Business is Booming: 5 Questions to Ask Before You Expand
Your business is booming. Congratulations! Is it time to expand? Timing is everything – too quickly and you may not be able to support the costs, too slowly and you may miss your prime opportunity. Here are some things to think about before you expand:
- Are you ready? Expanding a business is a time consuming endeavor. Are you personally ready for the time commitment and lifestyle change it will require? Is your family able to deal with the additional time you be spending at work?
- Do you have the necessary operational systems for expansion? You will want to be sure you have documented new employee training processes, best practices and customer and product processes in place. Can you duplicate your current procedures in multiple locations and maintain the quality of your services and product? You will also need a strong, dependable staff in place to handle the additional work and responsibility of your growing business. Be sure all staff is trained in your operational system procedures so everyone is on the same page. Opening a new location but delivering lesser quality service would be devastating to your business.
- Do you have the customer base to expand? If your customer base in your current location is strong and the marketplace for your industry or product is healthy it is a good time to expand. You may have the best VCR repair in town but the industry is not going anywhere. But if your marketplace and demographic is growing so can you. Similarly, do you have customers in other towns asking for your product? You are in demand and can afford to expand.
- Do you need more room? Maybe expansion to you is just a larger space. Have you run out of floor space for your product? Are customers or clients sitting on top of each other? Are you always holding meetings in off-site locations because you no longer have a meeting space large enough? If the answer to these questions is yes, it’s probably time for a bigger space.
- Is your investment protected? Crucial to expansion is protecting your investment. The last thing you need is to have unexpected, costly system failures derail your expansion. Putting an insurance policy in place is an important component to an overall risk management plan. Insurance provides the financial assistance to continue operating your business in the event of a loss, but insurance is limited and it won’t cover all of your business property or every instance of loss. Regular maintenance of your property is your responsibility. Similar to a homeowner’s insurance policy, if you suffer a system breakdown due to neglect or oversight on your part, your business property insurance won’t cover the repair, recovery or replacement of those systems.
According to a study by BOMA (Building Owners & Managers Association) the annual private sector commercial building’s major repairs and maintenance costs average $1.875 per square foot. For a 5,000sf building, that’s nearly $10,000 a year. However, in the Phoenix area, business owners have an additional level of available protection. An office warranty from OfficeGuardian is a comprehensive service to maintain your systems and prevent the unnecessary wear and tear that can lead to breakdowns. Even when breakdowns occur, the office warranty plan provides coverage for those repairs for a significantly lower cost in annual premiums.
OfficeGuardian offers a fixed-cost, worry-free response team to business owners in the event that a major office system or appliance breaks due to normal wear and tear. When you know that your business has OfficeGuardian, you can have peace of mind that your property is being cared for properly. OfficeGuardian is the business owner’s advocate to ensure that their office systems are running as efficiently and effectively as possible.
OfficeGuardian is protection for business owners and landlord/property manager from repair nightmares, eliminate surprises that disrupt business, and stabilize your bottom line. We ensure that when a repair is made, it’s done right the first time, guaranteed. One Call Does It All.