A recent article, 4 Things to Consider Before Expanding Your Business by Sarah Landrum says that expanding your business requires proper planning. Without the right approach, you risk losing the entire business — not just the expansion you were hoping for.
Here are three tips to consider if you want to come out successful.
- Identify whether you’re capable of taking on new work.
If you’re considering a second location or work on another project, ensure you have the resources and time to focus on your expansion. But if you and your team are already struggling to keep afloat, don’t drown yourselves with other loads and projects. Don’t assume a second location or a larger team will help you reduce the pressure of your work, especially if you can’t handle the clients and customers you already have. It won’t take you any further.
- Check your finances before you make any decisions to expand your business.
You need to be prepared to make an investment. If you don’t have the cash flow to cover expenses for your expansion such as office space rental, salaries, marketing, etc., you could be looking at some serious debt for many years ahead. Expanding before you’re prepared could prevent you from being profitable for even longer.
- Ensure to talk with your team before you make any decisions to expand.
Expanding your business may entail new challenges you have not experienced before. So, even if you have the funds, the time and the resources to expand, but you don’t have the right motivation or commitment from your entire team, you may struggle to find the same level of success. You can book a meeting room to discuss with your team, your plan to expand to ensure they’re prepared for the challenges before you make any decisions.
These steps will help you determine whether or not you’re ready for an expansion. If you’re fully equipped to expand your business in Philadelphia, YourOffice Philadelphia offers you a wide choice of office and workspace solutions: small office space Philadelphia, executive suites Philadelphia and meeting space Philadelphia. You’ll have access to a complete array of office support and concierge services as well as state-of-the-art business technology.