If your new business is exceeding even your high expectations, this is a time to celebrate and count yourself lucky, as many businesses are folding due to the pandemic. Of course, the surge in business is probably due to the great service you offer and that big digital marketing budget that you knew would pay dividends and when expanding your operation, there’s a lot to take into account.
Acquiring the capital
Of course, business growth needs an injection of capital, especially if your plans include relocating to a larger facility and talking to a commercial lender is the best solution. Once they see your books and a healthy profit, they will be only too happy to finance your expansion; you can spread the cost over a couple of years. Banks generally approve business expansion loans, as there is evidence that the business is turning a healthy profit and lenders don’t like risk. Talk to an experienced accountant about additional capital to fund expansion and you can work out a strategy over a period of 1-2 years.
Managed IT Services
When you are very busy, you are relying heavily on your IT hardware and with IT support from a Toronto-based managed IT service provider, your precious IT hardware will always be ready to work. Unpredictable IT hardware can cause serious delays in what would otherwise be completed in no time, which is why you need 24/7 support, especially as things are getting more hectic. If, for example, you have 1 IT employee, things might get too much for a single person and you can make good use of managed IT services. If you have an IT support partner, you don’t have to concern yourself with anything IT related and when things are hectic, all IT hardware issues are dealt with by technicians.
Hiring the right people
Of course, expanding your operation will involve hiring staff and with the help of a leading recruitment agency, all candidates will be screened and you receive a shortlist for interviewing. It is smart to promote from within, but that can’t always be relied upon and a well-known recruitment agency can source key people to fill the positions you will need. Here are a few tips on efficient retail management, if you run a store.
Maintaining a high level of service & customer support
When the orders come rolling in, this is a dangerous time, as your resources are stretched and the last thing you want is customer issues. Make sure that all business processes are handled and if you need temporary workers, the recruitment agency has you covered. This is also a time to motivate your staff, as all of them will no doubt be doing more than they usually do. Recognition where it is deserved will certainly boost staff morale and happy employees are great for business.
Talk to a business coach
If you are worried about your business expansion plans, book a session with a business coach and let the expert take a look at what you are planning to do. The great thing about business coaching is you acquire new skills that are with you for the rest of your life, making you a better business person. You might need some work on your organizational skills, or perhaps communication is your weak point; the business coach can take an independent view of your processes and make recommendations based upon that.
Identify what is working
When things are going well, it is important to review all your business processes; identify what is working well and more importantly, what is not. When sales are going up, your resources are stretched and you should be ready to outsource when necessary, rather than impact customer service.
Follow the plan
If you have a good business expansion plan, follow this and all should be well; there are free online resources to help you compile an effective expansion plan. Indeed, you might qualify for government support with your business expansion, which helps small businesses grow. As your business grows, your infrastructure should also develop and this provides you with a solid foundation for your growth plans.
Remember to reward employees for going that extra mile and hopefully, your team will rise to the occasion and sustained growth awaits.