Growing a business might include adding to your customer base, developing your products or services range, entering into partnerships and collaborations, or acquiring other established companies that diversify or complement your existing business to help achieve your ambitions.
Here are some things you may want to look closely at before deciding how to proceed:
Reduce your running costs
Leasing, as opposed to buying, is likely to be a favoured option for many businesses ready to expand. You have more flexibility over the commitment to a given property, can move in more quickly and do not require vast capital investment to do so. This all leaves you cash free for your expansion plans.
Commercial property specialists such as RTC Business Park, based in Derby, are one such company offering flexible lease access to a range of office and industrial units, laboratories and managed suites in a friendly managed campus. Businesses have flexible use of space, the opportunity to combine production with office facilities in one area. There are also onsite conference and meeting facilities to host more significant events without searching for suitable venues and moving offsite.
Flexible lease terms ensure you are not held back with lengthy contracts that may not meet your newly expanded business needs. Choosing a commercial campus-style letting company that understands business flexibility needs may include extra or redefined space, so offering a range of refurbishment options to ensure repurposing is simple as you develop and grow.
Facilities around the country such as this are a perfect choice for businesses looking to expand or consolidate locations offering office space, laboratory and production units and bespoke combined units that support pretty much any business type.
Use Your Location
Choosing a well-connected central location will give you easy access for customers and suppliers and bring in employees. Good access links can make life much more straightforward for people trying to reach you, which could improve your capacity for growth. Positioning your business in a campus-style complex will help you forge relationships with other successful companies and bring greater marketing and collaboration opportunities to help grow your business. Knowing you operate from secure, professionally managed premises will leave you free to work on your business expansion.
Understand what you do well
Know what you do well already, and where your success has come from. But as well as this, try to recognise any areas you haven’t yet mastered or could do better. This can help with decision making on the type of growth that is right for you and perhaps more importantly, enables you to identify the areas that wouldn’t be right.
Understand your customers
A business relies on customers to survive. Developing services or products that meet their needs is essential to survival, let alone satisfying any growth plans. Canvass existing customers for feedback to understand why they chose you, gain information on added-value services or items that may sell well or identify additional income streams. You can also trial new ideas designed to grow your business. Exceptional customer service, reliability and honesty are essential, even more so when building up relationships. Word of mouth carries a great deal of weight, so let your customers visibly have their say. Nurture existing relationships whilst looking for more opportunities to expand your customer base.
Use social media and content marketing
Use social media to build your brand. You can show your real self and interact in real-time to answer questions and offer advice or something personal about yourself. Social media is a great way to keep your ears and eyes on how your business is perceived. It can be a great way to drum up interest for a new product or attract new customers and build brand trust with old and new markets.
Build networks, host events and use the ‘it’s not what you know but who you know’ to make connections that will support your growth. Give back to your community to build up a good reputation and increase brand awareness. It’s also a great way to attract new business.
With all these top tips to take on, you’re sure to give yourself a great platform from which to achieve your business goals.