Blue Square Concepts’ Five Tips for Opening a New Office
As any entrepreneur knows, one of the most challenging times in the life of a business can be when rolling out new expansion plans. Opening a new office comes with a lot of problems, but is necessary and important for growth. Here at Blue Square Concepts, as we congratulate Lindsay Steigerwald, who will be spearheading our next expansion project, we thought we’d offer five tips for anyone considering a new location.
1. Get In The Thick Of It
Of course you’ve hired or promoted the best person for the job, and you have every faith in them, but remember that the success of your new office is intrinsically linked to your own, so get your hands dirty and help out. Meetings, office visits, or even just calls to check in are useful not just in the first days, but ongoing. Your support is crucial.
2. Always Go For A ‘Warm Start’
Before rolling out a new office, ask yourself if you have the business there to justify it. A ‘warm start’ means building a new office based on already finalized contracts, rather than just the hope of work. The ideal is working with a current client in a new location, so the chances of success are high. At Blue Square Concepts much of our expansion happens this way.
3. Keep An Eye On Your Wallet
It may be tempting to go all out when opening a new office, if you’re certain of a good return on investment, however keeping your fixed costs low allows the new office to start generating positive cash flow sooner. You can always buy that flashy equipment later.
4. Use The Resources You Have
It’s easy to get carried away when building something new, and subsequently waste money on things that you might not need to. Maybe you’ve kitted your new office out with five new computers, but you’ve got three spare ones and a printer sitting in a cupboard. Take stock of what you can redistribute before purchasing.
5. Bolster Your Office Culture
With all this talk of resources, at Blue Square Concepts we never forget that our main resource is people. Consider transferring some of your experienced staff to work in the new location. The best office cultures are formed by a mix of enthusiasm and experience.