4 Big Decisions That Come with Business Growth

In the business world, change is one of the only constants. Change can be both good and bad; often it is a little bit of both. Even the smallest changes can have complex and far-reaching implications – and as all business owners know, these things demand careful consideration.

When it comes to changes associated with the growth of a business, it is important to proceed with caution and careful planning. The point of most businesses is to grow and expand, but growth that is not managed properly can lead quickly to collapse.

Having an idea of what to expect can help you better prepare, and while it’s impossible to say for sure what the future holds, there are some general trends that you should be aware of. Below are 4 of the most common changes and decisions you are likely to face as your business grows – and some tips on how to handle them.

Expanding Your Reach

Increasing the reach of your business often happens naturally – to some extent – over the course of time. Whether it’s due to word of mouth or well-placed advertising, an increase in demand of services or products is usually one of the most obvious indicators of business growth. While expansion is both great and exciting, it is important to do it with a purpose – unchecked expansion can quickly outpace your ability to keep up with it.

If you expand beyond your means, it can affect the quality of your service and customer satisfaction. Expansion should be done in a planned, stepwise fashion whenever possible – and you should revisit your plan at regular intervals to verify it is still the most effective course of action.

Increasing Your Inventory

As you expand your reach and rate of business, you’ll inevitable find yourself needed to expand your inventory. This can mean both increasing the amounts of stock you currently carry, and deciding to offer new products or services.

The decision to increase the amount of regular inventory can mean you also have to increase your storage or service facilities; it may also mean a change in your prices, as you have to increase the amount you order.

The decision to offer new products can also be a big one, and sometimes it is best to do so on a small scale, trial basis.

Upgrade to A Larger Space

In the course of expanding your reach, inventory, and services, you’ll probably find that you need to move to a bigger office space. When you’re ready to move it is best to use a professional moving company – especially if your business uses specialty equipment. Professional moving companies have experience moving corporate offices, and will be able to offer a fair price and a quick and safe move.

If you rely on particularly sensitive or fragile equipment, computers, for example, it might be best to seek out a moving company that specializes in that field.

Hiring More Employees

As demand for your products and services increases – and certainly as your space increases – you’ll need to decide how and when to hire a bigger staff. This decision has a lot of smaller ones wrapped up inside of it: how many more staff do you need? How many can you afford? What type of coverage do you need? How much can you afford to pay? Can you offer full time or only part-time positions?

On top of these, you must also ask yourself what about your company attracts potential employees. Can you offer benefits? Discounts? What will you do to retain employees and inspire loyalty?

All this costs money – not to mention the onboarding and training costs – and it should be planned carefully in accordance with your growth. In this area it is often best to stay on the conservative side of things; you can always hire more staff, but it is much harder to let staff go.