Getting Past Growing Pains

As a company grows, managing key business metrics is crucial. Many companies who strive for global expansion face challenges in handling current operations as they grow. Whether through mergers, acquisitions, buy-outs, downsizing, or via organic growth through investing in sales and marketing strategies, expanding globally has an enormous impact on human resources.

Although M&A’s have evolved over the years, sustaining growth in international markets is difficult without considering organic growth as part of the strategy. Too often, activities like adding new employees, opening remote locations and setting up additional databases and technology systems can bring a company to a halt as it tries to grapple with growing pains and finding solutions. 

Organic growth - Impact on employees

• Employee preparedness: The most critical step is for leaders to assess an employees’ ability to deal with the complexities of global growth and their ability to adapt to change. Communication is king when it comes to corporate change. Managing expectations is even more critical when a company is entering or expanding internationally.
• International talent strategy: In order to gain sufficient impact internationally, identifying and hiring local talent should be considered. In the global economy, proactively branding key strengths, continuously improving weaknesses, and having a targeted value proposition to attract international talent is crucial. Having a local team with boots-on-the-ground, in-depth knowledge about the local market along with familiarity in regional laws and regulations can be an advantage.
• Hiring to fill technological gaps: Over time a company can change its personnel mix. Upgrading the skill set of the existing workforce to equip them for the new market and strategies, while being open to recruiting individuals who welcome and accept change as a natural part of life and business, will encourage everyone to take ownership of the change. Outsourcing part of the work to third party service providers can also help smooth the onboarding and change management process.
• Forming strategic partnerships: A key factor in successful company growth is knowing if, when and how to join forces with another business. A strategic partner can provide capital, leverage their brand, and help grow the business. It is important to find the right fit when looking for strategic partners, ensuring visions align, clear expectations are set, and goals are met. Determining when to work with a partner or do the work in house can set a company up for exponential growth.

Wrapping it Up

Change in the business world is not an option, but a prerequisite for success. In today’s fast-paced society, the difference between success and failure lie in a company’s ability to adapt faster than their competitors. Take the time to assess team members for flexibility, adaptability and willingness to change, and have a plan for maintaining the core of what the business is. If managed correctly, the process of growth doesn’t have to be painful.