What to Consider When Growing your Business

December 8, 2017 The TNS Group
Growth, when properly fostered is inevitable. Both large corporations and individual people alike experience growth in many different ways. The one constant present, no matter the situation, remains to be that the more you prepare the better off you are. Careful preparation is the most important piece to remember. Here are the top 6 things to consider when preparing for the growth of your organization.

1. Space and Resources

Whether you are growing by 2 people or 200 people, it is inevitable to make sure that everyone has the required space and resources to do their job successfully. It would not only be unprofessional for an employee to show up and not have a desk or phone, but it would cost you valuable time and money because they can’t jump in and begin working. Talk about disappointment the first day on the job.

2. IT and Technology

Similar to space and resources, your IT infrastructure and technology requirements are key components that you need to evaluate. Not just the typical thoughts of having phones and computers installed, you need to take it a step further and assess your networking and bandwidth needs. If your infrastructure was designed without taking employee growth into consideration, your network may become congested and run slower than expected, causing lost time and money. The best thing to do is work with your Managed IT Service Provider (MSP), to discuss potential growth so you can strategically plan for the future.

3. Updated Policies and Procedures

You’ve spent countless man hours developing your business and putting together your policies and procedures. It has clearly paid off because you are now in the process of expanding your business. It may be worthwhile to revisit those that were previously set, when preparing to grow. You may see that the current policies and procedures don’t work well for the number of people you are planning to take on. Developing a new training system for employees may be necessary to ensure that those updated guidelines are passed on to all current and new employees. If you haven’t considered this before, think about incorporating a Learning Management System into your workplace to streamline training across the board.

4. Market Growth Properly 

The expansion of your business is a great marketing opportunity for you. It gives you a reason to be relevant and a reason to be in the news. Your marketing is also very important in how your business is perceived following an increase in size. It’s no secret that business expansions are tough, and in some cases aren’t the best decision for your current business.  In fact, according to Neil Petch at Virtugroup, scaling a business is likely to fail because of what he refers to as marketing myopia.

If you really believe it is the right time, and you want to grow something great, it may be time to rebrand. Use this as an opportunity to be creative and imaginative. You want to make sure you leverage every marketing opportunity possible and beat the odds of failing.  Once this is done, write a press release, contact local news sources, host an event. Do anything you can do to create buzz and continue to solidify your position in the marketplace.

5. Create Reassurance

Clients, shareholders, and employees are the backbones of your business. Without them, the business would not exist and it certainly wouldn’t reach the level of success that requires an expansion. We know that growth isn’t always a smooth or successful process. Naturally, it may cause upset and uncertainty amongst your clients and shareholders. It’s important to consider every contingency and have a solid plan in place. This will reassure them that you will continue to be around for a long time following the change.
This is where all of your prior planning will come in handy. Market not only to outside sources but also to those within the organization. Show that you’ve got a solid plan A, and then show that you’ve got a plan B and C in your back pocket. Think of how you will work to make sure their dollars and your services are as secure as ever and then prove it. This will not only reassure them but in the event of success, create the brand loyalty that everyone seeks when starting a business.

6. Budgeting Properly

Having the proper budget and sticking with it, is probably the most important piece of expanding your business. You need to have the ability to finance your prospective changes otherwise, everything else is off the table. Have you considered a roadmap that goes beyond the first year? Do you know what all of your capital expenses and operating expenses will be? Have you decided where the funding will be coming from? Have you set aside adequate funds for the IT initiatives?

If you have considered all of these things, your expansion is already off to a great start. If not, it’s time to get to work.  Consider contacting your MSP to begin strategically planning any changes as it relates to your business and technical needs.

By: Shawtima Moore, Inside Sales, The TNS Group