When managers think about expanding the size of their business, they have to choose between moving, new construction or expansion. Several factors will affect this decision, including budgets, requirements, by-laws, zoning, the activity sector, etc.
Do not hesitate to consult a professional to validate your decision. If you opt for an expansion, entrust your project to an experienced entrepreneur to reduce the risks associated with poor planning (cost overruns, delays, inconvenienced clients, lost merchandise, etc.). As well, have municipal officials validate your project to ensure that it complies with their requirements.
Renald A. Piché
Business development advisor
DE – CLDG
“Before you undertake an expansion project, ask yourself the following question: will my company be more competitive after I make this investment? If your answer is “no”, you should reconsider it. To be profitable, this kind of project has to help you become more productive, increase your sales or combine these two results.”
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Plan your project
Planning is the key to the success of any project. Try to foresee the unexpected, and pay particular attention to financial, human and technical resources.
Contact a municipal service centre
Your sector may be subject to strict architectural standards under the municipal by-laws, and certain types of commercial activities may be prohibited under the zoning by-law.
Inform your team, your clients and your suppliers
Your employees, your clients and your suppliers are excellent ways to get your information out. Let them know and reassure them so that they will share and convey your passion and enthusiasm.
Update your market study
Use this project to update your market study if your main priority is to increase your sales. Be sure to talk to your clients and to understand their current and future needs.
Consult productivity experts
If one of the reasons you want to expand is to increase your production capacity, be sure to consult a productivity expert to optimize your results.
Stay within budget
Be sure to finance your project properly and to stay within budget. Set up a reserve for cost overruns to avoid having to cover these out of your operating budget.
- « DE – CLDG is there to serve entrepreneurs who have a business idea. For additional information, call 819-595-8002. Our services are free and confidential.