1. Space and Resources
2. IT and Technology
Similar to space and resources, your IT infrastructure and technology requirements are key components that you need to evaluate. Not just the typical thoughts of having phones and computers installed, you need to take it a step further and assess your networking and bandwidth needs. If your infrastructure was designed without taking employee growth into consideration, your network may become congested and run slower than expected, causing lost time and money. The best thing to do is work with your Managed IT Service Provider (MSP), to discuss potential growth so you can strategically plan for the future.
3. Updated Policies and Procedures
You’ve spent countless man hours developing your business and putting together your policies and procedures. It has clearly paid off because you are now in the process of expanding your business. It may be worthwhile to revisit those that were previously set, when preparing to grow. You may see that the current policies and procedures don’t work well for the number of people you are planning to take on. Developing a new training system for employees may be necessary to ensure that those updated guidelines are passed on to all current and new employees. If you haven’t considered this before, think about incorporating a Learning Management System into your workplace to streamline training across the board.
4. Market Growth Properly
The expansion of your business is a great marketing opportunity for you. It gives you a reason to be relevant and a reason to be in the news. Your marketing is also very important in how your business is perceived following an increase in size. It’s no secret that business expansions are tough, and in some cases aren’t the best decision for your current business. In fact, according to Neil Petch at Virtugroup, scaling a business is likely to fail because of what he refers to as marketing myopia.
If you really believe it is the right time, and you want to grow something great, it may be time to rebrand. Use this as an opportunity to be creative and imaginative. You want to make sure you leverage every marketing opportunity possible and beat the odds of failing. Once this is done, write a press release, contact local news sources, host an event. Do anything you can do to create buzz and continue to solidify your position in the marketplace.
5. Create Reassurance
6. Budgeting Properly
Having the proper budget and sticking with it, is probably the most important piece of expanding your business. You need to have the ability to finance your prospective changes otherwise, everything else is off the table. Have you considered a roadmap that goes beyond the first year? Do you know what all of your capital expenses and operating expenses will be? Have you decided where the funding will be coming from? Have you set aside adequate funds for the IT initiatives?