Should I grow my business?
Business growth implications
If you have decided to grow, there are several things you will need to consider.
Finding new business premises
Firstly, you may need larger business premises to:
- store extra raw materials and finished stock
- accommodate new staff
- house any extra machinery that you will need
- accommodate extra visitors that may come to your business premises
You may be able to extend your existing premises to give you this extra space. Alternatively, you might need to consider moving to larger premises.
Finding new employees
You may also need to hire additional staff. If you are growing organically you will need to allocate resources to:
- advertise for staff
- conduct interviews
- train your new recruits
Read more about your options when recruiting staff.
If you are growing by buying another business, you may be legally responsible for the staff from the business you are buying. Read about the responsibilities to employees if you buy or sell a business.
Scaling up your IT systems
You will also need to think about your IT systems. You should consider whether you need to:
- upgrade your accounts, stock control and customer relationship management systems
- buy additional licences for your existing software
- expand your IT network
See how to plan your business IT systems.
Finding finance for growth
Sustainable growth will need an investment of both time and money. If you are growing, and especially growing rapidly, you may find that the increased demand is affecting your cashflow. Learn the basics of cashflow management.