Are you looking to expand into a national HQ? Or open more offices across the country? Well, we’ve got the guide for you. Follow our blog for tips on how to make a success of your new national offices.
Have a clear objective
What are your reasons for moving? Are you looking to cater to existing customer demand in multiple locations or penetrate a new market? Is the reason for the move better brand establishment? Consider these questions, and create a detailed business plan to refer to throughout the process.
Investigate the market
Moving to any new location comes with the challenge of finding new customers. Ensure your company has confirmed customers in your new location, and evaluate and size up competitors in the area. Make sure the market has room for your business too.
Evaluate inventory needs
Consider the demand for your new location and work out how much inventory you will need to have in place by the time you move. Consider how to structure your suppliers and vendors as well as inventory management and bookkeeping across all of your offices.
Secure your cash flow
Consider the time frame for your new branch to start generating regular revenue. Will your first location generate enough to support both branches until the new one has hit break-even? Put additional financing plans in place to cover any unexpected costs, and keep both branches afloat in the event that break-even takes longer to reach than planned.
Record your processes
You’re considering opening a new location, so your business is doing well. Write down the processes and operations you had in place to get your business to where it is, then repeat those processes in your new location. Create training manuals and document all aspects of your process for the most chance of success.
Find a good staff
Invest in a thorough hiring process. Splitting your time and attention between multiple offices means that those you hire in the new branch will need to be well qualified. Helps hire people familiar with the local area who know have connections and may be able to boost your business. Consider your location based on where you can find highly-qualified staff, and attend events like the ones that Elbit Systems London put on to help both businesses and potential staff connect.
Establish your training program
A rigorous training program is essential for the smooth running of your new branch. Since you won’t always be around to catch any ongoing mistakes, it is vital that from the get-go your staff are well trained. Keep staff training up to date and schedule regular check-ins to keep an eye on everything.
Prepare your marketing campaigns
Plan marketing content well in advance to get potential customers excited for your new location. Keep marketing and branding consistent across all branches and use your existing customers to spread word of your new branch.
Alert the local media
No matter how small or specific your company is, reach out to local journalists and get the word out any way you can that your business is expanding. Add personality and show people how much your company means to you.
Find your new location
Choose a location based on foot traffic, brand awareness, existing customers, competition and demographics.