Your small business has been doing exceptionally well for the past few years; it has exceeded all of your expectations and has grown into an entity once could have only dreamed of. You have built up a loyal band of clients and customers, who are always willing to part with their money to gain your products or services. Recently, you have been thinking about how far your small business could actually go and whether expanding would be a good idea all round. You had always imagined yourself as a small business owner for life, rather than branching out and being a household name. Although you realise every business has to start somewhere, you never imagined you’d be making such plans so soon. Becoming a large business is the next item on your to-do list and realise there are many elements to this.
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Starting the groundwork can begin right away, but you want to set yourself the challenge of growing in the next year. With money flowing steadily into the business bank account you are ready to take on the challenge to grow your little business into a larger one. You can envision your company flourishing in to a household name soon and you can’t wait to begin the adventure. You understand that you will need to relocation, hire employees, rethink your budget and look at expanding your brand. Once all of these elements have been dealt with you can start your new journey as a large business owner. It’s time to kick-start your plan right now and grow an empire that you can be proud of forever.
Relocate and Grow
After saving up plenty of capital and planning your expansion meticulously, you should probably be in the position to relocate to a new office space. Starting from scratch is always the best idea when it comes to moving your business because you can focus on completing a perfectly designed project for your particular business needs. Check out www.CochranEng.com who are a client focused and design driven company who can help you along every step of your project. You can have complete control over the structure and aesthetics of your new office building, warehouse or store. Try and keep your costs to a minimum as you will need to retain as much money as possible for décor and equipment once the building is complete.
Location is absolutely vital when you are starting your building project, so make sure you choose a place that is handy to access for clients, deliveries and your employees. Your perfect business space is just around the corner, so get started with the project right now in order to meet your year deadline.
Big and Brilliant Branding
Now that you have your new building under construction it’s time to think about how to expand your brand and reach a wider audience. You can achieve this in a number of ways, from switching up your marketing campaigns to changing your brand logo. Instead of advertising on a local level you might want to reach out to a wider, global audience. Make sure your brand name, colour and logo is recognisable and memorable to the public; don’t be afraid to appeal to the masses a little more when you are approaching your branding shake up.
Use your creativity to make some much needed changes to the way you advertise your products and services to your target audience. Perhaps you want to start up a radio advertisement or widen the range of people you are trying to reach via social media campaigns. Expanding your range of products and services might also help you to reach more people and grow your business. Create a re-branding plan and put it into motion gradually, so that your current clients can get on board with all of the new changes too.
Go Big and Get Covered
It doesn’t matter how big or small your business is, you need protection from all angles. From cyber security to solid insurance coverage, you should be upping the scale of your protection whilst you expand and grow. Business insurance is there to support you and protect against risks or damage of all kinds. Whether it is financial or health-related your business could be under threat from any moment. Find a reputable business insurance company that can create the right policy for your type of business and industry.
Every single business will have different requirements when it comes to insurance so seek advice from the experts and make sure your policies are always kept up to date. Similarly, the bigger your business grows the more likely you will need to boost your security measures. Whether you need more security in your workplace or you want to increase the level of cyber security for your technology, make sure you’ve got yourself completely covered. Educate your employees on the importance of online safety too; the bigger your business gets the more susceptible you will be to online crimes. Hackers are becoming more and more advanced in an attempt to get into businesses and steal their data. In your new building, keep your business devices secure at all times and only use secured networks when accessing sensitive data.
Expand Your Employees
When your business grows bigger, so will your workload. Hiring new members of staff is going to help you get all of the daily duties done more quickly and effectively. Wanting to work hard and be right in the centre of the action is not uncommon, but you have a lot more responsibilities to take care of outside of this. Make sure you have enough people to get the jobs done so that you aren’t wearing yourself too thin. When you open up new job roles and put out advertisements, make sure you are extremely clear about what the role will entail, the salary and working hours.
During the interview processes you should be able to find someone who is a good fit for your team as a whole as well as being fully qualified for the job. Ask the obvious interview questions as well as the unexpected ones; you want to make sure they are truly passionate about working for your company. Once you have all of your new team members on board you will soon be ready to launch a bigger and better business.
Money, Money, Money
Starting up a small business took a small amount of money when you really think about it. You were able to get all of the equipment you need, work from your home office and still have some leftover to spare. Now that you are expanding your horizons you have to think way more carefully about your budget. You don’t ever want to get caught short of money or spend too much on an unnecessary purchase. Having a reputable and experienced accountant on board will be a huge help for you from the very beginning. They can advise you on how much disposable income you really have. Being accountable to somebody else can really help you to reign in on your spending habits too. As long as you carefully consider all of your financial decisions you won’t ever be caught short of cash.
Stick with Your Goals
Now that you have a good idea of what you need to do in order to grow and expand your business, you need a few wise words of encouragement. You have the courage to exceed your own expectations and build a large business you never even dreamed of having. Take a step back and look at the bigger picture for a moment; be proud of how far you have come and always stay focused on the road ahead. When times get difficult remind yourself that you have the passion, power and entrepreneurial understanding to make it all happen eventually.
From the very start of your expansion plan make sure you are super precise with your goals, aims and intentions. Use your solid entrepreneurial skills to transform your small business into a blossoming empire. As long as your plans are meticulous and you don’t stray from your business ideas you will be set for a bright future and a bigger business. Don’t make high risk choices straight away; assess your budget carefully and spread out your costs over time. Take every day as it comes and don’t spend money before you physically have it.
Although you are expanding your business and hoping to make more money, this might not happen right away for you. As soon as you have found your place in the industry you will be able to make more long term plans. For now, don’t stray too far from what you know and remain in control of all of your decisions. You now have the chance to take your small business and mould it into an extraordinary empire you have always dreamed of having. Follow some of these guidelines, remain level headed and conquer your goals for growth in the next year.
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Cyber security is really important and it goes without saying that company security should be a priority. I’ve worked for a company before which is in the IT industry. I was with them for 5 years and witnessed the company grow. Whether what industry your business is in, the bigger you are the more enemies you will make and the more people will try to steal data from you.