Just before you begin to negotiate a new lease for a new work space, keep in mind that expanding your work space doesn’t necessarily mean you have to move your business to an entirely new location. Are you making the most of your current work space? Are there rooms that could be put to better use if remodelled? Is there an available space in the building you are currently occupying?
Should your answer be no, then you’ll definitely need to get a new, bigger work space. However, there are certain questions you must answer before putting your expansion plans in motion:
Can your business conveniently fund an expansion?
There’s everything great about having a big and functional work space. However, an expansion is going to cost a lot in terms of time, money, and other resources. It involves more than just signing a lease, you may have to do some touch up on the new space, enlist the services of an interior designer, get new equipment, print new office documents indicating the change in address, publicize your change in location, and a host of other things. Can you fund an expansion with your current cash flow?
What effects will the expansion have on employees?
Though you call the shots, you definitely don’t get all the work done by yourself. Your employees are your business’ success. So, keep them informed and duly updated on your decision to expand the work space.
Will they be getting new offices, team mates, clients, or experience some modifications in their work schedule? Kindly get them prepared long before hand and keep them motivated because they are in for long haul.
How will customers respond to the expansion?
You thinking of expanding your business is a sign of progress in itself. However, not all customers will see it in this light. For many, the ease of accessing your products and services is more significant to them than a bigger work space.
Therefore, the location of your proposed workspace is very essential. Will customers be put off by how seemingly difficult it may be to access your location? Will you be farther away from where you source your raw materials? Will vendors have a hard time dropping supplies?
Like other thriving businesses, consistency in growth and productivity will even lead you to consider expanding your workspace. However, never feel pressured into doing so until you are certain that it is the best feasible option to take.
Have a profitable week!