Assessing the Need to Expand Your Business & How to Make it Happen
Business growth in Pinehurst is scary – and exhilarating all at once. There are a lot of things to think about when you’re considering expansion – from employees and departments to logistics and space. While Century Construction can’t really help you with your HR or marketing problems, we certainly can help you create a new workspace in the Pinehurst area that is perfect for your company’s needs.
So how do you know when it’s time to expand your footprint? Here are five steps to consider:
- Assess the situation. Look at the pros and cons, look at your cash flow, and take a solid look at your expectations of a possible expansion.
- Build your team. You have to have a great team around you to help the vision you have for your company transform into reality.
- Grow your customer base. It’s possible that this has already happened, which is why you need to expand in the first place! And once you do expand, imagine how much more room for growth you’ve open up for your company.
- Raise the capital. This is a big one. Just like adding an addition to a house, or building an all new home, there is a major price tag attached. Depending on your current location, expansion could be an option. Or, it might be time to invest in a new piece of property and start from scratch. Either way, having a good construction team on your side from day one will help you determine what route you should choose, and what kind of investment you’re looking at to make it all happen.
So let’s say you choose to start from scratch and build a whole new location for your company. There are some proven ways to make the whole process go much more smoothly.
First, begin planning for the project with a reputable construction company like Century Construction. It is important to look at the scope of the project, funding, design, proper permits that are necessary, and so on. Do not settle for a contractor that is going to try to cut corners to save a few bucks. If they’re willing to go behind the city’s back and work without the proper permits, what else could they be doing wrong on your brand new building?
If you are concerned about the prices of some of the materials, don’t be afraid to ask about alternatives. There are always new innovations in building coming into the marketplace, and also some tried and true classics that can keep your initial design and vision intact, while making a few adjustments to the budget.
Plus, if there is a feature you really want now, try to work it into the budget now rather than hoping to add it down the road. It is easier to add it during the initial construction process than to do it later.
And most of all, work within your budget. You want to be able to enjoy your new space when it is all said and done, and being in debt up to your eyeballs is not a great way to start.