Your business won’t be small-time forever. There’ll come a day when you’re ready and able to expand in any direction you want, and that day may come a lot sooner than you expect! And that’s why it’s best to have a protection plan in place right now.
You want to expand your business, but there could be many things that get in the way – what can you do to ensure your company comes out the other side just the same? Here are some great tips to keep in mind.
Stick to Your Brand Message
Your brand message is who you are, and you should never compromise on this. As such, it should be the first thing you write down before constructing any kind of expansion plan. Who are you? And where could your values take you?
You don’t want to come across as a company who isn’t honest about what they do or what they want – it could cost you valuable business contacts, as well as a good portion of your customer base.
Keep Any Employees in the Loop
If you’ve hired any kind of team in the past, they need to be the first people you tell about the changes you’re making. An expansion could mean a number of things for them, both positive and negative, and they should be told from the start how you’re planning to proceed.
This way they can make plans of their own, you’re less likely to lose any team members, and you’ll have a far more dedicated staff body to rely on. Most importantly, if you need to let anyone go, they’ll have plenty of notice to arrange something else. This way you’ll certainly leave with some good feedback once you’re done!
Take Plenty of Safeguarding Measures
Safeguarding covers many areas in business, and mainly revolves around the human element. But it’s not just workplace bullying you have to watch out for here; getting bigger means bringing in more systems and equipment to work with too.
So you’ll want to prioritise getting your inventory under control and ensuring your workplace is non-hazardous. For example, buying an ip rated junction box to protect any systems that are exposed to the elements is a good first step to keeping your office and the surrounding areas safe.
How you handle your staff is also important when it comes to safeguarding. After all, you don’t want to make enemies of previous employees and leave them feeling disgruntled and discriminated like Peter Waddell an example.
Develop with Your Customers in Mind
Finally, you’re only going to want to move towards a future where you can still make a profit. Sure, you want to make a bigger and better profit than you do now, but you can’t do this at the expense of your current customers.
Repeat custom is the best way to build up an expansion fund, and it’s valuing these older, loyal customers that’ll see you through. So think about adding in new product lines that only add further value, without having to cost too much either.
If you want to expand whilst staying safe, take it slow, keep your values in mind, and don’t forget about all the people involved!
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