Business growth is an incredible feeling. You’ve started a small business from humble beginnings and are now ready to turn it into a mid-sized business with even bigger profit and growth potential.
As exciting as business growth can be, it can also be overwhelming and stressful. Try some of the transition tips listed in the article below to keep your stress levels in check.
If your profit levels have been growing for some time, you’re likely aware that upgraded premises will be required in the future. In that case, start looking for commercial properties available to rent before you need them.
Starting the hunt early can help you decide what you’re looking for and can afford. You can also learn about properties that aren’t yet available but will be when the time comes to transition. Start looking for new business locations on your own or enlist the services of property managers to help.
Business expansion can often call for new hires. The more people on your team, the more seamless your daily operations can be. However, managing training and upskilling can be challenging when you don’t have sound processes in place.
To give your new employees a smooth transition, create written guides and plans for all processes and procedures. This ensures consistency in daily operations. It also gives new employees resources to refer to when in doubt.
Business growth can be a challenging time. You have more work, employees, and, undoubtedly, more stress. Thankfully, if you automate your processes, everyday jobs can become much more seamless. A number of tasks can benefit from automation, such as:
- Customer service
- Office management
You might be surprised by how many tools and programs are available to automate your business processes and save you time and money.
There can be more to expanding your business than hiring workers and changing premises. You must also consider the legal implications. This can be particularly true if expansion requires you to change your legal business structure. Contact a business lawyer to learn more about your legal and tax obligations. The more informed you are, the smoother the transition process can be.
With orders flowing in and customer orders piling up, expansion makes sense. You need more workers to keep up and more products to sell. Becoming a mid-sized business makes practical sense. However, it doesn’t necessarily make financial sense.
Talk to your accountant before making any big decisions. They can help you understand your working capital and how your income compares to your outgoings. Accountants can also provide timelines for expansion and strategies for strengthening your financial position. Their advice is invaluable during something as life-changing as business expansion.
Business growth might be exciting for you, but it can be nerve-wracking for your employees. There can be great fear of the unknown, especially regarding role changes. Don’t forget to support your team throughout this transition period. Offer mental health support if needed and communicate all changes well in advance.
Failure to consider your employees might result in them seeking employment opportunities elsewhere and a mass exodus would disrupt the smoothness of your expansion. So, don’t skip over this important point.
Transitioning from a small to a mid-sized business can require a tremendous amount of work. There can be much to prepare for and many pitfalls to avoid. If you’re getting ready to take the next step, talk to experts, organize your business, and ensure your team is ready to expand with you.