One of the end goals of a business is to grow, Michael Giuffrida notes. Whether it’s adding new branches, services, products, or creating larger spaces for their offices, or acquiring competitors, expansion has always been one of the aims of business owners from the onset (or at least it should be).
Just like any other long-term endeavor a company might undertake, expansion takes careful and extensive planning, perhaps even more careful and extensive than most other projects. The board, as well as management, should have a clear picture of what they want to achieve in terms of growth to keep the quality of their goods and services, and reputation of their brand competitive.
Michael Giuffrida mentions that one of the first things to do happens even before everyone takes a step toward expansion. The company should first hire or delegate a group of dedicated individuals to the strategizing and outlining process. This will be the same team that takes the reins of planning.
Throughout the planning for expansion, the team should be able to identify a huge number of details that are critical to their future plans such as their target market (current and projected conditions), the company’s operations (current and projected), and the manpower needed to pull off the expansion.
The planning team should be able to come up with projections and what the company needs to do and what it needs to happen for them to get where they want to be. And more importantly, Michael Giuffrida adds, everyone should remember that though a plan might be in place, parts of it may change as conditions change.
Michael Giuffrida has been working as a managing partner at Titan Strategic Partners based in Hartford, Connecticut. The company’s expertise is in building and improving organizations from startups to established businesses. For similar posts, visit this blog.
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Pexels.com
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Michael Giuffrida mentions that one of the first things to do happens even before everyone takes a step toward expansion. The company should first hire or delegate a group of dedicated individuals to the strategizing and outlining process. This will be the same team that takes the reins of planning.
 |
Image source:
Pexels.com
|
The planning team should be able to come up with projections and what the company needs to do and what it needs to happen for them to get where they want to be. And more importantly, Michael Giuffrida adds, everyone should remember that though a plan might be in place, parts of it may change as conditions change.
Michael Giuffrida has been working as a managing partner at Titan Strategic Partners based in Hartford, Connecticut. The company’s expertise is in building and improving organizations from startups to established businesses. For similar posts, visit this blog.
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