Expansion is a goal for most small businesses; however, if you rush into it without a plan, it can go horribly wrong and jeopardise what you already have. Expansion is a process that takes time. Stop focusing on the short term and look ahead, put the work in and once a foundation has been built, expansion is a much more secure possibility.
Read on for five tips for expanding your small business the right way.
A cohesive company culture will help keep the team together during an expansion which can feel quite tumultuous for staff and breed unrest. When employees feel connected to the company and each other, they are more likely to weather the uncertainty. A strong company can attract new talent and customers. Keep it consistent and make sure to use your company’s core values as a selling point.
Hiring and retaining the right staff is essential when trying to grow a business. It is always advisable – but during an expansion especially to take some time and find the right people for the roles. Hire the wrong people, and this can impede things. Consider what skills and experience the candidates need. Will they be a good fit during the period of growth?
During expansion, it can be tempting to spend a lot of money unnecessarily. Focus the innovation. What areas of the business will truly benefit from new equipment or services? Innovating an existing process will take up less time and resources when growing a business than developing a new one. What will help you reach more customers or produce products of better quality? For Example, a small wedding invitation business might benefit from investing in a Duplo DC-446 Cutter Creaser to streamline the process. Duplo International offers many digital printing products the innovate the way businesses operate.
When a potential consumer sees your logo, products, packaging, or advertising campaign, they should immediately think of your company and brand. It is unrealistic to think that your small business will enter the zeitgeist, but your brand and work can still become well known within your target market. Start utilising social networking sites. The more consumers you can reach online, the more recognition you will build for your brand.
Many small businesses focus on attracting new customers during a period of expansion that they do not retain enough existing ones. Customer retention is key; it can lead to repeat business or new business if your consumers refer you. It is essential that your existing customers feel valued. It may be worth creating a customer satisfaction survey to see if there are any areas you need to work on and what you are doing right. Customer feedback can aid any expansion efforts.
Expanding a business is an exciting time but do try not to get carried away. Map out a plan and a schedule to keep yourself and your team on track. Your company’s values are important so try to keep them in mind as you move forward with your business.