All business owners would love the chance to expand their company. And this is entirely possible when your revenues are continually increasing, and you are able to increase the company’s workload. But there is going to be a time when your business starts to get too big for your current office. If you are struggling to find enough space for all your staff and equipment, it might be time to consider investing in a second office.
Getting a second office is absolutely critical if you need to hire some new staff to help with all the new projects you are taking on. It can also be a good way to invest some of your extra profits that you have been taking. Another reason why some business owners decide to open a new office is that it gives them a concrete way of splitting up their company if they offer two different products or services.
So, do you think you are ready to look for a second office? Rather than simply diving straight into it, you need to really think about whether or not this is the best move for you and your business. Ask yourself the following questions, and you will be able to figure out what you should do.
How Is Your Original Location Really Doing?
It is important that you do some thorough research into your original office. Is it really performing as well as you think it is? Once you do move into a second office, you will have to live on the profits from the first office until the new location is established. So, if it isn’t making the profits that you had originally estimated, you will struggle once you do branch out into your second location. Not only that, though, but you need to be sure that your new office isn’t going to destabilize the first. For instance, if you need to move some key members of staff to the new location to help get it up and running, then this might affect the original office.
Do You Have Guaranteed Work For The New Office?
Generally speaking, you should only expand into a second office once you know that you definitely have some work lined up to carry out in it. You should have already signed the contract for the work or projects planned so that there is no chance you can lose the work right before you move in. It’s not enough to just have the promise of a stable workflow. There have been many companies whose work has dried up once they have expanded into a new location – make sure this doesn’t happen to you and your business!
How Are You Picking Your Second Location?
When you do come to find a new office, you need to take plenty of time to look at new offices to make sure that you pick the best possible one for you and your company. If you don’t have customers or clients visiting you in your office, it shouldn’t matter too much. You just need to find an office that is in a location well-served by public transport links so that your employees have an easy commute. However, if you do anticipate members of the general public coming into your offices, you should find a location that is quite central so that it will encourage more people to drop in.
Can You Afford The Tech That Allows You To Share Between Two Locations?
Once you have two office locations, you will need to have technology in place in both of them that lets you easily share data and information. As most of this technology is quite expensive, you should see it as a major investment. It is also important to have some measures in place that you can fall back on should this tech ever fail or suffer breakages. You’ll be able to find some repair products at www.dynatect.com so that your IT team can see to any faults when they occur. However, it’s also worth getting to know a specialist firm that deals with issues with this kind of tech as well. That way, you can call them out if you ever find a problem that you can’t solve with this sharing systems technology.
How Will You Keep The Same Customer Experience?
One of the main reasons why office branches do so well is that they have a fantastic customer experience. Even if your customers don’t visit you in your office, they will still come into contact with your employees via email, over the phone, or even using www.skype.com. So, you need to maintain your customer service standards across the two offices. The customer should not be able to tell the difference between the service offered by both offices. If they can, and they think that things are poorer in your new location, you need to urgently think about improving your new location’s customer experience.
Do You Have An Exit Strategy For Your New Office?
It will take a lot more for your second office to succeed as well as your first office has done. In fact, it isn’t always guaranteed that a second office location will bring the desired effects. Because of this, you need to be prepared for the reality that your second office might fail. In the event that it doesn’t all go to plan, you need an exit strategy to get your company out of there so that you aren’t pouring money into rent and other overheads. So, look for an office that doesn’t have a large notice period before you can leave. You should look for somewhere that only needs you to give them a couple of weeks’ notice before you can move out. This will help you get out of there as quickly as possible.
Many companies have benefited from branching out into a new office. However, there have also been many that haven’t made it as much of a success. Make sure that you fall into that first group!
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