Are you at the stage where your business is rapidly growing? How prepared are you for this growth? Have you drafted a concrete plan that can help you figure out what you must do at this critical stage?
Now, business expansion can happen in two ways: as a result of voluntary efforts made by the owner or it may crop up in a sudden, unexpected manner. What about your company? Are you really planning and leading your organisation in this direction or waiting for that big break to show you that this is it?
Business expansion could be any or all of the following:
● Opening of a new branch in another location
● Entering new or global markets
● Acquiring or merging with other business enterprises
● Expanding through platforms on the Internet
● Adding franchises
● Launching new products and services
When the business expansion is expected, it gives the business owner some time to mobilise resources. However, when it is sudden most businesses face problems like financial crises, for instance.
What happens when your business expands suddenly?
It is easy and quite a common occurrence to underestimate the pressure that follows business growth. Unexpected business expansion is clearly a problem for a business owner, however, it is better than having no growth at all.
During expansion, you will need to manage the growing demand for your products or services, ensure that you do not hire unskilled employees and retain your trusted employees who may be working extra hours to cope with all the changes – and also take time out for yourself.
The common problem with most of the business owners is that they do not want to compromise the profits they earn during this growth period. As it naturally happens, they might attempt to cut down on costs by not hiring new employees or not investing in a new office space.
For a long time, I remember I didnʼt invest in the things a new business requires like automating systems or hiring new team members. You and I can both agree that it can be difficult to let go of our hard-earned cash sometimes.
But as it has been asserted before – it is important for business owners to look at the bigger picture and how fruitful this expansion can be in the long run. More importantly, some of us often seek an affirmation that our investments are not in vain.
What should business owners invest in during business expansion?
According to a study conducted by the Bureau of Labour Statistics, about half of the start-ups pull through the first five years, while a third only manage to survive till 10 years.
This trend has not changed over the years and only those companies which are prepared to handle unexpected business expansions are likely to thrive in the market.
Here is a list of areas, business owners should invest in during the expansion period:
● Market research: If you want to avoid business failure you need to know what is going on in the market and survey the market scenario before you make any big decisions. During business expansion, it is easier to get carried away and make decisions in the heat of the moment that may not be best for your business sometimes. One wrong decision can lead your loyal customers to find other alternatives for the same products or services in the market. Market research can also help you improve or upgrade your existing products and services.
● New technologies: Updating your company’s base with advanced tools can increase efficiency and improve the business operations as well. For all you know, your competitors could be doing really well because they have the best technology and tools to help them succeed. Although investing in new technology can burn a hole in your pocket during the expansion period, it will prove to be beneficial in the long run.
● New office spaces: It is a no-brainer that you need to expand your office space or open up new branches during the crucial growth period. With more offices or branches, you can likely increase your access to new markets across the world. If you are just starting out, have qualms about leasing out spaces for a long period, investing in expensive office equipment, and so on – co-working spaces are a great alternative. You would not need to invest in the essentials as co-working spaces will already have it all.
● Outsourcing: This is something many business owners disregard or find too much of a hassle. What they do not realise is that sometimes it is better to hire temporary employees during the expansion period. Outsourcing your work to freelancers for a specific duration and mutually acceptable rates requires a lot less investment than when you recruit someone on a permanent basis. If you feel like your funds are limited, try this alternative for certain aspects of your business, if not all! Jobs such as data entry, graphic designing, content writing, data entry and digital marketing can be easily outsourced to individuals or agencies providing such services.
A healthy work-life balance – Need of the hour!
Entrepreneurs love to call the shots and take initiative any day – but the same traits that motivate them to make things happen can also hold them back on many occasions. Do you find that your personal life is hanging by a thread at such crucial stages in your entrepreneurial journey? Don’t fret – this is common and there is a way out of it.
There was a time when I took on more roles in my organisation than I could have handled alone. But as soon as the holiday season came along, I struggled.
The situation on some occasions got so bad that I found myself working 12 hours a day. The tipping point was when I missed my daughterʼs birthday. This was too extreme for my liking and it made me realise how bad I needed help. After this, I hired some extra help and automated some of my systems – which was long overdue.
Whether you like it or not, you must learn to let go and do what is best for your business AND YOU!
A research study conducted by NodeSource Press revealed that most entrepreneurs feel that obtaining a work-life balance is a challenge. A work-life balance is important as it helps reduce any negative organisational stress, prevents burnout, improves your creativity and keep your business alive and running.
Itʼs important to understand why you are an entrepreneur. I wanted freedom, but the truth was my business had taken that freedom from me. I decided to take it back.
You too can take your freedom back by engaging in simple activities like making time for your family every day, leaving work talk at the office and resorting to other aspects of life at home, working from home once in a while, organising family visits to your company to boost employee morale and so on!
You need to let go, delegate and not overwork yourself during business expansion or any other critical phase.
“Health is wealth” so make sure that both you and your employees are physically, mentally and socially healthy so you can do what you love!
Other ways we can help you
If you need some work-life balance, we can help. Here are 5 ways we can help you accelerate your Lead Generation results:
1. Grab our free 4-Week LinkedIn Profile Optimisation Course
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2. Join our FREE LinkedIn Group and connect with entrepreneurs who are scaling too
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3. Register for our FREE LinkedIn update webinar
Every 12-Weeks you can join us for a free update on all the latest news, ninja tips and outline of new features released by LinkedIn – Click Here
4. Join our LinkedIn Inner Circle Solo Program on our Free Trial
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5. Work with our team privately
If you’d like to work directly with us to create new marketing opportunities send us a quick message Click here… tell us a little about your business and we’ll organise a time for a deeper chat