Building your business from scratch can be scary but when you get it right things can come naturally. Now that you’re all set up, you might be starting to consider strategies for expanding your business in the near or distant future.
It can be tempting to dive headfirst into growing your business, especially when an exciting opportunity for expansion arises. Instead of rushing into it, take a look at this ultimate checklist for those looking to expand their business.
Know your market
It is key to really understand the market you are operating in and who your main competitors are. This can allow you to find a potential gap in the market or a unique selling point, or USP, for your company’s products or services. You can then use this USP as a guide for which direction to take your business as you expand, and where to focus your marketing resources.
Look at your finances
This may go without saying but start to review your finances and day-to-day cashflow. This means that you can plan your expenditure over the next year or so and calculate roughly how much you might make. By doing so, you can start to plan how much money you have readily available to invest back into the business in order to expand it.
Have you got the right team?
The growth of a small business can rely very heavily on the employees. A trusted and reliable team can give any business growth a massive boost. Employees that are committed to the company and believe in what you are selling are essential.
Give your employees the heads up that you are looking to expand. This will show them that you regard them highly and treat them as important figures within the business. It is also important to prepare everyone for potential change as you may end up taking on extra staff once expansion is underway.
Have the right website
Getting those clicks online is arguably the most important weapon you have in your marketing arsenal. Make sure your website is easily discoverable by using search engine optimisation, or SEO. Using keywords can make sure that your website is easily found by your target audience. It is also essential that the information on your website is kept up to date.
Consider a serviced office
A serviced office is also known as a managed office or a business centre. These offices are furnished and set up ready for immediate use. A serviced office From BE Offices boasts internet, telephones, handsets with voicemail, furniture, printing, CCTV and security, and even gyms, coffee and a doughnut trolley!
As serviced offices are generally leased on a pay-per-use basis, this allows a lot more flexibility for small businesses and start-ups. This also means that they can easily accommodate the growth of your business as you begin to expand.
If you are looking to expand your business, this list is by no means exhaustive, but it can point you in the direction of key points you must consider before growing your business. By following this ultimate checklist, and employing lots of hard work, planning, investment and research, your business is sure to succeed in its imminent expansion.