Growing your manufacturing business can take a lot of both planning and expense. This is often due to the fact that production areas need to be evaluated and have to evolve in order to fit in new areas for new products. However, if you feel that you’ve taken things as far as you can, then you may be looking into renting a larger factory or an additional one in order to grow that bit more. Before you do this, however, you should take into account the alternatives that are open to you and your expansion project.
1. Stay onsite and expand
There may be a way that you can stay on the site that you’re currently on and make more room for your production area to expand into, as well as increase the number of your products.
- Remote office workers
By offering remote working conditions to your office staff, both the new recruits and existing workers, you’ll be freeing up your office area for the expansion of your production lines.
- Increase product range
Expanding your production lines means that you may be able to increase your product range, which will then grow your business. However, it’s important that you do sufficient research to make sure that there’s a market for your new ideas and that potential customers will pay the price that you want them to in order for your profit margins to be achieved.
- Introduce shift hours
In order to increase the productivity of your production lines, you may want to consider introducing shift patterns into the way that your business runs — if you haven’t already. You can have your production lines working 24 hours a day, 7 days a week, with careful planning and, of course, a willing workforce.
2. Buy out other manufacturing businesses
If none of those floats your boat, you do have the opportunity to purchase other manufacturing businesses that may not be doing too well or have a top CEO or owner retiring.
In order to make this business your own, you’ll need to invest in sd-wan to make managing your multi-unit business easier and bring it technologically under one roof, even if it is in a totally new state or even in a different country. This will help you get to grips with the different factors of the existing business that you’ve taken over while providing a united front between the businesses. Of course, you’ll also need to address the relevant security measures to ensure that any previous employees don’t have access to the much larger data banks that you’ll now own.
- Take over existing employees
It makes good sense to take on as many of the current employees as you possibly can. This is because they already know the products that are being made, and it will also save you the initial hassle of finding replacements.
- Inherit their customer base
You will not only have a workforce ready and waiting to work for you, but you’ll also have a customer base waiting to buy products from you. Building on the previous owner’s quality of products and customer services will ensure that any customers you inherit will endeavor to stay with you.
