What You Should Consider Before Expanding A Business
It is every entrepreneur’s ambition to grow beyond the present. For some, this may translate to expanding the capacity of the current business while for others, it may mean venturing into new lines of business or to new territories. The bottom line is, successful companies make it their business to grow beyond their ‘comfort zones.’
But, there’s a point of hesitation and uncertainty when faced with the decision to expand. Expand too soon and you may put pressure on your resources, thus affecting the existing business negatively, or failure to jump at the opportunity to expand and competition will spring and gobble up a bigger chunk of the market.
It is clear – the resolution to expand a business needs careful consideration and here’s what you need to keep in mind.
Do you have a clear strategy?
The strategy is your business’ roadmap towards achieving its vision and mission. It lays down a concrete definition of what the business envisions to attain and a practical description of how to attain it. As a business leader, you need to be clear about the move to expand before taking measured risks according to your findings.
Once you have set your aim and objective, figure out the next step such as looking for a bigger workspace rental in Singapore to accommodate your business growth.
Assess your financials
Next is to check your financial capacity. Is your cash flow healthy? What is the ROI of the expansion? Financial investment is a prerequisite to business expansion. When considering about acquiring additional or bigger business spaces to rent, finding an affordable working space for lease may be a challenge. That means you will need to part with some significant amount of cash and here is where finding alternative and flexible workspaces from the cheapest self storages in Singapore will come in handy.
Unlike traditional offices which come with long-term lease agreements and high rental costs, these work spaces for rent often have flexible lease terms and all-inclusive rates so you can save on expenses and get more value for your business.
Be prepared to minimise the interruptions and disruptions on your existing business operations as you begin the transition. Ensure that your existing operational resources have the capacity to handle the move without affecting product output negatively. Your operational resources, including people, equipment, space, and other infrastructure should be sufficiently robust to handle the move without negatively affecting existing business.
During the transitional period, you might also be moving office equipment and furniture to and fro. Renting a unit from a self storage in Singapore will be a great solution for providing extra storage of your office belongings temporarily.
Do your premises measure up?
In most cases, expansions mean that your company will need more space to accommodate bigger operations and more staff. There comes a time when you would also be expanding your business spaces to set up a new workplace, warehouse or a showroom for customers. You can find the cheapest self-storages in Singapore with budget business spaces for rent where you can benefit from having sufficient space to run your daily business activities and expand your team.
Smart entrepreneurs know that every business venture carries a fair share of uncertainty. Therefore, take time with your strategy team to map out the worst case scenario and develop a plan of how you will withdraw if it gets to that.
Work+Store is a self-storage in Singapore that offers extra storage and work spaces for rent in 10 locations around the country namely Bukit Merah, Ang Mo Kio, 72 Eunos, 100 Eunos, Pasir Panjang, Tampines, Aljunied, Upper Thomson, Kallang and Bartley. Our work space units start from 88 sq ft with flexible lease terms and all-inclusive rental rates so you can find the right size for your business needs without incurring significant costs. There is a conducive working environment for you to work in with aircon, lights and powerpoint provided as well as 24-hour CCTV surveillance and accessibility so you can access your units anytime you wish to. E-commerce, start-ups and small businesses can benefit from our work space and storage solution with better goods procurement for your customers. Under our parent company, LHN Group, there are bigger unit rentals for office and warehouse in commercial and industrial spaces across 38 properties in Singapore.
If you wish to find out more about Work+Store and our other storage options, feel free to contact us at +65 6578 9966 or WhatsApp us at (65) 8345 9966. Alternatively, you can email us at email@example.com for more information!