A small business owner has a choice to make, a choice that will define the future of the company: should the brand remain a small operation, or should you aim for long-term growth and expansion? Whichever path you choose, one thing is for sure – at one point or another, you are going to start hiring new people, at which point your current office space will prove to be too small to accommodate your growing workforce.
No matter if you’ve grown by two or three employees, or two or three departments, you will need to make adequate room for newcomers in order to continue to run the company in an efficient and effective way. With that in mind, here are the four tips that will help your expanding business scale its office space and lay the groundwork for long-term growth in the industry.
Asses your realistic needs
Before you decide that the time has definitely come to expand and even move your operation into a more capacious setting, consider how and where you can cut costs and minimize financial leaks. After all, what is a new office space but another drain on your resources? While you should view this relocation project as a smart investment into a successful future, you might want to consider other possibilities if you’ve just begun hiring new people.
For example, is it really necessary for some of your employees to be physically present at the office every single day? Perhaps their job description allows them to work remotely from the comfort of their homes, effectively saving you some precious office space while at the same time reducing your expenses and overheads. If you do need all of your crew members on board the ship at all times, though, then you can start searching for new office spaces.
Find the best property in town
Here’s the ugly truth: commercial office spaces are expensive. Especially if you’re trying to find a place smack in the middle of town where everyone can notice you and admire your brand’s position in the competitive arena. Worst yet, those prominent locations you’re looking at, they’re moving like hotcakes and have already been leased to the highest bidder. If you want to find your diamond in the rough without busting the bank, you should do what the Australian business leaders have been doing for decades.
In the Land Down Under, every metropolitan area is a commercial warzone where the rent is unbelievably high, and prominent properties are difficult to find. This is why Aussie business leaders always have experienced property buyers’ agents in Sydney and other business hubs in the country at their side so that they can find the best deals on the market before everyone else. A buyers’ agent becomes an indispensable asset when you’re looking to relocate your team without putting a dent in your budget, so be sure to implement the same tactic when looking for a new office in your area.
Get your staff involved in the process
Before you scour the commercial real estate market for that diamond in the rough, have a word with your team. Even if you do your best to keep the entire thing under the radar, people are going to find out and rumors are going to start spreading around the office. All of a sudden, you will hear whispers of relocation and even redundancies, which can lead to numerous problems down the road.
Namely, your team members might start searching for new job prospects. To prevent people from leaving you due to a lack of transparency and communication, be sure to keep them in the loop at all times, and perhaps even get them involved in the planning phase. If nothing else, this will reaffirm your trusting relationship and keep the team organized during such a delicate period.
Check in with your landlord
There are numerous important reasons why you should have a talk with your landlord once you have decided that moving is the only option, one of them being that you want to break off your agreement on friendly and mutually-beneficial terms. What’s more, notifying your landlord early will allow them to reach out to potential tenants, but more importantly for you, give them time to help you out.
Who knows, maybe your landlord knows of other good commercial properties in your neighborhood, or they might even be in possession of a larger space themselves and are willing to offer it to your team. So instead of delaying it, have a chat with them early on in the process and see if there is any way you can continue your cooperation if you are satisfied with your relationship.
Every small business owner should entertain the thought of one day expanding their operation and bringing new people in to help out with the increasing workload. After all, it is the only way to increase revenue and pave the road to a financially stable future. Use these tips to manage your growth efficiently, and expand your office space without losing money in the process.