Are you ready to build your next cold storage or temperature controlled facility? Knowing when it’s time to expand your business, and how to prepare for expansion is always a crucial decision point for all business owners. It is as vitally important to plan for business growth, as carefully as you did when first launched your company. So, how do you know you’re ready for the next big move?
Here’s how to determine if you’re ready for the next step of Construction Planning...
Increased Demand over a Period of Time
This is the first sign (and probably most obvious) that your business is ready for the next move! The most evident indication that expansion is necessary, and maybe already happening, is that you simply can’t meet the demands of your clients.
Knowing when it’s time to expand a business requires all owners to perform a deep analysis of the company’s income & expenses reports on a monthly, quarterly, and yearly basis in order to determine market feasibility & growth potential.
Remember → having a single record-high month of sales isn’t the same as sustained demand over a period of time. Be sure to know the difference!
One or two months of increased sales generally isn’t enough information to leverage true growth potential of a company. Track your numbers, compile reports, and perform a detailed strategic examination of your company’s growth rates over a period of time in order to gain the most accurate viewpoint of market competitiveness, and overall ability to expand.
This detailed perspective allows owners and financial advisors to make educated decisions involving expansion, goal setting, and overall strategic planning for the growth of the company. Owners should feel confident that demand is real, that the company has true growth potential, and increased margins are not just a coincidence of sales hikes within a short period of time.
You’re running out of space to operate.
Your stock rooms and storage facilities are at capacity, offices have no true workspace for new hires, current employees, trainings and/or company meetings, and your entire team feels cramped & cluttered, resulting in low moral and decreased productivity. So what can be done?
At this point, business owners should know that an expansion is necessary because employees and management have no more room to conduct and operate an organized workflow.
If you have been hiring to keep up with your demand schedule but your operations staff is cramped in space and unable to meet demands at heightened levels, it’s time to remodel your warehouses, re-think storage solutions, or secure an entirely new space with more square footage.
Don’t know where to start? Schedule a Free Consultation for planning and solutions to tackle your Product Storage & Space concerns
You have a plan!
You’ve sat down, reviewed your reports, & created your roadmap for expansion.
Are your short-term and long-term goals for your company outlined in detail? Do they include strategies to accomplish these goals over a period of time? Have you put in place strategic partnerships? Are you able to properly train new employees and launch your business at a new and improved location? Have you secured the facilities necessary to meet the needs of your growing production demand?
These are all important questions that business owners should have the answers towhen deciding if a company is in a position to invest in upgraded or new production facilities.
Your team is solid & processes are efficient!
Is your team organized? Do you feel confident that your employees can level up to new demands, while still accomplishing their current workloads? Are they as invested in personal & company growth as you are? These are important factors to consider when examining your team-members’ true ability to scale alongside the company.
In a perfect world, employee growth should surpass company growth if that company plans to establish sustained industry competitiveness. All employees should be expected to expand their professional talents, in order contribute to the growth of the company as a whole.
If you are having doubts about your team’s ability to compete, you may need to examine your structure to pinpoint operational holes that need to be filled within the company, and ultimately plan for strategic hires that will fulfill your current and future workloads.
Not only is a prepared team important, but also you need to confirm that all your employees understand the terms in operational processes, have set goals to work towards, and have at least a general understanding of where the company is headed.
You’re hitting Milestones
Milestones should have been set up in your planning stages to track progression of company goals; ensuring growth is being achieved at the projected rate.
If you are consistently hitting or exceeding your goals, then you may be in the perfect predicament to upgrade your production facilities and expand your business. If on the other hand, you’re consistently falling short of your goals, then the team may need to reassess its game plan, and change direction to gain momentum again.
Don’t Worry! Reassessment doesn’t mean you changed your goals, but rather changed strategy, timelines and pathways to achievement.
Customers are searching for YOU!
We all love when clients return our calls, but it’s even better when they show up at our doorstep!
If you are receiving excessive amounts of client interest, and your customers are actively seeking out your products or services, then you are in the perfect situation to capitalize.
Word-of-mouth within an industry is HUGE, and allows customers to seek and request your products with the added trust of a referral from a past connection. If you are noticing an increase in sales inquiries, this should tell you that your company is fulfilling a need for your clients, that otherwise has not been met. Your company & its service is gaining traction within your industry.
Being able to capitalize on this built-in clientele is extremely resourceful for any sales department, so be sure to ride the wave of client inquiries, and strategically plan your sales goals to fund your expansion efforts.
Industry is growing at a rapid rate
Do your research! Examine the over landscape of your industry, taking into consideration past and current trends that the market has experienced. Is the market saturated? Does your product or service offer an IMPROVED SOLUTION to its customer base? Who are your competitors?
Be sure to utilize your untapped customer base, and capitalize on your competitiveness within the marketplace to increase your odds of a successful company and facility expansion.
We hope these tips will help you make educated and strategic decisions about your next business move.
You have Cash Flow!
Be truthful with yourself: Do you have the money to support a facility expansion?
Even if you’re doing great on paper, and your reports are adding up as planned, you need to determine if your Accounts Receivables department is running efficiently, transactions are being processed on time, and a positive cash flow is accessible to fund your expansion plans.
Secure funding, or develop a plan of action to obtain it in order to support your company goals.
So, Ready to Expand?
Let us help!
Get More information on how A-N-C Cold Storage Construction, INC. remains competitive within the Cold Storage Industry, and how we can assist in planning of new or remodeled temperature controlled facilities usng industry leading insulated paneling & pallet racking solutions that offer optimal production in storage warehouses.
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