Businesses that do not grow tend to stagnate and eventually perish.In the current era of rapid change, growth must be equally fast-paced or else, the opportunity will be lost amidst competition. Sustainable growth is never by accident as companies that rise should have sound strategies for growth. Companies must learn how to expand and extend their businesses, accrue and apply new knowledge to products and markets faster than their competitors.Going from bootstrapping a start-up to managing an expanding business will require strategies and learnings that will help your company grow and succeed.Any strategy for managing a fast growing company sorely depends on how it manages and transfers knowledge within its structure. Every company needs a manager who can envision a good growth plan that fits with the manpower skills and assets that the organisation possesses or plans to develop. There is no one best strategy as it differs from one company to the other. The important thing is to include principles of organisational learning, knowledge acquisition and knowledge transfer.
So what does a company want to do when it scales up?
1 Do more of what it already does well;
2 Execute effective dupli cation by repeating the business model in new regions;
3 Scale up its basic enter prise-resource-planning system, and then move it to multiple products for ecommerce or other distribution networks.
Companies must decide the strategies for growth which they want to pursue, considering their capabilities and market opportunities.The strategies will only work by changing their structure and processes in a way that lets them acquire or create specific knowledge about new technologies, customers, and industries.
Hence, any fast-growth plan has to adhere to the following:
1 Capture the manage ment's vision for expansion and then address the product and market combinations the company intends to pursue;
2 Set a road map for the size it hopes to achieve in a particular time frame, the know-how and organi sational structures needed;
3 Build in the two funda mentals of marketing and innovation into its DNA.
Sustainable growth is never by accident and companies that rise should have sound strategies for growth. The people you hire are ultimately responsible for your company's success or failure. You may be keen on expanding your small team, but having your initial employees at the right places is very essential as these are the people who know the workings of your company.Use them as a tool to build a bigger and better team that will help steer your company in the right direction. With an influx of new talent, it's important to ensure your core staff feel valued and don't get lost in the crowd.
The last thing which sets the fast growth companies apart is their focus on long-term growth. Budding companies often focus on short-term survival whereas more mature companies identify and successfully nurture the key elements within their business for growth.
So what does a company want to do when it scales up?
1 Do more of what it already does well;
2 Execute effective dupli cation by repeating the business model in new regions;
3 Scale up its basic enter prise-resource-planning system, and then move it to multiple products for ecommerce or other distribution networks.
Companies must decide the strategies for growth which they want to pursue, considering their capabilities and market opportunities.The strategies will only work by changing their structure and processes in a way that lets them acquire or create specific knowledge about new technologies, customers, and industries.
Hence, any fast-growth plan has to adhere to the following:
1 Capture the manage ment's vision for expansion and then address the product and market combinations the company intends to pursue;
2 Set a road map for the size it hopes to achieve in a particular time frame, the know-how and organi sational structures needed;
3 Build in the two funda mentals of marketing and innovation into its DNA.
Sustainable growth is never by accident and companies that rise should have sound strategies for growth. The people you hire are ultimately responsible for your company's success or failure. You may be keen on expanding your small team, but having your initial employees at the right places is very essential as these are the people who know the workings of your company.Use them as a tool to build a bigger and better team that will help steer your company in the right direction. With an influx of new talent, it's important to ensure your core staff feel valued and don't get lost in the crowd.
The last thing which sets the fast growth companies apart is their focus on long-term growth. Budding companies often focus on short-term survival whereas more mature companies identify and successfully nurture the key elements within their business for growth.
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