Perhaps the most exciting yet most overwhelming decision you’ll ever make in business is expansion. It’s thrilling because of the endless possibilities. It’s scary because of the ever-present risks. This phase in your business can lead you to greater heights, more profits, and better credibility. On the flip side, it can throw all your efforts in shambles. If you want to expand successfully, you need to have a good game plan. A good game plan consists of these strategies:
Create a positive company culture.
There will be a lot of growing pains when you expand. If the culture in your organization isn’t positive, it will be very hard for your team to cope with struggles and uncertainties. They won’t be able to do their jobs well, or they might break away from your company altogether, leaving you with no team to make your vision a reality.
Develop a strong, solid company culture as you lay down your steps toward expansion. Make your vision clear to your employees. Ask them challenging questions like “Why do you think we exist?” or “What’s most important to us in terms of values and priorities?” Once your vision-mission is in their hearts and minds, it will translate to productivity and loyalty, which can weather the worst struggles of expansion.
Get the right people on board.
Hiring the best talents in your industry is important in all stages of the business. But it’s even more crucial when you’re at the expansion phase. Remember that this period is riddled with so many struggles, so you need people who have the right expertise, perspective, and attitude. If you’re planning to add more team members, study the accomplishments of your job applicants well. Ask how they got through the hardest problems they encountered at work or what they did when their boss was demanding.
Apply the same practices with your potential partners. For instance, if you’re gearing up for a broader fashion line, your clothing development affiliates should be able to show you that their facilities can keep up with your demands and requirements.
Build brand awareness.
A popular, credible name in the industry increases the chances of better reception from the consumers once you expand your products and services. If you haven’t established that yet, work on it. There are plenty of ways to make your brand known. The best way is online marketing. Build a website. If you already have one, optimize it regularly. You should publish blogs and improve your social media efforts. Also, engage your fans by answering their questions and responding to their comments.
If you can find a fashion influencer who can represent your brand well, partner with them. Don’t forget the value of traditional media. Go on a radio tour, pitch your brand to morning TV shows, and ask a fashion editor to review your existing clothing line. The bottom line is to build brand awareness.
Remember the essential elements of your expansion game plan: the right culture, team, and brand image. Once you secure these, you can better drive your business to success.