Little Fish, Big Pond: 5 Tips for Adapting Your Business to Sudden Expansion

ser

Nobody who launches a business ever really plans to keep things simple. They might try to convince friends and family members that it’s just a side project or just enough to pay the bills, but the only viable direction for a company is upwards. If you never plan to get your operation out of the spare room, it was never really a business, to begin with.

So, be committed to your future. Either your genius idea for a new product or service is a hobby or it’s a potential career. And if it’s the latter, it’s time to get to work. It is a common misconception to think that all of the effort needed to grow a business goes into the literal expansion process. This is not entirely true because successful growth requires a great deal of preparation and planning.

These tips and tricks will help you start building your expansion strategy right now so that you’re never caught out by a sudden need to flourish fast.

Secure a Negotiable Lease

The first step should be to find yourself a flexible office lease. This is no easy feat when it comes to traditional long-term contracts, but there are other alternatives. Affordable virtual office solutions by Servcorp Singapore offer all of the same resources that you’d enjoy in a conventional, private workspace, with the difference being that they are available on a ‘ready to use basis.’ You only pay for what you consume, so there are no fixed term contracts.

Find a Reliable Mentor

If your business is still very young and vulnerable to bad decisions, it may be worth trying to connect with an accomplished business owner who can act as a mentor of sorts. In actual fact, virtual offices are great for this too, because they’re based on the principles of coworking. This means that facilities are shared with other users and, unless you pay to hire out private workstations, you’ll be in close proximity to fellow entrepreneurs.

Consider Outsourcing Some Skills

Most serviced and virtual office facilities include access to dedicated IT teams and other specialist resources. If you’re in the middle of planning an expansion, this can be invaluable, because it takes the pressure off of trying to train new or existing employees. For small workforces of 1-10 members, training is a risk. It forces employees to move their focus away from more important priorities.

Don’t Overdo It

This is something that most business owners aren’t told often enough. Yes, you’ll have extremely hectic times and expansion is, itself, a very time-consuming and complex move, but overworking is a mistake. All it leads to is exhaustion and sickness, which results in lost days at work and substantially reduced levels of productivity. Be ambitious, but also be realistic about what you and your employees can achieve.

Always Have Contingency Funds

Business strategists and economists advise all company owners to reinvest at least fifty percent of profits back into the enterprise. This is an essential part of building a soft cushion, in the case of unexpected mishaps. The truth is that expansions, relocations, and other developments don’t always go to plan. The failure though is not the fact that an expansion strategy has to be abandoned; it’s when there’s no money left over to heal the wounds.

Expanding Your Singapore Business Is Easy with a Virtual Office

Virtual office solutions ease some of the pressure on younger businesses because they don’t carry long-term contracts. In fact, the facilities are available on a pay as you go basis, so there’s no lock-in lease and no need to renegotiate terms in order expand. You can simply increase the number of resources that you pay to access or, once your company is ready for a relocation, you can move to a more private work environment.