As some businesses are beginning to show signs of collapse, you should be wary of the opportunities that are cropping up, where once there was nothing but sound stability. As more and more businesses downscale, various opportunities will begin to show in the form of expansion. You could offer your employees parking spaces, so they feel more inclined to come to work instead of working remotely. You could also increase your branches, by buying or renting more storage space in new locations. You could also expand your warehouse operations, taking over space that has been left by another competitor.
Commerce and warehouse
Online sales have been increased by about 200% in the past few months. This has meant that although we would all like to return to in-person purchasing, ecommerce is here to stay and will probably take over during this decade. So, increasing your warehouse operations is vital to stay on top of the increase in online activity. Buying more warehouse space is one thing, but if you have your own warehouse, you could extend it further. This might entail buying the land in order to do this, but you can also rent the land too. Consider speaking with realtors about this possibility along with warehouse manufacturers. They will need to measure the space in question and see what kind of modern potential the warehouse would have.
More room to park
While many business owners are thriving in the new work-at-home world, many do want their employees to get back to work in their offices. Remote working is fine for some people and for some roles, but many need to work closely and collaborate more, which can only be done in person. So, take a look at these commercial real estate opportunities. Buying a parking lot would give your employees the ability to drive to work and safely store their vehicles without the threat of them being stolen. You could then introduce your own safety measures such as CCTV cameras and security posts which only allow employees through. Considering that parking will be free and it will be more secure, workers will be attracted back to the office.
Now is the time to expand your R&D departments and that means more funding for their endeavors. Consider increasing your team of researchers and designers, to bolster new efforts in products and services. Expanding your product line is just as powerful as making a physical expansion to new locations. You’re taking over one part of the market which is now weaker than before as others have dropped out. Some say that increasing your R&D expenditure by over 10% is something that should be the benchmark. This is very feasible for most companies and should be considered now, as the opportunity during the economic recovery is plain as day.
As other businesses begin to collapse, you shouldn’t become too overprotective. Always have one eye on expansion and if you have the funds and the chances to do so, grab them with both hands.