Very likely you have great plans for your emerging growth company—every great company leader/entrepreneur should. But how you get to that point and whether that end goal is realistic is another matter altogether. Growth strategy experts who have helped other companies assess and achieve their strategic goals bring a fresh perspective as they help you take your company to the next level. This work could be viewed as an expansionist strategy.
What Is Involved with Expansion Planning?
Companies can pursue growth and expand in various ways—by expansions in headcount, locations, product offerings, revenue, and more. Depending on your priority, these areas can be pursued deliberately and strategically (such as through organic growth) or quickly and still thoughtfully (an acquisition is a quicker way to expand but is not always a “perfect” route to do so).
Your expansion plan could begin by first truly understanding the end goal and then working back to build out the steps to get there. To be able to introduce a new product to market, for instance, does new talent need to be brought in, or do you need to lease new space or equipment to be able to produce it? Will you need to expand your marketing capabilities, to ensure this product release will be successful? Would interim or fractional marketing leadership be more advisable at this time then making full-time hires, for example?
At RoseRyan, we excel at helping companies scale—to find that balance between having the right level of resources, at the right time, without burning anyone out. Companies often need outside expertise to get this level just right as they plan out their expansion strategies.
Considerations When Developing an Expansion Plan
Here are some of the many areas to give thought to as you develop your expansion plan:
- How have companies like yours, in similar situations, been successful with their expansion plans?
- What’s your vision for the company three to five years from now, and how will you make that vision a reality?
- How could your competitors interfere with your plans?
- Do your plans align with what the market is doing right now (do you have up-to-date, reliable market research to understand this)?
- How can you manage your human capital thoughtfully and efficiently? (Outsourcing expertise in certain areas can provide access to senior leadership and skills without the commitment if plans have to shift.)
- What skillsets do you have within the organization that you will need in this new iteration of your company? What skills will you need to bring in, in the meantime?
- How can you prepare employees for the changes ahead, and will employees be willing to follow you on this journey? (For example, if your expansion plans involve an IPO, some employees may find adjusting to working for a publicly traded company particularly challenging.)
- Have you done your due diligence and research? If an acquisition is part of your expansion strategy, be ready to scrutinize this potential new company. Similarly, if expanding into a new market (location, product, and so on), take the time to do the research to see if your assumptions about the potential of this expansion area are spot-on—or turn to experts who can provide you an objective, informed take on such a move.
Company Expansion Strategies & Taking the Next Step
Growth strategy consultants can help you decide whether the moves you want to make are the right ones for the goals you have laid out for your company. It’s better to explore the pros and cons for certain changes rather than to regret them later. Acquisitions, for instance, that are not well thought out early on can take a bite out of a company’s long-term expansion strategic goals over time (e.g., if they lead to a talent exodus or the valuation tanks). Asking the tough questions, looking inward, and relying on the expertise of those who have gone through similar situations will ensure that the choices being made today are the best ones with all that you know about the company today and the market you operate in. Reach out to RoseRyan today to connect with a consultant who can help you with your growth efforts.
