What’s your strategy for successful expansion?
Following on from our recent article on what business growth actually is, we felt it might be wise to look in more detail at the issue of how your business actually works. And, of course, how to devise and adopt a strategy that will lead to expansion.
Firstly, it’s always sensible to consider what’s actually under your business bonnet – in essence, the nuts and bolts of your business.
So, to continue the analogy a little further, what’s your engine look like? It’s worth standing back from the day-to-day running of your business to consider in more detail why your business exists. Is it to provide a lifestyle for you and your family? Is it to make money and offer succession to your loved ones? Is it to bring an innovative product or service to market?
Only once you’ve studied the engine can you take a look at the occupants and driver – in other words, your colleagues and you.
Do you have the right team assembled to move your business in the right direction? Are you, even, the right “driver” for your business, or would you benefit from some external help? Perhaps an expert mechanic, or even a professional driver or chauffeur?
Just because it’s your vehicle, that’s not a reason to keep hold of the wheel as you skid down a slippery road. Much better to hand the controls to experts who can help steer your business towards success.
Download for free – click below:
And, while we’re at it, you may feel that your business has driven into a car park, and that, no matter how hard you try, you can’t manoeuvre it back onto the superhighway.
Consulting your strategy for successful expansion
That’s the point where you need to take a moment to consult your map, and to decide on your favoured strategy for successful expansion. Will it be innovating a new product or service? Or perhaps selling the same products into a new marketplace? Or maybe even acquiring a competitor?
All these opportunities require careful thought, a firm and reasoned strategy and, not least, some expert input from people who have travelled this route many times. In other words, a valued team of co-drivers, whose aim is not only to get you to where you need to be, but also to help you work out what the destination actually looks like.
Of course, when embarking on a strategy for successful expansion, it’s sensible – indeed essential – to prepare properly, and to take the right provisions with you. And the right team of expert co-drivers can help you plan how to achieve your objectives. Do you need financial assistance in the guise of some extra capital? Do you need strategic business planning? Or perhaps marketing and sales input? Definitely you’d benefit from some HR support.
Ideally, you don’t want your map to be locked in the boot, and only available in case of emergency – after all, it makes sense to plan your journey and destination before you actually set off. So, you’ll be looking for a team of co-pilots who are accessible, approachable and, of course, plain speaking. A team very much like you, in other words.
So, we’d recommend that you assemble your team before you start moving – it will make it a whole lot easier in the long run, given the fast-paced nature of modern business terrain, and especially considering all the current uncertainties surrounding the economy. And, with that, you’ll be well equipped for any potholes, punctures, oil changes and unknown motorway intersections en route to your destination.
Assemble a team that can enhance your own position – this can be employed or out-sourced but consider seeking expert support and guidance from growth experts who can help you with the strategic thinking needed to achieve clarity.
Blunt thinking on a strategy for successful expansion
You’ve read about a strategy for successful expansion – have you any questions?
Here at Yorkshire Powerhouse, we’re happy to help as much as possible – is there anything else we can do to help you, do you have any further questions or can we help introduce you to an expert – please let us know:
Porters Five Forces is a series of tools or tests for analysing the competitive intensity of a business and the marketplace in which it operates Read >