Should I grow my business?

Growth can affect every aspect of your business - from your cashflow to your premises, equipment, staff and IT systems. It is important to plan for these changes early to avoid bottlenecks that could derail expansion. Here are some things you should consider.

Finding new business premises

Firstly, you may need larger business premises to:

• store extra raw materials and finished stock
• accommodate new staff
• house any extra machinery that you will need
• accommodate extra visitors that may come to your business premises

You may be able to extend your existing premises to give you this extra space. Alternatively, you may need to move to larger premises.

Hiring additional staff

Growth demands people resources. You may need to hire additional people to:

• advertise for staff
• conduct interviews
• train your new recruits
• cover the expanded workloads

Read more about your options when recruiting staff.

If you are growing through acquisitions, you may be legally responsible for the staff from the business you are buying. Read about the responsibilities to employees if you buy or sell a business.

Scaling up your IT systems

You will also need to think about your IT systems and how to adjust them to handle expansion. For example, decide if you need to:

• upgrade your accounts, stock control and customer relationship management systems
• buy additional licences for your existing software
• expand your IT network or cloud capacity

See how to plan your business IT systems.

Finding finance for growth

Sustainable growth requires upfront investment of both time and money. If you are growing, and especially growing rapidly, the increased demand is likely to affect your cashflow. Learn the basics of cashflow management.