Every business starts small, but there’ll come a time when you’ve been up and running for a while when you’ll begin to sense the seeds of growth. Gradually, you’ll get bigger and bigger, until you’re able to feel like you’ve succeeded in setting up a profitable business. Well done! So what’s next? As you know, it’s a global world now, and customers are demanding more and more from the companies they choose to spend their cash with. If you want to be extra-competitive, it might be time to become a 24/7 business. Below, we take a look at some of the things you’ll need to keep in mind if that’s to happen.
Starting With Energy
Your business will be taking up a lot – all? – of your energy, but it does come in cycles. Sometimes, you’re running on autopilot and can tackle anything with gusto. At other times, it’ll seem like the pressures of business is taking their toll, and you’re finding it difficult to stay on top of everything. If you’re going to expand your business in this way, then you’ll need to make sure your energy levels are through the roof before you begin. You’ll need all of it, and a little more.
Weighing Up The Costs
There’s a lot of potential for extra income when you expand your business to become an all-day operation. However, before you can start counting that sweet, sweet money, you’ll have to spend a little bit yourself. You’ll need to think about all the extra costs that’ll accrue from your expansion. It might be that you have to wait until you have the extra cash to hand or take out a business loan to fund your growth. As ever, a thorough cost-analysis will need to be performed before putting plans in motion.
You won’t transfer from 9-5 company to 24/7 powerhouse in one swift swoop. There’s too much to factor in for the transition, and if you do, then you’ll quickly find yourself in over your head. To begin, start slowly, perhaps just with 24/7 customer care, and monitor how well you’re handling it. If it goes well, then you’ll be able to add more all day features, but you’ll need to ensure you can handle the basics first.
Avoiding the Problems
There will be problems in your transition, and they won’t be reflective of anything you’ve done, necessarily. Every company has problems at every stage! The problem you’ll have when you’re 24/7 is that the professionals you need to solve the issue might only be available during regular working hours. To avoid overnight catastrophe, make sure you keep all your essential data in cloud storage and have a backup gas oil generator so you can get back up and running in the event of an electrical outage. You can’t stop problems from happening, but you can be prepared to handle them!
Before you scale up, it’s important that you talk to your existing staff and see how they feel about it. You can’t expect your workers to be happy that they’re working more (or at least unsociable shifts) if they’re not receiving other benefits. If your staff don’t want those night shifts, or you don’t have enough to handle the workload, then you’ll need to think about hiring new team members to the roster.
Is it Worth It?
Of course, we’ve been talking so far as it’ll be beneficial to your company to be “open” 24/7. But that might not be the case. It’ll all depend on what type of industry you’re in, and whether there’s demand for it from your customers. Before you get too deep into your new plans, take steps to get feedback from your existing customers to ascertain their thoughts on the issue. It’ll also be beneficial to look at what other companies in your industry – your competitors, essentially – are doing. If one of them has moved to 24/7 business, then they’ll have forced your hand to do the same.
Monitoring the Progress
Not all plans will come to fruition. It might be that you trial all-day opening, only to realise that it’s putting too much of a strain on your daily operations. But you’ll only know this if you’re monitoring its progress. If it’s working for you, then great, proceed. If it’s not, then it might be better to pull the plug.
There are benefits to being a 24/7 business, but it’s not for everyone; take your time and see if it’ll work for you!