you past the competition; it could also be your Achilles heel.
A slow, inefficient, or improperly protected network could cost you valuable business. It’s crucial that every computer or tablet in your business is running optimally and can access all the vital documents and information necessary for the day to day running of your company.
Having a stand-alone network, coupled with a quality document storage service, and a commercial anti-viral software can help keep your company mobile, secure, and efficient.
Employ Staff Or Outsourcing
When your business is expanding, it is essential you have enough hands on deck to ensure everything is dealt with effectively and efficiently. It begs the question, what will be more beneficial to you and your business – outsourcing or employing?
The pros and cons of this question have been weighed up countless times, but at the end of the day, you need to do what’s right for you and what suits your company best. If having everyone on site at all time, and building a strong team for the company is important to you, you may not even consider looking at outsourcing options.
However, a lot of companies choose to outsource as it tends to be cheaper than training up new employees, and the work is carried out by industry professionals on top of the range technology.
Always look at all your options, as you do not want to make a decision that may not benefit the company in the long run.
Streamlining Your Business
As your company expands, and you are dealing with more business on a day to day basis, small imperfections in your process – which otherwise would have gone unnoticed – become glaring problems in need of attention.
Analyze your process and ask yourself if you are getting the most done in the least amount of time, whilst minimizing your margin of error? If the answer is no, it may be time to re-evaluate the efficiency of your process and see if there are any steps that can kill two birds with one stone, eliminating wasted effort and time.
Think of it as turning a luxury sedan into a racing car. Remove anything from the business that does not directly benefit its goals or purpose.
Hopefully, this has given you some factors to think about when planning your expansion, and best of luck for the next financial year.