How to Expand Your Manufacturing and Production Company
When you first open a business, your goals are big, but expectations need to be a bit more realistic. Starting a new business is hard; it takes a lot of work and a lot of conviction on your part. The hope is that over time it grows, allowing you to expand and really spread your wings as a business owner.
If you own a business where you perform manufacturing and production and you are ready to take that next step and start expanding, but you don’t know where to start, then you consider yourself in good company. A big part of successfully expanding your own business is knowing when it is the right time and what are the best steps to take. Here are some tips that can help you navigate the waters better as you look to expand your manufacturing and production company.
Do You Have Enough Space to Expand?
Before you start moving forward with any expansion and growth plans, it’s important to take a look at the physical space you have at the moment. Do you even have enough space to be taking on new contracts/clients and adding to your product catalogue? It’s quite common to outgrow your original space but not yet be in the financial position to buy a new building. If that’s the case, temporary structures can be a perfect solution.
Smart Space is one company that specialises in these types of temporary buildings, which are perfect commercial spaces for those businesses who don’t have a lot of capital available. These buildings allow you to expand the space you have available, without having to make a huge financial investment. Smart Space have a lot of deals and finance options available, so you may want to look into what option will work best for your budget and needs.
These industrial buildings can be used on your current premises, which mean you don't have to go and rent brand new space. The construction time of these buildings is anywhere between seven and 28 days of ordering, which also means it's a quick solution. You've got the option of going with an air-insulated anti-condensation roof and 400mm of insulated wall cladding or un-insulated roof cover, depending on your needs.
Put Focus and Resources into Your Sales Team
In order to grow and expand your business, you're going to need to find additional clients. What this means is that your sales team will need additional resources and even staff. You want to give your sales force all the tools and information they could possibly need so they will be successful in securing new business leads and pursuing various sales channels. Don't be afraid to make some bold moves in this department, as the sales force is often the driving force behind growth.
Do You Need to Upgrade Your Equipment?
As you think about expansion, it may also be necessary to upgrade your equipment. It’s best to take an organized approach when assessing your equipment. First, think about the products you’ll be supplying. Will it be the same products you supply now, but in higher volumes, or are you looking to expand and offer all new items? Depending on your answer, you may need to upgrade your current equipment, buy additional equipment, or get new tools and equipment all together in order to offer those new products.
While you’re giving thought to the equipment, it should also relate back to your space issue. You need to ensure you’ve got space for any new pieces you bring in.
Consider a Partnership
It can be very difficult to grow a business even when you've done the research and put together an organized and detailed expansion plan. This is why many businesses opt for partnership deals. Partnering with another company instantly gives you access to all new clients/customers, new and different products, and allows you to diversify at a pretty fast pace.
Where you need to be careful is in deciding what company to partner with. It has to make sense to your company and your existing customer base. Find a company that compliments your offerings.
Check Out the Competition
Now before you jump right in and start growing, it's also wise to take a look at what your competition is doing. What have they accomplished, where are they heading? You don't want to be following the exact same path. Instead, you should be looking for ways that your business can stand out and be unique. You can also look at their successes and failures and find lessons in them.
An Expansion is a Multi-Step Process that Shouldn’t Be Rushed
At the end of the day, most businesses, regardless of the industry, strive to grow over time. Growth is what can lead to incredible success, so it’s the ultimate goal. Of course, expansion isn’t just a quick process that can be achieved without much thought. It’s a multi-step process that requires plenty of planning, research, and direction on your part.