When businesses are preparing for any kind of expansion or growth, it’s essential that they are just that—prepared. Growth and expansion don’t happen overnight, and for these objectives to be sustainable, there needs to be a solid foundation for them to be built upon.
So whether a business is planning on entering into a growth phase, or maybe expanding to new locations around the globe, what do they need to know?
A businesses’ leaders might not even know for sure whether or not they’re going to be growing, but if that’s the hope and that’s the goal, they should be ready.
The following are some things to think about when preparing growth or expansion-wise in 2018.
Have the Right Software and Tools
There is quite possibly no better way to equip yourself with what you need to grow and expand than to have the right software. Software needs to have the appropriate technological capabilities, but it also needs to be simple enough to implement and rollout that it’s not going to create obstacles.
An example of this is an expense reporting software solution and expense report app. Any business poised for growth needs to be able to maintain tight controls in this area, including centralized visibility, but they also need something that employees are going to find valuable and user-friendly.
Businesses should assess their current technology and then look toward future planning to assess where there could be deficiencies.
Outline a Defined Plan For Expansion
Way back in the early startup days of a business they typically put together a business plan, but for whatever reason, that’s often never revisited once a business becomes successful.
It may be time to revisit this original plan and executive summary.
It’s important to be able to put into words what the history and successes of a company are to-date, and where company leaders see it going with the new expansion phase.
You will likely also need to rework your business model and structure, and this can be a big undertaking if your expansion involves going into new international markets.
Prepare A Strong Team
Finally, during the process to grow quickly or expand, a company will often take one of two routes when it comes to the people who are going to be heading up the effort. They’ll either take on people from the main part of the company, or they’ll work on getting together a local group of people to lead the transitional phase.
If you’re taking key leaders from your head company, you may feel the effects of their loss in that primary role, and with a local team, it can be tough in terms of making sure they’re ready to go out of the gate.
Sometimes it can be better to look to external team members, but also to do so in a way that’s considering the core requirements of the business and the industry.