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Posted 30th September 2020

The Hidden Costs of Growing Your Business

Are you about to embark on a new adventure and start your own business? Or perhaps you have already established a strong brand, but want to expand even further? Growing your business could open you up to so many fresh and exciting opportunities, but it does also mean that you will need to invest in vital new things such as premises, marketing materials, equipment and new staff – which could end up quite costly. If you are looking to expand, here are a few things to consider and factor into your planning and budgeting.

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the hidden costs of growing your business.


The Hidden Costs of Growing Your Business

Are you about to embark on a new adventure and start your own business? Or perhaps you have already established a strong brand, but want to expand even further? Growing your business could open you up to so many fresh and exciting opportunities, but it does also mean that you will need to invest in vital new things such as premises, marketing materials, equipment and new staff – which could end up quite costly. If you are looking to expand, here are a few things to consider and factor into your planning and budgeting.

 

Hiring new employees

Expansion in your business could open up a variety of opportunities for job roles. Will you need to hire additional individuals to cover all the new tasks? If so, remember that staff will cost you from day one, including job advert costs or employment agency costs that you will have to cover even before you hire. You will also need to consider the potential for sickness, maternity leave and holiday and contracts for the staff members, as these could all have an impact on the business. Training them to a high standard could also divert you and other employees away from your day-to-day tasks.

 

Setting up new premises

If you have hopes to move to premises that are a lot bigger than your current ones, there are some questions you will need to ask. These include: Will the premises need any remodelling work? Will it need re-decorating or a new signage? How much will the electricity and water bills be? You may also want to invest in new business cards for you and your staff, update your website, and organise PR to let people know about your expansion.

 

Investing in a new fleet of cars

Will your expansion result in a need for new cars, MPVs or minibuses? If so, you’ll need to budget for a fleet of cars from the likes of Allied Vehicles. Company cars are extremely important in some businesses, and are a fantastic incentive to offer employees to attract the best candidates for your company.  

This is such an exciting time for you and your business. Before rushing into any huge decisions, ensure that you have considered all the cost implications, as you won’t want to get caught out with any unexpected bills.

Categories: Finance, News


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