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Business Planning Process Planning & Strategy

Growth and Gathering the Facts: Expanding Your Business When You Haven’t Prepared Properly

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It’s so easy for us to say that we need to implement the proper foundations, whether it’s acquiring the relevant expertise to take us to the next level or improving the business plan, what do we do when the business requires expansion but we’re not adequately prepared? Is it a case of going back to the drawing board or is it the fact that we are so far along that we’ve got to fly by the seat of our pants? What do we do to ensure that we expand our business properly when we haven’t properly prepared ourselves already?

Plan for Expansion as A Mindset

This is what you many businesses do when starting out on a small-scale. Many small businesses view themselves as a larger entity, so they are already in the mindset of expansion. Whether this means looking at your current base of operations as a short-term layover or already putting plans in place for what happens when you upscale it’s important to have these things in place because when you think big you will gradually become big. Think about something like designing your ideal office setup; you can use in-house systems like CAD and 3D workstations to realize this image. When you plan for expansion, a lot of it is to do with the mindset that you have. Many companies don’t tend to think bigger because they are more than happy to tread water where they are. This is unsurprising because of the vast amount of competition out there, but when you plan for expansion you should make sure that it is part of your mindset.

Make the Product Ready for Expansion

For some, it is the chicken and the egg scenario. Some think that because the product is already in a place when it’s doing so well that the business needs to expand to other areas to accommodate it. But others need to determine if the product is ready in search of localized areas, for example, when you move the product overseas. As a company is ready to expand, it may not necessarily cope with the cultural changes. This means you have to look at industry-specific regulations as well as government guidelines to ensure that all certifications and compliance are in place.

Is Your Workforce Ready for Expansion?

If you haven’t been operating with an expansion mindset and you are now looking to transition to the next phase you must remember the importance and having people on board that have the right mindset. This is what will help you achieve your success, but also remember that as the workforce gradually acclimatizes itself to the new challenges that the right people will be able to roll with the punches. Hiring people that aren’t necessarily able to cope with what is ahead could hold you back. Hiring the right people is obvious, but it is crucial.

When you don’t feel you have prepared enough for expansion, think about changing the mindset but also remember that as a company expands that it can continue to evolve into something else. You may have one goal in place, but it may not stay there for too long, so consider getting inspiration from the bigwigs.

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