It is always a thrilling moment when you realise that your business is ready for the next stage, that it is time for expansion. This is a testament to how well you have run your company, how well you and your staff have performed, and how hard you have worked to keep your business running during unprecedented challenges. After what has been a brutal time for all of us, it feels like better times are here, and the time is right for business owners to take the next step.
Grow your business. Credit: ymgerman / Shutterstock
Credit: ymgerman / Shutterstock
However, we all know that there is no success without proper preparation. We have all learned the hard way that unexpected challenges can come out of nowhere, and having the right tools for the job will be so important going forward, especially if you are thinking of expanding. Of course, expansion can mean a lot of different things. Maybe you are thinking about bringing more people on board to expand your workforce. Maybe you are thinking of adding a warehouse and a warehouse team to cut down on your outsourcing. Or maybe you are thinking about expanding into a new location. Here are a few things that you need to know.
Adding New Team Members
Adding team members is a necessary part of any business’s growth, but it is never without complications. The first thing to consider is the recent Great Resignation. We have seen a huge number of workers leave their current jobs to look for something more satisfying, and the lack of clear career progression is one of the biggest contributing factors. Before you hire new team members, you should think about whether it might be better to retrain some of the staff you already have.
Next, you need to draw up a detailed person specification. Make sure that your job listing has as much information as possible to cut down on the number of unhelpful applications you receive. The job market is robust right now but there are still going to be a lot of applications. Ask yourself whether you are able to offer remote working as an option or if people will need to be there in person. Talk to a business solicitor about what you need to do in terms of drawing up employee contracts. Finally, make sure that you don’t wait too long before letting your ideal candidate know they’ve got the job.
Adding A Warehouse
These days we are trying to cut down on two key elements: unnecessary spending and relying on third-party businesses. This is why a lot of UK companies are thinking about adding warehouse space to their premises. Bringing your warehouse needs in-house makes a lot of sense as it will give you significantly more control over both your timekeeping and your budget. Of course, there are several different factors that you will need to consider if you are taking this step. You will need to bring on a warehouse workforce that is properly trained. You will need to ensure that it is up to the proper safety standards and that you are properly insured. You will also need to ensure that you have all the equipment that you need to keep it running smoothly. If you are looking for pallet trucks and other warehouse equipment for shifting around heavy loads, visit The Workplace Depot. They have over 30 years of experience selling workplace products, and they offer free shipping on every order.
Expanding To A New Location
This is a very exciting stage of business growth but should never be rushed. Expanding to a new location is a huge commitment, and it is very difficult to backtrack without incurring big losses. Make sure that you have done as much research as you can into the area you are thinking of expanding to. Can you guarantee, or near enough guarantee, that the rewards are going to be worth the time and expenses that it will create? Talk to your lawyer about the legal responsibilities you will be looking at, and remember that this is a part of a marathon, not a sprint.
Moving To A New Office
When a business reaches a certain size, it is only a matter of time before they start needing to look for a new office space. It should be a relatively simple process, but there will always be more headaches involved than you might think. For example, you will need to consider whether you want to keep or move to a city centre location. Or would you prefer to look elsewhere in the hopes of finding more space for a more reasonable price? You also need to consider the ancillary costs associated with an office move. Remember that energy prices are going through the roof right now. It may be worth sticking with where you are for now until you have a clear idea of how much your expenses may be in the near future.
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