Last month, a few of us at Lakeshore Advantage commented on all the local construction in progress and recently completed. Ottawa County was recently named the fastest growing county in the state, so it’s no surprise to see the tangible growth all around us. Expanding, or growing your company’s physical footprint, is both an exciting and time-intensive process. With so many moving pieces, it can be easy to hit a roadblock.
We heard the challenges our investor community was facing in this area and decided to host an event where their questions could be asked and answered by industry experts. Last week we hosted our So You Think You’re Expanding event at Haworth. We brought together construction, real estate, and public sector partners, who provided key insights in how to expand your business. Below are the top three takeaways you should know before you begin an expansion project.
1. Get started early
I cannot emphasize this enough. Before you put a plan in action, engage a construction company or real estate partner, and us at Lakeshore Advantage as soon as possible. Some of the common challenges I see companies face are issues that come up in due diligence process. Let us help you with resources and partners so the construction process goes smoothly for you and your team.
2. There may be tools available to support your growth
These tools range from grants, workforce training dollars, and/or tax savings at both state and local levels. These incentives could help cut costs. Can your company capitalize on this opportunity? Email firstname.lastname@example.org to see if there are tools available to support your project.
3. Material shortages and an influx of projects at the local level are real and causing significant delay
I’ve heard from many companies facing extreme sticker shock on building costs, construction timelines that are delayed due to material shortages, as well as delay in project review, site plans, and permits from local units of government. So again, start the planning process early and consult with the experts. Lakeshore Advantage engages amazing partners, like Lakewood Construction, that we recommend as you look to expand.
For a more in-depth look into our conversation at our event last week, view our recorded panel discussion HERE.
Lakeshore Advantage serves as an extended member of your team, and we would love to help you! Reach out to us at email@example.com today.