Today we want to share tips on how to expand your business when it’s booming. You’ve probably thought about expanding your business at some point in the future, but when is the right time to do it? Growth and expansion are common goals between business owners and entrepreneurs, but in today’s lackluster and slow-growth economy, is it even possible? Of course it is! While business expansion is far from easy, the reward at the end of the road is totally worth it, so why not check out these tips on how to expand your business the right way?
Allow remote working
Since the pandemic, more and more people have hybrid roles rather than just an office-based role. However, many businesses have returned to normal and would rather have their team in-house for most of the week. But, when you’re planning on building an extension to your current business premises (or you’re moving to a new one), the changes coming up will disrupt your staff and it may become nearly impossible to work during that time. Instead of losing out on potential business, why not consider allowing your staff to work at home while the move is underway or the work is in progress? It will help your business run as normally as possible.
Remote working might not apply to your business, and if this is the case, why not ask your staff for help with moving, decorating, and setting up for the relaunch of your business? There’s a good chance they’ll need an income during your expansion, and you’ll also need all hands on deck. This way, everyone wins!
Remember, safety first!
Safety is important in any kind of working environment, but when work is being carried out on your premises, it’s your responsibility to ensure that everyone on site is safe from harm. Even though any external contractors you might hire will have their own safety measures, you should also be setting guidelines for everyone to follow, such as:
- Hard hats are to be worn at all times while work is being carried out
- Everyone should wear high-visibility clothing
- Safety harnesses for any jobs that are above eye level height
- Work in twos in the event of an accident
You should also consider having safety signs made for your premises during that time so that not only is everyone safe from harm, but you’re covering yourself from an ugly lawsuit if someone does hurt themselves.
Be prepared to spend money to make money
The whole idea of expanding your business is to make money, but, to make money you’ll need to spend it too. This might mean upgrading your machinery and appliances to the latest models so your business can be more efficient, or it might mean employing someone who is more qualified to do the job. Either way, making calculated investments will pay off in the long run.
Finding money to invest even when business is booming isn’t always easy, so this might not be an easy option for you. However, taking out a business loan might be an option that helps you expand your business faster and more effectively. While you might not have envisioned taking out a business loan, havig that money to spend will pay off in the long run for your business expansion!
Dig out product and new service ideas
The expansion or relaunch of your business will soon become the talk of the town, and if you don’t have anything new or exciting to offer your customers, then you’re likely to lose interest quickly. While the expansion is underway, why not dig out the product and new service ideas you’ve been pushing to the side? If possible, try to create something that’s totally new and that competitors aren’t doing. Making your products one of a kind will bring lots of new and excited customers to your business.
If you’re relaunching your business you should also consider a makeover of your current style. Adding brighter colors and designing a clean logo will freshen things up and attract a larger crowd through your doors.
Make it easy to pay
There’s nothing worse than not being able to pay for something in your preferred way, so while you’re expanding your business, why not think about making it easier for people – from all over the world – to pay when they shop with you? Take a look at https://swissmoney.com/ to see how you could incorporate it into your business to make paying easier than ever.
Expand your target audience
Speaking of customers, if your target audience is fairly niche, you might be thinking about expanding who your products and services appeal to. This might be through rebranding or adding more to your offering to make it appeal to a new set of customers. For example, if you sell clothing for women, why not add a men’s range or add a matching child’s range to expand your target audience?
Up your social media game
Everyone is online in this day and age, and if this isn’t something you’ve done for your business, now is the time! Social media is the fastest and cheapest way for reaching out to people and promoting who you are as a company. Upping your social media game will help lead people to your website which of course, will help generate sales for your business. Here are some tips on how to effectively do this:
- Research and use hashtags within your niche and build a solid community of followers and like-minded businesses
- Post regularly to interact with your audience. Talk about events you’re attending, as questions, and give advice
- Post pictures and videos of your staff members to make your business seem more personable
- Go “live” when you’re at trade shows to keep people in the loop.
Consider merging with another business
Finally, if you’re stuck on ideas on how to excite your customers with your business expansion, why not do a crossover with another business to create an exclusive range of products? People love nothing more than to see their favorite brands working together, so why not reach out to local businesses?