You started the business a year ago and it has exceeded even your wildest expectations; the time has come to expand your operation and plan for a busy few years, as you grab more and more of a growing market. It’s an exciting time but also a dangerous one; things can go wrong when your resources are stretched and we put together a few important pieces of advice for the business owner who is enjoying rapid growth.
- Build a strong IT infrastructure – Luckily, we have affordable IT consulting in Charlotte NC and setting up a secure cloud network is a smart thing to do. Cyber-security is not something you can afford to overlook, plus there are a whole host of IT services to facilitate sustained growth, like VoIP communication, which puts everyone on the same page. Having an IT partner ensures that your network is always protected, plus they offer fixed rate hardware support, which every office needs.
- Working capital – You aren’t going to expand your operation without an injection of money; put together a financial report that shows continued growth and a business plan that is comprehensive, then approach an online commercial lender and you should be able to borrow for expansion. Building a second warehouse might be a priority, plus you will need a second fleet of vehicles, not to mention equipment; crunch the numbers and work out how much you need and how much you can comfortably repay per month and your plans will soon be realized. Click here for top reasons small business owners can’t get extra finance.
- HR – Don’t put an ad in a local paper, as this will only attract those who are currently unemployed; rather outsource to a leading recruitment agency, who have the top players on their books. Making mistakes when hiring is only going to lead to bigger issues, so let the professionals, source, screen and prepare a shortlist of people for you to interview. Think about what you are investing in a new employee; the training, the equipment and the time – you need to be sure you are hiring long-term people who have the skill sets you are looking for. It’s easy to accept the first applicant, as you really do need more hands on deck and every candidate is going to put their best foot forward. The agency knows what to look for and with so many people registered in their database, the chances of finding a perfect match are good.
- Create a winning team atmosphere – A growing business demands a lot from its workforce and if you can foster team spirit and a ‘can do’ attitude that permeates every level, your expansion will be smooth. Do things to promote ownership like asking the office staff how they would like the refurbishment to look and lead by example; as a business owner, there’s a lot to learn about people management and a short course from a business coach would be enough to equip you with the skills and techniques to create the right ambience among the workforce.
Take a look at what the US government is offering in the way of business expansion support and with some careful planning, your business will continue to enjoy steady growth.