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Time to Upgrade Your Business Space?

America's trusted voice on money and business, Dave Ramsey is a personal money management expert and extremely popular national radio personality. His three New York Times best-selling books - Financial Peace, More Than Enough and The Total Money Makeover - have sold more than 6 million copies combined. His latest book is EntreLeadership: 20 Years of Practical Business Wisdom from the Trenches.
Are you outgrowing your business space? Dave suggests some signs that tell you may need larger space. Learn the signs and tips on what to do. Time to Upgrade Your Business Space?

Outgrowing your business space is a great problem to have. Still, most entrepreneurs are not exactly looking forward to the day they’ll have to find that next, perfect location. Many business owners may be in denial about their need to upgrade and expand their business space.

How will you know when it’s time to move up? Here are a few clues:

You always need something - If your business needs more team members or more equipment to meet demand, but you don’t have the space for them, you’re probably limiting your business’ potential. If your business is making enough money to hire more people or buy the equipment you need without going into debt, it’s time to look into getting a bigger space.

You’re cramming team members into the conference room, or stacking supplies in the halls - There’s a big difference between “making do” and an uncomfortable work environment. Most people are willing to put up with a little inconvenience, especially if they love their work and are committed to your business. But if every nook and cranny of your current building is stuffed with people, office supplies, or storage cabinets, you’ve got to make room to breathe.

Higher turnover and lower productivity - Of course, these can be symptoms of bigger problems, but a cramped workplace can affect your bottom line as well. It’s hard for your team members to get their jobs done if they’re tripping over each other. Some may even become frustrated enough to leave if they don’t see a solution coming.

Choosing a new space

Once you’ve decided to start looking for a new facility, you’ve got a lot to think about. Look at your budget to see how much rent you can afford, or, what kind of facility you could buy—without debt! Also, project your company’s growth for several years. You don’t want to select a place you’ll outgrow too soon.

And finally, location is always a big consideration for business. Your new building will have to balance cost, convenience, efficiency, and safety—all while looking good enough to attract high-quality customers and employees!


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