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Congratulations, your business is growing! That means it might be time to expand to another location. Expanding your business is a momentous step, and you need to make sure it’s the best decision for your organization. Take the leap too early, and you might be spreading yourself a little too thinly.
There is a lot to consider when it comes to expanding your business. You need to take risks and expand the company without sacrificing your success so far. It’s a balancing act, so you need to make sure that you are 100% ready. That said, what are the other tell-tale signs that now is the time to expand your business to another location?
You Have Multiple Clients In A Specific Region
It might be that you have lots of new clients from a specific region of the UK. For example, if you are based in London, and most of your clients are in Newcastle, things can get a bit tricky. Video calls and remote meetings can only get you so far in business. You need an office located near your clients so you can offer the best possible service.
You’ve Hired More Employees
In the age of remote working, teams are scattered across the country. You can hire employees from all over the country and work remotely. You could open a second office to house these remote employees if they reside in one area. For example, if any of your employees live up North – you could open an office in Manchester for them to work in.
Profit And Cash Flow Is Steady
Keep a close eye on your cash flow and profits. If your cash flow steadily increases over several months, you might be ready to expand the business. A one-off spike in cash flow does not equate to sustainable growth. You need a steady stream of income to expand your business to another location.
You can study your personal finances and data to predict when you might be ready to expand. It can take years to reach this stage of business progression.
However, if you’re just in need of a boost or a little pick me up after the dust has settled, an unsecured business loan can offer financial security during or after the big move can help you on your way.
Your Team Is Big Enough To Split
Are things feeling a bit cramped? You might have too many employees in your office. If your team is growing rapidly, consider setting up a new location and splitting the team in half. You will need a few established team members to manage this transition and take control of the new location.
You Can Afford To Manage Your New Premises
A new location is a great business investment in most cases. You need to find a location that is profitable and valuable for your business. Just make sure you can afford the new office, and stay away from sky-high rent prices.
Do any of these signs seem familiar? If so, the time to start office hunting might be right now! No matter what you do, always be sure to keep your team, clients, and brand at the forefront of your mind.