Expanding your business can be one of the most exciting decisions that you ever make. Before you take the plunge, however, there are a few things that you should consider as you hammer out the details and strategies of your growth. Here are three suggestions to keep in mind as you get to work.
Increase Your Advertising Efficiency
Instead of designing another ad or filming another commercial, think about revamping the ones that you already have. Not only will you save time and money when you don’t have to start from scratch, but you’ll also learn valuable information about your biggest demographics. If they really respond to some marketing strategies but not others, you can start tailoring your ads in a way that speaks to them. This will reel them in and turn them into loyal, long-lasting customers that will support the foundation of your business as you strive for bigger and better heights.
Revamping your advertising will also give you a great chance to let everyone know if you decide to relocate to a larger space or expand your business to include new services. Keeping the public informed is a huge part of encouraging and maintaining growth. If your customer base doesn’t have access to new information regarding your business, they won’t be able to turn into loyal return customers.
Fine-Tune Your Hiring Process
It’s always imperative to hire the right people for your business. This is especially true when you’re in the middle of brand growth. You might not have the time to watch over a fresh wave of employees like you did with your first hires, so your vetting process will need to make up for it. Be sure that your hiring managers are double-checking resumes and references and know what qualities you admire and want them to look for.
Run background checks to prevent problems down the road. Create probationary periods to help prevent firings and high turnover. You can also look into hiring interns and entry-level employees that will take the place of people that you want to promote into higher positions as your company expands. It’s all about finding a process that works for you and your business.
Find a Better Location
If you’ve outgrown your current offices, it’s time to move to a new location. Please note that this doesn’t necessarily mean setting up shop in a bigger building, especially if you’re still working with a small team. It might just mean ushering your employees into open-air floor plans where they can communicate more effectively, or it might mean relocating somewhere that’s closer to your vendors, warehouses and shipping routes.
It might even mean looking into commercial construction loans and building your own space to fit your specific needs. If your business needs a large amount of customizations to normal commercial spaces or special requirements for optimal working conditions, building from scratch may be the best option. At the end of the day, however, square footage doesn’t matter nearly as much as planting your flag in a good location and utilizing it properly.
These are just a few things to think about if you’re ready to expand your business. It won’t be easy, but if you’ve already established your own company, you probably aren’t afraid of a challenge. Use these tips to move forward with confidence in your plans and your future.