Things to consider when developing a new department in your business
As the UK economy bounces back stronger than expected, now could be the ideal time to deep dive on your business growth strategy and expand your business operations.
Adding a new department to your business can help facilitate new business growth, help you to serve your loyal clients more fully and ultimately help you reach your business aspirations.
With the employment market picking up too, and so many talented people currently looking for work, getting the right team could be easier than ever.
In this article, we take a look at a few things to consider when developing a new department in your business.
For small- and medium-sized enterprises, it is important to look at what your business structure is and what you want it to be when developing a new department. You will need to make sure that any new department is relevant and supports your objectives.
Assessing labour requirements
How big will your new department be? That is a vital question when assessing the manpower requirements of your new department. Remember to focus on slow growth. Start the department small and build and adapt as necessary to lessen the financial burden.
Accurate cost factoring
Developing a new department is costly and could require an unsecured business loan to help you with hiring and infrastructure. Work with your business manager, financial advisers and financing company to accurately assess your costs.
With more people employed comes the need for more space. Even if your new department will be working remotely, you may still need a physical office for them to use in the future.
If your new department is going to be handling physical products too, you may require warehouse space for stock etc.
Your new department should support your overall growth strategy and not be undertaken lightly. Consider carefully how this new department will facilitate the kind of growth your company needs. Then, stress test its viability with your company stakeholders and clients to ensure its viability.
Ultimately, the biggest consideration when starting out on a new department venture is whether or not your business actually needs it. Be ruthless with the idea and assess every need and angle, while also looking for a solution internally.
Once you’ve committed to your new department it will cost you money, time and resources. It needs consideration of the highest care.