Company expansion: Here’s what departments you need to include?
“One of the happiest days in the life of an entrepreneur is when they start to worry about having less office space and more people.”
Throwback to the time when you dreamt of owning a business. Maybe you started it just for fun or with a ‘let’s give it a shot’ attitude. But you never thought that you’d be able to reach this far. And now that you look back at your journey as an entrepreneur, you feel a sense of achievement.
You were able to make your dreams come true. And, for that, you have our respect. This journey was not hassle-free. After countless sleepless nights, thousands of presentations, and regular meetings, you were able to make your company stand where it is today.
Talking about today, your organization’s current scenario is that you have created your brand name and goodwill in the market. The demand for your products/service is rising, but you can’t meet the demand.
But why? When everything is going so well, then what is hindering you from meeting the current demand? The practical answer to this question is less number of employees.
Employees are the backbone of every organization. Even if you start your corporation on your own, you have to hire more people who can become your helping hand. Especially when your business is expanding, no number of employees is sufficient.
In fact, as there are several other things that you have to handle, it will be more beneficial for you if you create different departments and recruit the employees accordingly. Believe it or not, but it will help you manage your firm’s functions more efficiently. It will create a hierarchy through which you will easily accomplish your future business plans.
Wait! There’s more!
When you have separate departments in your firm, you can enjoy several benefits, such as:
- You’ll have a talented and experienced team that will help you in making sound and informed decisions.
- You can plan for the expansion of your business at different locations.
- It will create a hierarchy, i.e., your employees will be accountable to their seniors. It will create a more productive and happy work environment.
- Different employees for different work means you’ll be able to cater to your target customers’ needs. Hence more customer satisfaction.
- Better customer service means that they will return to you, eventually leading to higher sales.
And if you’ll be able to achieve all these benefits, your business will continue to grow.
However, what are these departments that you need to include while planning for the company expansion? It’s alright if you don’t know. We are here to help you. Keep on reading this article, and you’ll know what these are.
Most people are of the opinion that only industries related to IT or science require R&D. Which is not true! Research and development are very crucial for every organization, irrespective of industry.
Why? It is because as your firm starts to grow, your target customers begin to expect more from you. How will you provide them something new if you don’t conduct proper research? Ideas are generated when you get into the details of the subject. That’s why investing in R&D is crucial.
It will help you create more designs for your product/service, improving the business plan and marketing. Besides, you also have to be ahead of the competition. And, you can do that only if you have an R&D unit.
Accounting and finance department
How are you planning on managing your corporate profits after ruling over the market? Obviously, you can’t keep a record of every account on your own. Thus you need an accounting and finance unit.
Besides keeping track of every penny, they will provide you with the solutions to enhance your profits and lower your operational costs. They will also help get more investments for your business, keeping the firm’s financial health always in check. Moreover, this unit will help you in keeping your employees happy.
Are you asking- how? Well, accountants will credit the salary of your employees on time. No late payment means your employees will stay happy. And, it will also help in improving their productivity.
If you’re a newly growing business you probably don’t need a huge accounting team. You can either have an in-team accountant member or outsource the services. If your company is growing at a drastic rate, setting up your own team or purchasing a small accounting firm would be your best bet. However, if you’re purchasing a pre-registered and set-up accounting firm it would be advised to contact a company that deals with CPA practice sales, for guidance.
It’s 2021, and companies run their operations online. Long gone are the days when you had to record everything manually. Now you have to store everything digitally as it makes it easy to access the required data and saves time.
However, along with the storage of corporate data, it is crucial to keep it safe. That is why you need an IT unit in your company. But, sadly in-house IT units for your company can get very expensive. You need to get more space, more equipment and software, and that means more operational costs.
So, how can you avail the benefit of IT services without spending a huge amount of money? Well, the practical answer to this question is, by taking the help of managed IT service. If you are wondering what is Managed IT Services, we must tell you that it is a third-party service. These services can provide you full IT support, cloud computing, and consulting services.
It is an excellent alternative for you and need not say you’ll save lots of money.
Last but not least, you need to add an HR unit in your organization. You can’t deny that your employees played a huge role in your organization’s success. Without them, it would have been a lot more challenging.
However, what have you done for them in return? Every employee has their own needs. Obviously, you can’t listen to each one of them. You need an HR (human resources) unit for that. They will help in resolving their disputes, motivating them, and keeping them happy. Besides, HR will also help in finding potential employees for your organization.
To sum it all up!
When your business starts to expand, you have to increase the space and number of employees. However, when you have separate departments in your organization, it will benefit you as you know what talent you need for your firm.
Nonetheless, every business is different, so you may or may not require all of these departments. So you can select wisely.
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