One of the goals that nearly every entrepreneur has is that they all want to expand their business as far as possible. No matter what your business, expanding your company should be one of your top priorities. You know that there is a huge market out there for your products or services – why aren’t you tapping into it?
For most small businesses, expansion can be as intimidating as it is exciting. While growing your business is the main focus, getting there can be quite risky due to the financial costs associated with it. Hiring new staff members, purchasing or renting a larger or more central office, investing in all of the equipment and technology needed – these can all be major expenses which many small, budding companies have trouble affording.
If the potential for growth is there, do not let money be the factor inhibiting you from spreading your business’ reach to new clients. There are a few options that can save you money and let you expand on a budget that is much friendlier to your cash flow.
Knowing Your Budget
The first thing that you need to do when considering the options for your business is to know your budget. You need to sit down with your bookkeeper or accountant and realistically view how much money you would be able to put into your company’s move, and see what options are available to you.
I have seen many businesses which feel the need to have the nicest and largest office possible, paying no attention that they are using up nearly all of their monthly cash flow on the expenses. Their rationale? They assume that being located at a certain location will increase their revenue enough to support the cost. While this is true sometimes, more often than not I find the businesses not able to stay afloat until that increase in sales happens.
When budgeting your for expansion, don’t feel the need to make a massive jump in overhead. Look at all of the different options and choose the one which provides the most functionality for your business at a price which is affordable for your still-small firm.
Expanding with a Virtual Office
In the past few years any businesses have been turning to virtual offices to help expand. Thanks to massive advances in technology over the past decade, these virtual offices are able to provide businesses with all of the solutions which a traditional office brings.
Virtual Offices have reception staff which can answer your phone calls, in your company’s name, and forward them to you and your associates as needed. The receptionists can also simple take messages for you, and most offices provide an intricate and professional automated phone system for your use as well.
Letters can be sent to you electronically, scanned by the office’s staff. If you prefer, mail can be shipped to you along with packages received at the virtual office. These locations provide almost all of the administrative support expected in a business environment.
While most do not give you assigned office space, nearly all virtual offices have offices and conference rooms for short-term (hourly and daily) rental for meetings or just occasional need for solitude in a business atmosphere.
When it comes to expanding your company, don’t jump into the action too fast. It is imperative that you think through any major decisions and plan which expansion route is the best for your specific business goals and opportunities. Many times, virtual offices can provide companies with the features needed in an office, all while saving them money on overhead which can be used towards more important business-growing projects.
Mike Gardener is the co-owner of The Office Providers. Lewis loves sharing his insights in various online publications and he helps small or even large corporations by providing any kind of office space , check his site to find out more.