Business expansion cannot be realized if there is no clear path to its sustainability. Sustainability entails adopting the best business strategies and practices that meet the needs of business while enhancing and protecting its resources which will come handy in future. To achieve this, one should look into the job requirements that are needed for growth. These could be previous work experiences or external factors which could be used in the setting that a company wants to use for growth (Aidis, 2006) . It is essential to take note of what impact the requirements will have on staff members in the company. The top leadership should then adopt the job requirement mechanisms which will ensure all its staff meets the requirements. The business should then choose long-term recruitment which is based on planning and hiring, for example, look into staff shortages. The business management should then identify changes that need attention; these could be through employing branding strategies that will be used to attract the best talent to the business and the communication methods to be used to contact applicants. The company should then focus on employee and customer retention, which will be efficiently achieved through effective partnership and collaboration. Having a flexible and adaptive leadership will also be ideal for ensuring that the company can analyze and validate the methods selected for a particular task in an organization. With this, a business will be assured of expansion, and its sustainability will not be questioned as it will realize full profitability on its services.
Any company that seeks to expand its business must acquire the best talent regarding staffing. A company should identify the number of staff that will require and ensure the skills, qualification and experience match the company’s expansion strategies. Having an excellent team in place makes sure that a business will be able to get practical ideas which will also increase the working environment of the area, and make the employees enjoy serving customers which will, in turn, increase the expansion of the business (Barringer, 1998) . It is essential for a company to have a staff with vast work experience; this is important because it will ensure that the hired staff will be aware of the risks in the industry and may develop ways to manage the situation. Besides, work experience will ensure that an employee can generate critical skills such as teamwork and problem-solving which are crucial to expanding and sustaining a business. During recruitment, it is essential to look into the experience of an employee because the employee will have an insight knowledge into the operations of the company. This will invaluably help a company in accomplishing its goals and in return see its expansion and its sustainability.
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Notably, to ensure successful recruitment of employees who will drive a company to realize business expansion and sustainability, a clear strategy has to be followed during the hiring process. Therefore, to achieve this, there has to be an elaborate selection process which will review the resumes of candidates and see whether they meet the specified qualifications. Those who meet the criteria will be shortlisted for interviews. The interviews will involve written tests and oral presentations which will test on speed and aptitude (Berns, 2009) . During the meeting, candidates should then be taken through the essential factors specified in the role such as the duties expected of them. A company should wisely examine a job to determine the skills and experience that satisfy the requirements before hiring an employee. By observing this, a company will be sure of making great strides when it comes to expanding its business and ensuring sustainability.
For a company to expand its business, it has to ensure that it increases sales of products and services to the existing markets. This is possible by having a more prominent location, which will substantially translate to a broader market. The company should also seek to evaluate its price and billing strategies as this is a crucial aspect when it comes to expanding a business. To capture and retain customers, a company needs to ensure that the pricing relates to the customers’ potential and their economic ability (Blowfield, 2013) . A company that seeks to expand its business should make sure that it has practical marketing techniques which will attempt to attract new customers. Creating a good relationship with the customers will also play a critical role in ensuring that a business gets honest feedback. Feedback will help a company understanding its weakness while maximizing its potential. When a company observes such aspects, then it can be sure of expanding its business.
Introducing a new product to the market is essential in expanding a business. Customer feedback plays a significant role in which product or service should be launched in the market. When a company has a product or service that has performed exponentially, it will try to capitalize on the market by adding a new product (Lewis, 1983) . How best will this be achieved if not through elaborate customer feedback? Feedback comes handy not just for expansion of a business, but also evaluation. Feedback will be valuable in responding to the demands of customers which will be a crucial way when a company seeks to expand its business.
Most companies have expanded their businesses through the franchise. Franchise or giving out a business license is one of the fastest ways to grow a business. The advantage that franchising has is that it doesn’t cost much yet it brings vast profits. Most companies have realized their full potential through the franchise. Franchising means that a company has authorized the sale of its original products or services by another party. Franchising has less risk but will see a company lose some control over its business (Dillard, 2008) . All that is needed to franchise is being well organized by creating elaborate manuals which will be relevant in different languages. When a company applies this, it will be a huge step in ensuring it achieves expansion of its products and services.
Acquisition of a new market is crucial when it comes to expanding a business. To achieve this, a company should aim at developing a new market segment, which can be obtained by moving to a new location. These are risks companies need to take because of the uncertainty that will come as a result of expansion. It is prudent for a company to do in-depth research about the demographic location they seek to move into as this will provide the company with a better view of the market strategies they will use in expansion of the business. Understanding the market will also be necessary for a company because the market differs, for example, a product which 18-year-old likes may not appeal to a 60-year-old. Therefore, it is important to always understand the market when expanding, besides applying the best strategies to suit the company’s business mantra of expansion. When moving into a new geographical location, it is essential to have an efficient management team in place since new market needs to be given considerable attention because of their uncertainty and may determine whether a company shall expand or not (Barringer, 1998) . It is thus prudent for companies that seek to grow their business to focus on developing new markets by moving into new locations as it will play a vital role in the expansion process.
Launching a chain will play a significant role in ensuring that a company meets its expansion objectives. To start a chain require products or services which can be operated from a distance at ease. It is essential for one to use the experience first had on what made a company successful, which might be because of the strategic location or the staff employed. That is why it is essential for a company always to acquire the best employees when seeking to expand. After analysis, then a company can embark on starting a chain by duplicating the plan which was used earlier to move into new locations (Lewis, 1983) . The procedure used during the onset of the business will then be used during expansion of new chains, this will be important in giving a glimpse of the company’s business operation strategies. The benefit of starting a chain is that it will provide some employees with a grasp of management duties which if used efficiently shall provide a transparent platform for the expansion of a business.
It is always tempting for companies to do business on their own especially when there is the uncertainty of funds. However, for companies that want to grow exponentially, merging with other companies could play a significant role in the business expansion. This is because through forming alliances, a business will be assured of venturing into new locations and expanding its customer base. Through collaboration and partnership, a company will be given the opportunity to utilize new expertise and intellect capacity which would not have been available without a merger. Here, it calls for the brilliance of a company’s top management because it is not easy to find the right partner. Thus it is prudent to be wise when selecting business partners. When deciding on a business partner, companies should ensure that whoever is chosen matches with the company’s mission and vision (Aidis, 2006) . The vision may revolve around product and service delivery or meeting the distribution of quality and on-time service delivery. The signing of firm contractual agreements is also significant because no company wants to feel duped when getting into a partnership. A company should ensure it uses all possible tricks when negotiating a partnership deal since the merger will be crucial in its business expansion.
Going global can also be relevant to a company that seeks to expand its business. There are various ways which a company can use in the quest to become universal; this may include capitalizing on the existing market, creating an efficient business environment or through the rising spending of the consumer. Most often than not, such activities can be found overseas; this could be in the form of exports, franchise, or manufacturing. It should be noted that whichever form a company will take in expanding, the basic rules must apply, and these rules include accessing the market demand, acquire legal and capital assistance, and be observant to the rules and regulations set for in the market (Luo, 1999) . By going global, a company should be ready to adapt with the challenges which may be realized in various culture, and it is crucial for a company not to ignore culture as it will determine its business expansion. Patience is also an imperative necessity for companies that want to expand their businesses globally. It is essential for companies to realize that market segments are different; hence applying the best business practices will play a significant role in the business expansion.
A company can use various steps when going global; these steps may include; through the filling of orders from overseas buyers who will then export the products or the services on behalf of the company. This is an efficient way to expand which does not involve many risks as a company shall be relying on other parties to transact on its behalf. Using agents or distributors can be helpful in a company’s business expansion as it will expand the foreign market of a company while I still do its core duty of managing sales. A company can also grow its business by marketing and deliver its products and service directly to its customers. This can be achieved by creating a strong marketing and delivery network which will work together with other foreign subsidiaries such as freight forwards. Going global is one of the many risks that a company which seeks to expand its business goes through as it comes with both risks and benefits.
The sustainability of a company depends on the customer base it commands. It is thus prudent that when a company seeks to expand its business by creating new markets, it should also focus on retaining its customers. Getting new customers can cost the company a lot of revenue, but also keeping customers may also require a huge chunk of revenue as customers are the primary determinant of a company’s expansion and sustainability (Aidis, 2006) . When a company reduces the defection of customers, then its profit value will be assured to go up, although this depends on the type of business. It should be noted that companies across the globe lose up to 50% of customer base each half a decade and they are more likely to transact with the existing customer base compared to a new market. Therefore, it is prudent for companies to build a trustworthy relationship with its customers with the aim of retaining them for the company to expand its business in this ever-changing market.
The most successful companies in the world have been known to have the best leadership. It is therefore essential for companies to acquire excellent management in the quest of expanding their businesses. Management is crucial to a company’s growth and sustainability since it is the top leadership that makes decisions and steps a company takes to achieving its target. Active management will ensure that a company does not bow to pressure which might be manifested during the expansion. It is also through a high control that a company shall cast long-term strategies and plans of the company such as expansion and sustainability. Sustaining a business expansion requires active management which will ensure that the demands are met and that the company achieves its goal. It is through the administration that a company will be able to recruit the best workforce who will ensure that a business’ course of expansion and sustainability does not relent. With formidable management, a company can be assured of expanding its business and sustaining it through the turbulence which might be witnessed in the course of growth.
Making the right decisions plays a vital role in the expansion and sustainability of a business. This goes back to the management of a company which is tasked with problem-solving. The administration must minimize any problem that may cause a hindrance to the expansion of a business. For a company to realize sustainability, it has to ensure that customers are served well with minimal problems as this will play an essential role in the company’s viability. A company should also have the best structures in place which will ensure that protocol is observed during the decision-making process and to ease the problem-solving. Making sound decisions is essential especially in a business that ventures into a new market with a different culture. A new culture may prove challenging for a company in sustaining its business because of the different reactions which may be witnessed (Luo, 1999) . It is thus prudent for the top leadership to make better judgments and identify paths which should be taken to ensure that business expands with ease and cannot be disrupted in the course of operation.
Doing a self-assessment should be a top priority for any company that seeks to expand its business and ensures its sustainability. Self-assessment principles involve evaluating if the business’ goals are in line with the achievements. Doing a self-assessment of a company consists in assessing the strategies, the performance of various aspects of a business and the effects they have in its sustainability. The management should also be reviewed because it is one of the core determinants of a business expansion. The current sustainability levels should also be evaluated and analyzed to depict how they will be used in the future. There are various ways a company can assess its business; this could be through an internal assessment or through outsourcing of auditors who will seek to ensure that the input matches the output. By doing a self-assessment, a company will be assured of expanding its business and identifying ways which will be used to sustain the business.
Most customers trust established businesses who have created a brand when shopping for their products and services; It is, therefore, essential for a firm which seeks to achieve expansion and sustainability to build unique brands. A formidable brand will establish an emotional and trustable connection with its customers which will make them loyal to the business’ products and services. For a company to build a brand, it has to develop and sustain a relationship with its clients over time. Thus, to create a formidable brand, a business should select well its target market by trying all strategies that seem to appeal to the customers (Berns, 2009) . The business should also emotionally connect with the target market and add confidence in the company’s products and services. Creating awareness of products and services is also essential to expanding and sustaining a business. To achieve this, a company must invest heavily in advertising and be careful on the content shared to the public because of reputation matters a lot when it comes to opening and sustaining of a business. A company should also develop a different slogan which will make it stand out from other companies which offer the same product and services. A slogan will also create a lasting bond with its consumers and thus play a crucial role in maintaining customer loyalty. By building a formidable brand, a business will have an easy way in its expansion and sustainability.
When a company is faced with challenges in the cure of its expansion, it is prudent that it adapts to changing times which will play a significant role in sustaining its business. Through adaptability, a company will be able to withstand turbulent tests which might face a business in its path to expansion and threaten its sustainability. For the realization of any form of development, a company’s management should ensure that it is at the forefront of every step of growth. It should be noted that times do change, and so does the business environment (Mason, 1988) . Thus it is upon the management to realize that the company evolves, thereby taking essential steps at the right time. Having a flexible workforce is also necessary for any company, this is because the staff will adapt to changing the business situation when needed. Recruiting the best talent in business will thus play a crucial role on how flexible and adaptable a company will be in its expansion and sustenance. A flexible staff will also create room for innovation on ways to adapt to changing situations in future. The previous financial year’s operational strategies will not be the same this year, hence being flexible and adaptable to changing times will see a company expand its businesses and achieve sustainability.
The secret to successful expansion and sustainability of a business is maintaining the original vision and working towards its realization. An image depicts what is in a company’s mindset and the plans it has put to achieve the goals. A company with a clear view may not find it difficult achieving its goals (Mason, 1988) . Having a clear picture of what a business will look like during expansion is vital as it will make a company understand the type of market it wants to venture. Following the market type will be critical in meeting the customer demand thereby making it possible for a company to realize its vision. A business with a bright idea will always aim at establishing itself and thus make it possible for it to set up new markets and opportunities. It is therefore essential for a company to always remember its objective in the course of its expansion and adapt to new strategies that will see its sustainability.
Conclusion
It is prudent to note that is neither an uphill task nor is it an easy task for a company to expand and be sustainable. It requires the selection of effective strategies which will focus on meeting the vision of the company in the course of its expansion and sustainability. Ensuring that a business acquires the best talent in the industry is the first step towards realizing the expansion and sustainability goal. It is also prudent for a company to open up new geographical markets, this, coupled with the introduction of new products and services will see a business make significant steps in its expansion. Maintaining the customer base is also prudent in ensuring that a company achieves sustainability because it is the customer loyalty which will keep a business running. Businesses should also form alliances and partnerships if they want to expand and gain viability in the market because one company may have something which may be of importance to the association. It is paramount to note that there are various ideas and ways which can be used by a company, but only the best intentions should be adopted for a business to realize expansion and sustainability.
References
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