Healthy companies tend to grow with time. Your small business may be thriving until your customer base reaches a point where you need to expand. That’s a good thing—as long as you do it strategically.
Many factors play into a successful expansion, and you don’t want to drop the ball halfway through your big transition. That’s why Portfolio Management Group has provided these critical considerations for any company that’s thinking about expanding:
Don’t Sacrifice Quality
Growth is difficult, and one of your first temptations may be to lose sight of your product or service quality. Through each step of planning your expansion, prioritize the quality your customers are used to. Don’t take any steps or make any decisions that could compromise it.
Prioritize Team Efficiency
If your expansion is going to be successful, you must keep your team working efficiently throughout the entire process. As a business owner, no one needs to tell you that efficiency helps you to keep the doors open and build your customer base. It also keeps your team members happy because they are not wasting time on pointless tasks.
If you work with a remote team, they must have the necessary tools to fulfill their roles and communicate with others in the company. For example, you can create a monthly planner template to equip your team with a 30-day view of individual and team task lists. You can even customize the template with sticky notes, videos, graphics, and other elements. This is one of the best tools on the market for helping remote and in-office teams complete projects and meet deadlines.
Maintain Company Culture
Company culture is critical for any business. It significantly influences employee retention, engagement, recruiting, efficiency, and performance. A thriving culture will keep your employees happy, and it will in many ways determine your company’s growth and overall success. Similar to quality, you must not lose sight of your company culture as you expand.
Go Through Your Options
Have you considered all of your options rather than assuming you have to expand at this point? The last thing you want to do is rush into an expansion before you are ready. Explore all of your options and talk to as many people as possible to understand your business opportunities and industry.
You will also want to ensure that you have the financial health to take on an expansion. For instance, you will need the necessary cash flow to complete a big project for a new client. You will need to understand when you can reap ROI after investing in new equipment. And if you begin hiring new employees, you will need to ensure you can pay them.
Know Your Strengths and Weaknesses
Finally, know that every business has a breaking point and that you must monitor your organization’s stress when navigating expansion. Boosting revenue, innovation, and customer diversification are critical for any company. But you will need to have a clear understanding of your limits as you make decisions going forward.
You should also consider your strengths as a company. Do you have a top-notch marketing department? Trusting your team to promote your brand heavily during expansion should be a priority. Do you have the best customer service reps in the industry? Lean on them to keep your customers happy during the big changes.
If you have realized it is time for your business to expand, you are in for an exciting adventure. But you must approach the process with a plan and strategy. Consider the tips above as you prepare your business for the next level, and don’t hesitate to connect with Portfolio Management Group for guidance on your business processes!