A growing business is an exciting business, especially if it has grown from a one-person operation to employing multiple people. Along with the excitement will probably be a little trepidation too. If you are not used to managing people or have always worked for yourself the thought of taking on staff and added responsibility can be scary. Keeping in mind some basic tips will help you to scale successfully and prepare for any surprises that might occur.
One of the first activities that many people like to do is choose an office space. When looking for a new home for your growing business, be sure to keep in mind these key requirements.
Cost – The building needs to cost-effective and you need to consider more than just the rent. There could be additional payments such as utilities that you need to factor in. To help keep costs down you could look to rent an office space in a larger block where bills are shared between multiple businesses. If you have a very small team then you can even hire desks rather than a whole office.
Location – Choosing the best place to locate your office can have a massive impact on your business. If it’s in a part of town that is difficult to get to this can be enough to put some people off. It’s also important for hiring people too. If you’re a tech business, you will want to be located somewhere that has a lot of people with the skills you need. Maybe near a university of college.
Space – Ensuring that you have enough space is another key element to remember. It’s worth thinking about what your requirements might be in 12-18 months’ time, not right now. If you rent an office space for your 6 employees and suddenly have to hire 4 more, would you have the space to accommodate them without having to find another office?
If you look after the people that work for you then will look after your business. Fair salaries, a nice working environment and flexible working are all ways to ensure that your employees stay happy, loyal and motivated.
When you start hiring new people there are a number of different processes that you will need to go through. Onboarding them properly, even for a small business is very important. Simple things like showing them where the toilets are, the fire exits and making sure they have everything they need will help them to settle a lot quicker.
Health and safety inductions are also important so putting together a pack with everything they need to know is advised. Include information like who the trained health and safety officers are and what they need to do if they do get injured at work such as when to hire a workers comp lawyer.
A growing business will have growing budgets so setting a business budget is an important aspect to factor into your growth plan. You will likely be spending more on marketing and employee salaries to help fuel the growth of your business. You may also consider hiring outside agencies to help you with tasks such as branding and HR if you don’t have the capacity to deal with these in house.
Checking in on your profitability and reviewing your pricing against competitors in the market are all important activities to ensure that your business can continue to grow successfully. It will also help you to set realistic budgets for the coming years activity if you know what you’re up against.