It’s vital that all entrepreneurs create an accurate financial plan when expanding their operations. However, most people will overlook a few costs, and that can throw the company into turmoil. That is especially the case if you’ve had to seek investment from the bank to fund the process. With that in mind, we’ve listed three of the most common oversights in this article. Reading about them now should assist you in recognizing them in the future. So, hopefully, you will expand your company without facing too many issues along the way. Depending on the nature of your operation, these expenses could make a huge difference to your overall budget. So, don’t continue with your plans until you have read this information.
New insurance policies. There is no getting away from the fact that you will have to purchase new insurance policies when you relocate. That is especially the case if you’re moving to larger premises. You already have insurance in place, and so you need to call your provider to explain the situation. They are always going to inflate their prices when you move to a bigger building with more staff inside. With that in mind, you should get a quote from your current provider and then use it to drive down prices with others. There is always room for negotiation, and you could get a much better deal than you might expect. Still, you need to understand the costs ahead of time so you can plan accordingly.
Document and furniture storage. You probably have lots of important files and documents in your office at the moment. The last thing you want is for them to become damaged or lost in the move. You will also have lots of furniture and computers that might have to go into storage for a couple of days. There are specialists out there who can assist with both of those issues. You just need to look or a reputable records storage facility that doesn’t charge the earth. Storing old files in a place like that long-term is sensible. That way, you will have more space in your new office. However, as we just mentioned, you should only need to store furniture for a few days.
New security systems. Unless you’re moving into a brand new building, you will probably have to update the security system. At the end of the day, criminals are everywhere, and you don’t want to become a victim. So, you’re going to require advanced CCTV that covers all the entry and exit points. You also need motion sensor alarms and lights to ensure nobody gains access to your facility. In some areas, you can pay for your alarm to link up with the local police station. So, professionals will come running the second something goes wrong. Get some quotes as soon as possible, so you know how much that will cost.
If you consider all the costs mentioned on this page, you should expand without too much hassle. The basic rule of thumb is that you’re going to need some extra cash in your accounts. Don’t grow on a shoestring if you can help it. Instead, you should wait until you have a few thousand dollars spare to pay for any unexpected expenses.
Latest posts by Milo Senalle (see all)
- The Blue Line: Respect Goes Both Ways - April 12, 2019
- Smooth Sailing—Five Simple Ways of Improving Your Business Processes - March 5, 2019
- Entry-Level Investors—Four Easy Tips to Ensure Success with Your First Investment Property - March 5, 2019