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Top Tips for Planning Your Business Expansion into New Premises

Top Tips for Planning Your Business Expansion into New Premises

When business is going well, you can really feel the ripple of excitement building up among the staff. They can see their hard work and dedication is starting to pay off, as you are rapidly recruiting extra help and making investments in IT. As the business becomes profitable, there is an air of anticipation that you will need to make a move toward becoming a much bigger business. You have the customers, and you have some money in the bank. The question is, what will you do with it?

As an established business, you will become more and more attractive to a different type of client or customer. Those that need a good level of trust and financial history to trade with will only look for those businesses that are well established. This kind of business has a good presence both online and offline. You may have regular advertising commitments and deep level websites complete with customer testimonials.

The type of building you are operating from should also reflect your status as a successful business. You may feel it is time to move your business to a new premises so you can continue to increase your workforce. Other advantages of a new building include being able to branch out into additional areas of the market. You may also want to bring in new machinery and procedures to reduce your operating costs. You may even want to house your own IT server room and bring your technologies in-house.

Building your own premises is quite complex, but can ensure you are safe from any changes in regulations regarding health and safety or accessibility. By building to the latest specifications, you should be able to provide cutting edge facilities that are accessible to all. The trouble is, many growing businesses are not in the position to buy this. Instead, you may be looking to rent a good sized building that is a few years older. You can still keep up to date, but you may need to make a few adaptations. You can find out more about how to keep fire doors safe but accessible for those with difficulty opening them by looking online.

If your business is growing, it is certainly an exciting time. If you are looking to invest in commercial property, you can also look into renting parts of it out until you have grown to a size where you require that extra space. Renting can offer you a much wider choice of facilities and properties, but this becomes an overhead rather than investment. You should seek business financial advice before you commit either way. Some rental contracts are very restrictive and may not suit a rapidly expanding business.

Choosing your next premises is great fun, but also a big challenge when you need to consider so many health and safety laws and accessibility needs. Understanding the unique requirements of your business is essential to picking the right building for you. You may also need to consider your employees if you need to make a significant geographical move.

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About Subodh Tandon

Subodh is a full time marketing consultant and a skilled blogger. His area of interest belongs to marketing and finance related news and love to share all of those topics over the internet. You can catch him directly through this blog.