This post was written by Sharon Redd from LiveAllTheWay who is fully responsible for its content.
Growing your business can be an exciting prospect, but there are many things to consider when expanding to ensure everything scales proportionally. To avoid staffing issues, supply shortages, and a lack of customers, Royal Holloway Enterprise Hub invites you to consider incorporating these steps into your expansion plan to ensure your company is prepared to handle the added business.
1. Structure Your Company
Perhaps your business started as a hobby that earned you some extra cash, or maybe it was a small-scale operation to test an idea. Regardless of how your business started, it’s time to start thinking about where you want to take it. Your business structure determines necessary paperwork, tax obligations, and personal liability. When choosing a business structure, carefully consider the benefits of each option. You’ll choose between sole trader, partnership, limited liability partnership and limited company. Note that you may choose a structure now and change it later if your company grows further.
2. Increase Staffing Levels
A large operation requires more hands, so make sure your company can manage the extra workload by hiring additional staff. Consider where your business might experience added pressure as your company expands, and be sure to fill those vacancies.
If you have a customer-facing business, ensure adequate staffing to manage an increase in clients, or if you operate an e-commerce site, you might need more people behind the scenes to pack and ship a surplus of orders without delay. According to experts, your business can lose revenue when there aren’t enough people to do the work.
3. Invest in Infrastructure
As your business expands and your revenue stream grows, it’s essential to ensure things don’t slip through the cracks, especially in terms of getting paid. An efficient invoicing system can help you avoid missed or late payments and offer customers more ways to pay.
A custom invoice that reflects your brand can improve your company’s reputation. Online templates allow you to customize invoices to add professionalism and credibility to your business. Select a template and personalize it by adding your company name and logo in addition to any relevant billing information.
4. Expand Your Inventory
Offering more products or services gives you more opportunities to generate revenue, regardless of what your business currently provides. When considering new ideas, think about what might complement what you already offer. If you run a bakery or cafe, try adding new flavors to your menu or providing gluten-free or vegan options for those with dietary restrictions.
5. Attract New Customers
If you plan to grow your business, you will also need to grow your client base. Attracting new customers to your company can be challenging, but several methods can help you increase brand visibility and drive generate new leads for your business.
If you want to save time by outsourcing the legwork that can help increase traffic through advertisements, marketing campaigns, and cold calling, then consider a lead generation company. Utilizing outside talent can allow you to get results while you focus on running your company and preparing other areas of your business for expansion. When searching for the right agency for the job, it can be helpful to compare relevant factors, such as cost, delivery time, and client reviews.
When growing your business, ensuring scalability is vital to its future success. Invest in staffing, infrastructure, and marketing to attract new customers while maintaining the level of service that keeps your existing clients coming back.
More from the Enterprise Hub
Get more guidance with your start-up through the Royal Holloway Enterprise Hub, which offers advice and resources for entrepreneurs in the United Kingdom. Don’t be shy to contact us with any questions you may have!