Small firms: How to expand

The decision to scale up requires serious consideration. Here are some important factors to consider:

  • Make sure your talent pool is wide and deep enough to handle the dilution that expansion naturally causes – the integrity of your core business needs to stay intact
  • Assess the demand for your core offering, and take as little risk as possible in your first few expansion efforts – scale allows more risk… later
  • Be well capitalized for any expansion plans
  • Train, train, train – make sure your expansion teams are well versed and trained in your core business and culture.

All in all, metered growth that allows you to expand with the strength, expertise and culture of your core is key to long term, expanded success.

 

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