Growth is often a vague term and it may not always be clear what it means for different businesses. You could have any number of different objectives, and consider success with any of these goals as constituting growth. However, physically expanding your capacity is a little different and this is something you may be interested in if you find you are already operating as fast as you can and new business opportunities are being passed up.
There are a few different ways to go about this. Firstly, you might actually be lacking physical space. This is more likely if you are in a manufacturing industry, but you could also need the space for offices or other employees that you don’t currently have yet.
To increase your amount of physical indoor space cost effectively, you might consider different construction methods. For example, a steel building supplier would be able to work with you to create a custom building, with the necessary dimensions and properties to suit your space and intended usage for it. Steel is an ideal material, especially for manufacturers, because it’s strong, efficient and inexpensive. Instead of looking for a new, traditional brick-built premises, consider searching for steel buildings for sale in partially pre-assembled form and having one installed on your site for a faster expansion.
If it’s not so much physical space you need, but rather additional man power, you will need to look at the possibility of hiring additional staff. You might need more employees to support your existing team if they are overwhelmed with the amount of work they have, or alternatively you could benefit from creating entirely new roles and bringing in people with different specialisms to what you currently have. This can allow your business to work more efficiently and take on a greater amount of work, which should lead to better profits too.
Regardless of the approach you take, one thing businesses usually need more of in order to expand is cash. You might find that you have made initial investments in the wrong areas, and you have resources or stock sitting idle while you struggle to keep up with the cash you need on a daily basis. In fact, cash flow is the number one problem for most businesses, even when they’re run by experienced professionals. Selling off assets to increase your liquidity may help you raise the funds to increase your capacity in other ways.
It is worth considering that sometimes the best way to increase the capacity of your business is to wait a little longer. If you are a new start-up, it can be tempting to run before you can walk based on a little initial success. In reality you might be in a better position if you save up those early profits for a few more months and make a more calculated move later on which can increase the size of your business in the best way.