Your hard work and sleepless nights are starting to pay off as your business grows rapidly. The expansion stage can bring its own set of nightmares for many businesses. Here are some tips that you will want to keep in mind.
Choose the Right Location
Chances are that you need more warehouse space as your business is expanding. Carefully weigh the pros and cons of different locations before you move your business. Think about the supplies that come into your business and choose a location where you can get those supplies in a cost-effective and timely manner. Inventory management is an essential part of fulfillment as you grow your business. While there are advantages to using offsite inventory storage, you should still look for a location that matches the warehousing needs of your company. In addition to considering the available space, take a look at security to make sure that you are relocating to a good neighborhood. Different markets can be loyal to different companies, so be sure to consider if you can adequately compete in the market. Finally, look for local, state and federal incentives to move to different locations.
You will need a variety of equipment in the new location. Consider which pieces you can move from your current place and which you will need to secure to make different locations work. Having the right software in place, especially if you sell products, is crucial. One piece of machinery that you may not have thought about but which could be helpful with business automation is a conveyor belt. If your business specializes in products, then creating an efficient assembly system will go a long way to helping you keep up with the growth of your business. While a conveyor belt needs to fit the size, weight, and type of product you produce, it also needs to be the right length and design to work in your new location. You may even want to consider hiring an industrial engineer to help you think through different aspects of making your business more productive.
If you are moving to a new area where your current workforce is unlikely to follow, then it is vital that you think about the availability of a well-trained workforce. Moving near a college where there is an active program within your field often gives you an advantage as recent college graduates are often reluctant to move. See if you can partner with a community college to create classes in areas where you cannot find good employees.
If your company has investors or shareholders, then make sure to keep them in the loop about your thinking as your company expands. If they are experienced businessmen, then they may have valuable feedback on what has worked for them in the past. These people may also have friends or family who can lead you to the right location for your company’s expansion.
Congratulations on building a business that is ready for expansion. Focusing on these four factors will help you make the final decision on where expansion makes the most business sense. You may need to spend some time writing it all out in a business plan that embraces your company’s promising future.
If you’re looking to continue your expansion in other ways like branding, and website design and more, keep us in mind! We want to coach you through this growth and we want to help your business thrive, but also understand that sometimes a little extra help is needed to get you on your way!