Everyone in the Warrington region is proud of where they live and the local community the area has fostered.
Local businesses provide vital support and act as a lifeline for communities such as ours. Still, they also need to grow and expand in order to survive and thrive in today’s competitive corporate landscape.
If you run a local business based in Warrington or the North East, and you’re keen to expand nationally, here are some of our top tips.
Make A Plan
Before you even start reviewing the growth options you have, it’s vital that you incorporate your expansion into your existing business plan. After all, your business plan is designed to show you, your investors and other essential stakeholders the upcoming developments in your organisation and how they will enhance it. By adding your growth plans, you can accurately assess everything that needs to be done in order to drive your company towards national success.
Research The Areas You’re Planning To Move Into
Whether you’re planning to start offering new services to a wider range of clients from your base in the North East, or you want to expand your firm’s physical presence, it’s important that you research the regions you want to move into. Although they’re still in the UK, they will very different demographics, buying patterns and needs from Warrington. By doing your research, you’ll have all the information at your disposal to make an informed choice that benefits your business, both now and in the future.
Choose A Colocation Data Centre
In today’s technology-focused world, most businesses use digital data in one form or another, and in many cases, it’s a business-critical solution. If your vital business data is stored virtually, then you’ll need to work with a colocation data centre provider with a national infrastructure, such as VIRTUS Data Centres. They have data centres based across the country, and scalable solutions so that you can grow your business sustainably.
Seek Alternative Sources Of Funding
When expanding nationally, you should look beyond operating profit and traditional bank loans to fund your venture. Consider applying for any grants or no-interest loans that your firm is eligible for so that you can take advantage of every available opportunity. Crowdfunding is another innovative approach to funding business growth, so explore this option before you start finalising your plans.
Learn From Past Mistakes
Many businesses struggle to grow nationally and find themselves either failing or losing money. Avoid this by learning from the mistakes of other business owners. Read case studies to find out where other companies went wrong and try to avoid these issues when growing your organisation. Such a proactive approach will help you to ensure that your firm’s expansion goes without a hitch and that you achieve everything you originally intended.
Find Your Perfect Base
Once you’ve found an area that you’d like to move into and finalised the details, it’s time to find somewhere to base your company. Explore the offices for rent in the area you’re keen to move into and make sure you view a property before you commit to renting it. Where possible, try to choose a scalable solution, such as short-term rental agreements, or even a co-working space. This approach will allow you to grow your business without worrying about acquiring extra space.
Promote Your Business In Your New Area
Now you’re selling nationally you need to enhance your marketing and advertising strategies accordingly. If you’ve only moved into one new base, then you can advertise in that area. If your company is growing nationwide, with multiple sites throughout the UK, then a national advertising campaign can help you to spread the word.
Check Out The Competition
Your competitors can teach you a lot about what you should, or shouldn’t, incorporate into your organisation. You might know everything there is to know about your competitors in the North East, but in new areas, you’ll have to take the time to review their business and keep an eye on everything they’re doing. This will enable you to see how they operate and emulate successful tactics.
Support Your Existing Staff
During your business growth, staff may feel uncertain and struggle to cope with the change. As well as hiring new team members to grow your business, you also need to be focusing on helping your existing staff. Communication is key. Make sure that they feel supported and are engaged in driving your business forward. Where possible, promote from within to foster morale, and show other team members what they can achieve if they work hard.
Growing your business and expanding into new regions throughout the UK can be a challenge, but by following these tips, you’ll be able to boost your chances of success. Best of luck growing your company, and we look forward to publishing your success story in the near future!