When you’re ready to expand your small business the biggest worry that you may find is the cost. You may want more equipment, staff and space. All of these things will add up fast.
Expanding doesn’t have to mean that you dive into huge overhead expenses in any way. With some smart planning and modern options available you can strategically keep your budget under control.
Rethink Your Workspace Needs
One of the largest expansion costs is often going to come from securing a new physical space. Before you come into any long-term leases or do any form of expensive renovations you should look into getting a flexible work space model if you can.
Commercial units and co-working spaces can offer you that extra room that you need without giving you the financial risk. Many business owners have been exploring innovative real estate trends such as warehouse condo spaces. These setups usually give you room to grow while keeping your expenses at a very reasonable cost.
Use Scalable Technology Instead of Staff Expansion
Hiring more employees will quickly increase your overhead. This is especially true when you have to deal with benefits, payroll and training.
You should consider using scalable software as well as automation. Tools for scheduling, customer support as well as accounting will allow you to manage more work with the same size team. These systems give you the ability to handle increased demand without the cost of having to hire new full-time staff.
Expand Your Offerings Without Expanding Your Footprint
Growth doesn’t always have to require that you get more physical space; you can add digital products to your lineup. Consider online consulting, virtual services as well as products depending on the field that you find yourself in.
This will allow you to broaden your income streams while staying well within your current operational setup. You can even start to outsource specialized items to freelancers instead of just paying for additional staff in-house. This will keep your workload balanced while still maintaining a little overhead.
Grow Smart-Grow lean
When you grow your business with intention you’re going to get a lot more control over your finances as well as your future. By evaluating your workspace needs, diversifying your offerings and embracing automation you are going to expand your business without having to take on any heavy overhead cost.
It’s not only going to make things less stressful but it will keep more money in your pocket as well. All of this can be used to expand your business. Smart growth will keep your business stable while giving you the room you need to scale it one step stone at a time.
You should always try to remember that growth in business is not linear. Sometimes it can feel as if you are taking two steps forwards and three steps back. All of this is a part of the growth process and you need to embrace it in order to ensure that you get the most out of your efforts.
