Most thriving businesses in Australia start out small – some coming as far back as from micro-enterprises. When business is good, ambitious company owners eventually turn to expansion; that is, seeing their business grow bigger in both market reach and profit. It is the way of things for most entrepreneurs, either the company grows or it stagnates to mediocrity.
If you are a business owner and you think it is high time for your company to grow, here are the three pillars you must reinforce for your eventual expansion.
Your company is only as good as the people working for it. If you started from the bottom, you know for a fact that employees are the lifeblood of any company. Hence, the first pillar of expansion you must address is the expansion of your workforce. Start hiring more people – quality people. And with more people, you must also consider devising a new scheme for the efficient training of all your new recruits.
With the influx of new workers, you may also want to revamp your human resources department to handle the added people. If you have the resources, HR consulting firms such as Human Outsource can help you with it, providing services such as employment contract templates, HR fundamentals, policies and procedures and the like. Secure your new workers, because they will be the ones manning your business.
Expanding the business means growth in profit or production output. This means increasing the rate at which your office or company produces products, or delivers services to your customer. Simply put, upgrading your facilities to increase output is in order.
This said, the second thing you must factor into your expansion is the upgrade of existing facilities and equipment. Keep in mind the changing times and weigh in whether simply improving your current set-up or acquiring a completely new one is more efficient and economic. Either way, you cannot expand if you stay with the same old rig.
Product and Service
Business growth is not only limited in manpower, production, or size and scale. Diversification is also something you may consider. If your company is already known for a specific product or service, good. But you may also want to think of adding something new your business can offer. It will help you tap into other markets that can also widen your revenue stream. But like everything in the business world, this is a gamble, so make sure you do your homework. Research and conduct feasibility studies so you can make educated ventures.
For entrepreneurs, business growth is inevitable. If you think it is the time, then make sure you have these three fundamentals in mind.