Expanding a business isn’t a simple series of steps. You don’t go from A to B to C; you’re more likely to be going back and forth from D to A, back to F and then G.
Indeed, if you’re opening a new location, you can’t spend all your time there. If you’re updating your website, you have to ensure it’s still usable for the bulk of your existing customers.
All in all, you’re going to be going around and around as you try to keep track of where you’re expanding, who’s involved, and what could go wrong.
And in this confusion, you can take your eye off the ball. That’s when the finer details of business growth get lost. If you want to pick them up again, make sure you check out the list below.
You’ll Have the Same Time in the Day
More work to do but the same hours to get it done in – that’s a tricky combination! Expansion thrives off of a hectic timetable, but if you’re running out of hours on a regular basis, you’re going to need to see where the time is being wasted.
Project management is crucial right now. You might want to download a comprehensive app to see what and where people are spending their time.
This is also the reason a lot of businesses hire new employees the moment they know growth is on the chart. More hands on deck, less time needed to get tasks ticked off.
Every Budget Needs Looking at
Each department within your business is going to have a budget of its own. The IT department, the marketing team, the customer service desk; each of these will have their own spreadsheet to follow.
As such, make sure you’re attuning any and all budgets and not just the overarching annual income sheet. You need to know where money is being spent right now and why, as this will ensure these departments get the right amount of funding as your company gets bigger.
You’ll Be Getting a Lot More Calls
So make sure your phone system can handle them! Expansion means taking on new clients, in new niches and sectors, or even in different parts of the country or the world. And if your marketing goes well, attempts to contact are going to flood in. And even in 2024, the number one way to reach out to a business is to call them on the phone.
To ensure your phone system doesn’t fall through here and fails to handle this new load, it’s worth it to look into installing a voip phone system. This way multiple people can take calls on the same number at any one time, and you can also set up extensions for ease of use on the other side.
If you’re worried about dropped calls or customers hanging up because the queue isn’t moving fast enough, this is the kind of system to go for. A lot more calls could get quite overwhelming, but with more capacity to handle them, you won’t miss a thing.
New Hires Need Space
Acquiring new talent is crucial for business growth. You need the right people in the right place, making things happen and boosting your company’s overall productivity. As you expand, you’re also likely to notice the skills gaps in your business and want them filled as soon as possible.
However, any new hires you bring in are going to need space to get their work done. You’re going to need to account for this space before you hire. Remember, most people need at least a bit of elbow room to sit comfortably!
A couple of other questions need checking off here too. To start, how many new desks can you fit into your premises? And similarly, do you have the space for fully set up cubicles with computers and tech, without any worry about an electrical overload?
Currency Conversion Can Cost
If you’re expanding in an international capacity, you’re going to be selling your product under different currencies. This conversion needs to be accurate, and when it comes to bringing in foreign income, the conversion is going to cost you.
This tends to be the most expensive thing expanding businesses forget about. The business bank account you use may have fees for such a thing, and if you’re using a payment gateway that operates in multiple territories, there’s sure to be a price for the privilege.
You also may bring in a lower income than you expect after the currency has been converted and the fees have been paid out. That’s why your initial conversion needs to be as accurate as possible. You don’t want to lose out on some crucial pennies that make up your bottom line due to a simple maths error!
Training Times Can’t Be Skipped
Those new hires you’ve brought in as a result of your growth? They’re going to need training, even if they have the best skills you’ve ever seen on a resume.
A lot of business owners skip over this and let their new employees free out onto the floor, but this can lead to a lot of mess during their first couple of weeks.
People need to know what they’re going to get up to and who they’ll be working with.
What Business Owners Should Remember
In the middle of planning an expansion? Make sure you’ve got all of the finer elements planned out on the sheet in front of you.
You don’t want to come back to these later on when things have gotten complicated, only to realise you had the chance to streamline them much earlier! If that happens, you’ll spend more time rectifying the error than you spent on your initial planning stage, and that can lead to a waste of resources.
So instead, keep your eye on the prize, make sure you account for the points above, and don’t be afraid to delay your expansion until things are just right.
