A key moment for any business is when you realise it may be time for expansion. Business expansion may seem daunting after the hardships of being a startup, so we have compiled the ultimate checklist to help you expand your business!
Is It The Right Time?
Before you even think about planning your expansion you have to ask yourself if it is the right time to do so, as expanding at the wrong time could lead to drastic consequences. A report by Entrepreneur shows some of the major companies that have lost strength due to their pre-emptive expansion.
Once you have done the market research and believe that there is a demand for your expansion, it is time to prepare a serious checklist for how you plan to achieve it.
Make Sure Your Employees Are Ready
An expansion can be a tremendously stressful time for the business, which can lead to negative consequences for your employees. As an expansion tends to lead to an increase in workload, many employees may feel the added pressure in their roles.
Now typically a business expansion will result in more roles being added to the company, which could help reduce the workload of previous employees. However, this could also create a sense of job insecurity as there are now more employees in similar roles.
It is key to have an internal discussion with your employees to make sure that everybody is on the same page with how the business is going forward.
Maintain The Culture
This leads us to another check on the list and that is making sure your company’s values aren’t changed in the expansion. As you are onboarding more and more employees, and potentially a new demographic of customers, it may feel necessary to change your culture to reflect a more broadened market.
However, this could lead to the business losing sight of what made them successful in the first place and creating mixed messaging to existing customers. Remember that it is your culture and values which made you successful in the first place, so make sure you continue those into the expansion.
You should know by now that things rarely go to plan in business so you should expect the same with your expansion plans. For this reason, it is imperative that you be flexible in how you operate the expansion.
Flexibility can help you deal with the times things aren’t going to plan and you can instead look at the bigger picture without feeling upset. Flexibility is understanding that the survival and continued running of your business is more important than the expansion.
You have to be flexible with your employees and listen to their concerns when they voice them. Be flexible in the services you provide them, whether that is a more flexible working schedule or a flexible working environment, such as a flexible workspace in London from BE Offices.
Many successful companies who have expanded have understood that the traditional working schedule isn’t always the best and that expansion sometimes requires employees to work at all hours of the day.
And there you have it – some crucial tips and things to consider when planning to expand your business.
Adil is a passionate writer who loves to share his life experiences. His considerable experience in the field of content curation coupled with his digital marketing skills has landed him a successful career. He can be found spending his leisure time watching action movies with his pet cat Blackie