Upscaling Your Business? Tips to Make it Easier

Upscaling Your Business? Tips to Make it Easier – Planning a business expansion should be an exciting, affirming time. That buzz of energy and enthusiasm must, however, be tempered with lots of critical thought and analysis so you don’t get swept in the wrong direction.

Upscaling Your Business? Tips to Make it Easier

With a million and one things to work out, we’ve narrowed it down to a short list of some major considerations. Once you have these figured out, you’ll have a stronger idea of exactly what you want and need. And that should make it easier to move forward.

Upscaling Your Business – Know Yourself

Personal needs and values change over time, so the business you originally started may no longer tick all your boxes. Having a vague sense of dissatisfaction or unmet ambition is often the springboard for change.

You are at the heart of your business. It was your brainchild, your vision, your ambition and enterprise that brought it into being. As such, it needs careful nurturing so that after expansion it still reflects your ethics, values, and sense of rightness.

Before you leap into an expansion programme, do some soul-searching to pin down your exact reasons. Your answers will reassure you that you’re on the right track, and help you make concrete plans to initiate the right kind of growth.

Alternatively, digging deep into your reasons might convince you it would be a mistake. Peer pressure exists in business just as it does elsewhere, and not all businesses (or their owners) benefit from expansion. Going too fast or in the wrong direction can ruin an otherwise healthy enterprise.

Upscaling Your Business – Know Your Competition

Once you’re comfortable with the why and how of your planned expansion, take a critical look at the competition:

• Who else is operating in your sector?
• Which businesses are the same size as yours? Look at those who’re at your current size and your planned larger size.
• What is their reach? Are they local, national, international?
• Where are they based? Is there anything unique about that location that makes them successful?
• What level of success are they having?
• What might be their weakness?
• Can you identify their strengths?

Depending on your type of business, some questions might be more relevant than others. Learn as much as you can about how others are doing what you want to do. And pay special attention if no-one is doing it, because there will be a reason for that too.

Upscaling Your Business – Know Your Customers

A bigger business naturally needs a larger customer base. Before you press the launch button, make sure there’s enough demand for your service or product.

Make a detailed plan for how you’ll attract new customers and keep your existing ones happy. You’ll still have problems to solve and grumbles to deal with, and possibly on a greater level. Have plans to ensure your customer service doesn’t slip due to an increased demand on your time.

Upscaling Your Business – Know Your Future Needs

There’s no simple answer to everything a business needs for a successful expansion. A lot will depend on your business model and sector.

Things to consider include stocking levels and storage space if you’re selling physical products. Business self storage could answer your need for more space for stock. It could also help with time efficiency if you prepare customer orders for posting directly from the storage room. It can be a lifesaver when you’re trying to keep the cost of storage down.

Keeping your employees happy is definitely something that should be considered if you want to ensure your business grows. The last thing you want is to be replacing staff on a regular basis, because the cost is something that your business could do without. On top of that, you want a workforce that knows your business inside out. Things like employee incentives and even things like an occupational health referral to ensure everyone is happy working for you definitely help.

You may need additional staff to help with admin, accounts, customer service, marketing or promotion. Outsourcing or virtual help might be an option, otherwise you may need to also expand your office space.

Upscaling Your Business – Know Your Funding Options

Funding can be a headache when you’re upscaling your business. Either you already have a pot of money available, or you’re hoping to raise funds from alternative sources.

Options include bank loans, investors, benevolent family or friends, or maybe you’ll qualify for a grant. Look into all the various options to see what’s out there. Your local chamber of commerce may be able to help with advice or guidance on many aspects of expansion.

If you need bigger offices, look into options such as flexible offices to rent. They won’t tie you into long contracts and they offer simplified, transparent terms. They’re often in good, convenient locations and have the added benefit of nearby self storage should you need it for equipment or stock.

Try and look at solutions from all angles so you can find areas of compromise. Often, it’s not possible to make everything perfect from day one, but workable compromises can help you get a foot on the ladder that will lead naturally to future, better expansions.

Upscaling a business is rarely totally smooth and uncomplicated since there are lots of moving parts that can affect other business functions in unexpected ways. So taking a step by step approach and expecting the unexpected can make it easier to expand confidently and securely.

*Collaborative post