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Business Booming? Consider An Expansion!

Business Booming? Consider An Expansion!

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Apr. 30 2019, Published 11:00 a.m. ET

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It’s likely that at some point or another, you’ll have thought about expanding your business when the time is right. But when is the perfect time to expand your company? Growth and expansion are key goals for most business owners and entrepreneurs. Is it possible for you to expand your business in today’s lackluster and slow-growth economy? Of course, you can! While business expansion isn’t going to be the easiest of journeys, the reward at the end of the road will be totally worth it, so check out these tips on how to expand your business the right way.

Allow remote working

Whether you’re planning on building an extension onto your current business premises or you’re moving to a new location, the changes coming up will disrupt your staff members and it may become impossible to work during that time. Allowing your staff to work remotely say, at home or in another temporary rented workspace will allow the business to run as normal and minimize profit loss.

If working remotely doesn’t apply to your business, then why not ask your staff for their help moving, decorating, and setting up the relaunch of your business? They’re likely to need an income during your expansion and you’re going to need all hands on deck. It’s a win-win situation!

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Remember safety always comes first

Safety is imperative in any kind of environment, but when work is being carried out on your premises, it’s your responsibility to make sure that everyone who enters is safe from harm. Even though external contractors will have their own safety measures, you should set some safety guidelines for everyone to follow such as:

  • Hard hats are to be worn at all times while work is being carried out
  • High-visibility safety clothing should be worn
  • Key clamp fittings and stainless steel poles for handrails are structurally sound.
  • Safety harnesses are to be worn when working high off the ground
  • Always work in twos in case of an accident
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You can have safety signs made for your premises during the time that work is being carried out so that not only is everyone safe from harm, but you’re covering yourself against an ugly lawsuit if someone does hurt themselves.

You will have to spend money to make money

The whole idea of expanding your business is to make money, right? However, to make more money, first, you must spend more money. Whether that means upgrading your machinery and appliances to the latest models or employing someone who is better qualified for the job, you’re going to be spending money. However, when all is said and done the return from your investments will be totally worth it.

Plucking money out of thin air even when business is booming isn’t as simple as it sounds, so investing money into your company might not be an easy option for you. However, there are plenty of speedy loans that you could take out with your bank to get business moving and begin bringing in the profits you’ve been dreaming of. Trust us, spending the money will make you money!

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Have new products and services ready

Business expansion or relaunch will soon spread around town and if you haven’t got anything new or exciting to offer your customers, then you’re likely to lose out on a lot of custom. During your expansion bring new products and services to the table that people have never seen before. Making your products the only thing like it will bring many new interested and excited customers to your business.

If you’re relaunching your business you should also consider a makeover of your current style. Adding brighter colors and designing a clean logo will freshen things up and attract a larger crowd through your doors.

Expand your target audience

Speaking of crowds, while it would be amazing to appeal to everyone and make as much money as possible, it’s simply not possible. However, that doesn’t mean that your products and services can’t appeal to a larger audience. Launch products that are completely different from your normal range that will attract different kinds of crowds to your business. For example, if you sell clothing for women, why not add a men’s range or a matching child’s range to expand your target audience?

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Business Booming? Consider An Expansion!

Up your social media game

Everyone who is anyone is online in this day and age and if you’re not already, you should be too! It’s now the fastest, cheapest, and most effective way of reaching out to people and promoting who you are as a company. Upping your social media game will lead to people checking your website out which, of course, then generates sales for your business. Here are some tips to stay on top of your social media game:

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  • Man (or woman) your social media accounts and make sure you’re active. An inactive account will become forgotten about.
  • Research hashtags within your niche and build a solid community of followers and like-minded businesses.
  • Post regularly to avoid your social media posts becoming lost in the abyss. However, make sure your content is relevant and captivating
  • Host competitions and giveaways to drive traffic from social media to your website and gain more followers.
  • Spark conversation by announcing company news and exciting sneak peeks into behind the scenes. Your customers will love to see what goes on behind closed doors.
  • Post pictures and videos of your staff members and yourself to make it feel more personal.
  • Report live when you’re at trade shows to keep people in the loop.

Merge businesses

Finally, if you’re really stuck on ideas on how to excite your customers with your business expansion, then why not merge with another business for an exclusive range of products? People love nothing more than to see their favorite brands working together, so reach out to local businesses that you could collaborate with!

Most importantly, good luck with your business expansion!

[Editor’s note: This post is produced by one of our trusted partners.]

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