Growing business? Consider investing in bigger premises

Physical expansion is sometimes necessary in business in order to operate efficiently and effectively. Whether your business is waste management, frozen storage, haulage, or office-based salesforce, physical expansion usually indicates a healthy, prosperous company. 

Even the smallest thriving business will need to accommodate more staff with good old-fashioned office space, or an industrial unit with more space for storage for inventory or equipment. Let's explore some of the primary reasons why a growing business may require extra space and the benefits of investing in that space.

Growing pains

As your business grows, the need for more staff may arise. This, in turn, requires more desk or worktop space to accommodate your new employees. Inadequate space can lead to low productivity and morale, which will influence your staff retention and turnover. To you, additional space for staff may mean office space, meeting rooms, workshops or parking spaces. Obtaining this additional space may come under the form of a licence, lease or sale agreement, which we can assist you with.

If your business sells physical goods, as your business expands so does the need for additional storage space. Not reacting accordingly may lead to limited space, which impacts on order fulfilment. This can lead to delays in delivery which will ultimately have an impact on your customer’s experience. 

Although temporary storage is readily available, it comes at a high price, so you may need a longer-term solution. Looking for adequate space may mean additional equipment, machinery, or production lines, land for containers or for the parking of a fleet of vehicles.

For customer experience based businesses, like a barbers, gym or escape room, additional space could lead to offering additional services to your customers. A gym may need an additional studio for workouts, or a restaurant may want to expand the square footage of their establishment for more diners, or create a separate room for dining functions. 

Enhancing customer experience is essential for a growing business as it can lead to increased customer satisfaction and loyalty.

Space and wellbeing

As staff retention is important for a growing business, it is equally as important to provide an environment that is productive and comfortable for your employees. If your business focuses on promoting the wellbeing of your staff, you may want to consider space for a games room, a gym, breakout area or some open-aired space for staff to relax in their downtime, or to bounce ideas off one another.

Whether the need for a larger premises arises from more staff, creating a better working environment, a larger inventory, bigger equipment or enhancing your customer experience, by investing in extra space, a growing business can ensure that it continues to operate effectively and efficiently, leading to increased revenue and profitability. 

When the time comes for your business, we can provide you with some initial advice or at least, point you in the right direction for your licence, lease or purchase.