Virtual PBX Featured Article

Looking to Expand Your Operation? Closely Consider Leveraging a Virtual PBX

June 25, 2013

By Jamie Epstein - Virtual PBX Web Editor

I’m sure you have heard the saying “bigger is better” at least once in your life, right? While this may apply to things like diamonds and your bank balance, it isn’t always a good thing for a business that simply hasn’t taken the appropriate steps needed to successfully expand. If your organization seeks to remain on the edge of innovation and is already leveraging next generation tools like a virtual PBX and the cloud and thinks that now may be the perfect time to open up that second physical location, read on.


In spite of the fact that your first facility is deemed profitable, you need to be able to ensure that a constant revenue stream can be seen within a consecutive, multiple yearly timespan. A recent blog post from virtual PBX provider Nextiva states, “Positive cash flow to finance company expansion is critical. There needs to be enough profit from the first location to support the second location until that unit reaches profitability. This typically takes at least one year.” Yet, judge this by your individual circumstances as this time period could either be longer or shorter depending upon key elements.

Second, don’t make the decision to open up a new store based solely on increasing demands. If your business falls within a certain industry, it is likely you will see a peak in revenue during select months of the year. Thus, while this pickup is indeed taxing, it is only temporary and shouldn’t then prompt you to make the final decision of establishing another location. Instead, it is vital to grow your current business and analyze areas that demand improvement such as reducing expenses.

Next, document the steps you have taken so they can be viewed in the future. If you don’t know where you’ve been, how in the world are you going to figure out where you’re going not only in your life, but also in terms of the future of your company? It goes without saying that a rigorous procedure could be the difference between an additional headquarters being profitable or closing its doors quickly after it opens.

Fourth, hired a trusted team. If you’re a business owner, particular of a small to medium-sized business, a majority of your time is going to be spent attempting to get your firm off the ground. After some time though, you must be able to trust your employees including those who hold the vital role of managers enough in order to rest assured everything will go according to plan no matter if you are actually there or not. “Remember, even entrepreneurs have not perfected being in two places at once! The founder can no longer personally oversee all locations simultaneously,” the post adds.

Last but not least, have you thought about utilizing a unified communications platform that enables employees to converse with a geographically separated client base from a variety of channels including Web, instant messaging, e-mail and phone? Not only will whatever stores you have open will be able to communicate and collaborate in a much more effective manner than ever before, but a workforce can be kept on the same page at all times as well.

As you can see, it takes a lot of thinking before a major expansion decision can be made. Luckily though, with cost-effective tools like a virtual PBX in place routing important calls to the ideal agents, that thought process can be made with a much clearer head.




Edited by Rachel Ramsey

SHARE THIS ARTICLE

HOME
READ THE NEXTIVA PARTNER BROCHURE


Key Benefits

  Unlimited Calling & Faxing
  Number Portability
  Auto Attendant
  Voicemail-to-Email
  Instant Conference Calls
  HD Voice Quality



LEARN MORE