Business owners should be aware and understand that staying still and remaining stagnant is not an option on the market. You might think that you’re moving along quite nicely, delivering great revenue and solid levels of profit. But at some point or another customers are going to look at your business and wonder whether you’ve kept up with changes and are offering anything they can’t find cheaper elsewhere. Business owners must always be working to expand and offer their customers more.
You might think that expanding is risky and it can be. Particularly, if you focus on the speed of the expansion rather than the quality. At the same time, though, improvement and growth is necessary to survive against the competition. One of the best ways to expand your business is to open up a new branch that can grow in exciting directions. Before long, you’ll see that this branch is as much a small company as it is a section of your existing business brand. Here are some of the advantages of opening a new business branch.
One of the key benefits is that you can reinvent your business image. By doing this, you might be able to attract the interest of customers who otherwise would never have been interested in your company or your product. An example of this can be seen in the movie industry. Disney have a wide range of different areas of their business. For instance, there is the main brand that releases family friendly films. But in the 90’s there was also Buena Vista. This was the branch that Disney utilized when they wanted to release R rated flicks that didn’t fit their squeaky clean image. There are lots of businesses that utilize the same tactics and essentially have their cake and eat it too.
It’s not just finding customers with a different mindset either. You might also discover that you can reach customers in different regions too. There is nothing saying that the new branch of your company needs to be set up down the road. It could be half a world away and tap into a completely fresh audience.
Finally, by opening a new branch, you might find that you are able to save some jobs and keep loyalty levels high in your company. It is possible that in your existing iteration of your company you’re thinking of cutting back staff. Perhaps, thanks to new automated tech and equipment you don’t need as many workers. Rather than cutting them out completely, you can instead build the new branch and send them there. This is certainly where you should start when you build a new branch in your business. You need to put the right team together.
The Dream Team
If your new business venture is going to be half a world away, you need to think about what this means. Essentially, you won’t always be there to right the ship, so the branch will need a strong leader. You may already have someone in mind for the job. If you don’t try to pinpoint a person who is always going the extra mile for your business, no matter what. They need a wealth of knowledge and expertise in your business. It’s possible that they have held a high position in your company for quite some time and are ready to be presented with a new challenge.
You can consider hiring new individuals to run your business branch. But this can be dangerous for a few reasons. Firstly, they will not have an intricate knowledge of how your business operates and how you would like it to be run. This can be an advantage if they are able to bring in fresh ideas and options. At the same time, though, it’s possible that quality levels are lost in the change. The last thing you want is an ugly stepsister that isn’t quite at the level of the original company. As such, you need to make sure you completely trust the individuals leading the new branch.
Then you need to consider the people working in the new branch of your company. As already stated, you can trade out people from your existing business if you have excess numbers of workers. To do this, you need to think about how to arrange a secondment. Legally, this can be quite complicated, but it’s worth it if it means you can have the same staff in a new location. If you are opening a new branch abroad, you might face difficulty getting the rights of workers to stay in that country. However, you can deal with this issue by ensuring that you are taking full accountability for their employment.
Now that we have the team together and ready to go, we need to consider technology.
There is no doubt that certain technology can help make opening up a new business branch a lot easier. For instance, you can use cloud servers. Cloud servers will allow you to effortlessly and easily transfer important information, files and data from one area of your business to your new branch. Not only that, you’ll probably be able to keep a mobile eye on your new business employees and the team that you’ve put in place. You will be able to check on their performance, their output and ensure the goals of your general business are still intact.
With a new business branch, you should also be thinking about strong connections to your existing company. As such a great internet connection is going to be crucial. Look for the fastest speed available on the market and make sure it is being used in your office.
Finally, think about keeping your new business branch as cheap to run as possible. This might mean that it’s nowhere near as large as your existing company. Instead, you might want to think about outsourcing some jobs to keep things cheap and cheerful. You might also want to examine whether this new area of your business can function mainly online. That will certainly keep costs down.