People read a lot of stories about London-based business owners going from rags to riches, but they usually skip over all of the parts that deal with planning and development. Before a company can go from having one to ten locations, there are a lot of steps in between. Whether the expansion is slow or fast, business owners still have to think of all of the ways in which they can grow in a cost-effective manner. So, if you need tips, tricks, and help with growing your own company without needing to take out additional business loans, you are in luck. Next up – how to take your company to the next level without needing a massive amount of cash in reserve.
Growing a business without adding on square footage
Whether you have a business where you service customers face to face, ship out orders regularly, or solely have a B2B angle, size does matter. The size of your storefront, the space your business has on hand for storage needs, and the area where you keep your merchandise is going to affect how quickly your company grows. Some London based businesses are operated from home until there simply isn’t any more room available. Then there are business owners who go out and rent a proper office and warehouse space from the beginning. The most fortunate business owners are able to outright buy their business spaces, leading them to have lower operating costs in the long run. Whatever you do as a business owner, there are creative ways to add on additional square footage without leasing or purchasing more business space. For starters, look into adding shelving or even having a steel building erected on your property.
Making a company more productive
Not all elements of increasing the size of a company are going to directly involve physical expansion. Just increasing productivity can help you to grow your company over time. If your company operates during a limited number of hours, think about how you can add on staff and increase the number of hours your company is open every day. Businesses in London that increase in size tend to be highly productive, so make the most out of the space, employees, and resources you have available at present. After all of these elements are maxed out, then you can get to the point of opening a new location or moving to a spot where you will have much more room.
Finding more places to store business supplies and equipment
Sometimes a business can simply have too much equipment and supplies around to operate properly. If you have bought new computers for your business, you should still keep the old ones around as a backup. There is no reason to sell off surplus stock off at a discount as long as you can find the room to store it until it sells. A lot of business owners prefer to pay storage costs and hold off on increasing the size of their facilities as a means of saving money. The price of renting a storage unit for business purposes is actually quite reasonable. Storage facilities are also conveniently located, so it will be a short drive from your business location to the storage site. You can have virtually unlimited access to your storage facility, so you get the room that you need to grow your business without having to pay a high price as your company grows.
First and foremost, make sure that you make full use of the space and supplies your business has at its disposal right now. Eventually, your company will need to expand but you shouldn’t jump the gun and increase operating costs before it is necessary. Last, there is nothing wrong with growing your company slowly and conservatively.