Are you looking to expand your premises? If so, this is a positive sign that your business is ready to grow. Bigger premises mean you can accommodate more orders or customers, hire extra staff, and enhance your overall efficiency.
Whether you need more office space, a larger retail unit, or more expansive production facilities, it’s essential to plan the move carefully to ensure it goes smoothly from start to finish. Here are some top tips for businesses looking to expand their premises.
Assess Your Space Requirements
The first step to take when expanding your premises is to assess what kind of space you need; what premises will meet your needs both now and in the future? Are you taking on more staff or expanding your product range? Perhaps you need more storage or extra meeting rooms to accommodate more client meetings. Gaining a solid understanding of your requirements will help you to choose the right space for your business to grow.
Choose a Suitable Location
Location is everything when it comes to business success. Not only should it be convenient for your customers and employees, with good transport links, but it should also enable smooth logistics and support your brand image. The right location can provide a strong foundation for your business as it expands.
Secure Funding Early
Expanding your premises can be costly, with lease or purchase fees, fit-out costs, and moving expenses all adding up quickly. Working with business finance specialists can help you explore the best funding options, whether that’s a secured loan, bridging loan, development finance, or even investor funding. Securing finance early ensures you have the necessary capital to cover all expenses without putting strain on your cash flow.
Minimise Disruption During the Move
Moving to bigger premises can disrupt your business operations if not handled carefully. For this reason, it’s important to plan the move during quieter periods or in stages, so that a complete shutdown can be avoided. Maintain clear communication with customers, staff, and suppliers so that everyone is kept in the loop, ensuring they’re aware of the timeline for completion and any temporary changes that have been put in place.
Plan Your Layout with Efficiency in Mind
Once you’ve secured your new premises, it’s time to think about layout. Plan this with efficiency in mind, ensuring a smooth workforce and easy collaboration amongst teams. Organise desks, meeting rooms, and storage areas to minimise unnecessary movement through the space, helping to avoid bottlenecks and improve productivity. Additionally, add natural light and ventilation to create a comfortable environment that enhances employee satisfaction.
If you’re ready to expand your premises, get in touch with the team at Elite Business Funding. The team specialise in helping businesses secure the right finance to support growth, providing expert advice and support at every stage.