At Madison, we love to help our customers to grow. It’s perhaps the most exciting role as an owner and entrepreneur, besides of course the initial starting of your business itself. If you are in growth mode, don’t forget these keys to expansion success.
Key #1: Business Intelligence.
Knowing the market you’re prospectively getting into is crucial to your success. Knowledge, as they say, is power. This is where you’ll need to get an intimate understanding of market growth rates, barriers to entry, potential competitors, gaps in service, and a host of other issues. This is particularly true in a relatively undefined market.
There are many tools you can use for research, including peers and colleagues. At Madison, our business intelligence can help you succeed, with, for example, our “What If” analysis that allows you to swap branches and regions for multi-branch scenarios.
Key #2: Make Sure You’re Ready.
This is where you need to take a careful look at your preparedness. Are you ready to ramp up to a new market? Do you have the resources, from technology to funding, to make a play in a new market and have the resilience to stay?
And don’t leave out this key factor: Your internal staff, or those that you might want to hire. This is where you should look at individuals that are already working in your target market, or your inside staff that can adapt and thrive in a new territory.
The important consideration is to understand and leverage your core competencies. What is it about your business that makes it different? What would be the appeal to new customers? Identify your “secret sauce” and be ready to bring it to the table.
An important note: Readiness begins with you. As an owner or manager, you’re already a natural entrepreneur and that’s a great advantage. But make sure you are mentally ready for change, flexibility, and unexpected curveballs.
Key #3: Track Your Growth Metrics.
OK, you’ve entered your new market, and that is great. How do you know if you are succeeding? Consider your growth metrics a compass and a guide as you go forward. Establish metrics revolving around profit, expenses, retention, sales calls, conversion rates, and market penetration, and then check up on these on a regular basis.
A Final Thought:
Understand Your Verticals. We’ve talked mainly about geographic expansion but of course you can grow in other ways. Perhaps there’s a service gap that you identify within your own market. Or a customer may ask you to adapt into another service line that seems like a natural fit for you. Listening, networking, and being willing to make a move will help you here.
Why Madison Resources?
We offer more support to help staffing firms succeed than ANYONE else. Fully outsourced back office services. 100% payroll funding. World-class business intelligence. And exceptional staffing technology. Madison Resources gives you everything you need to drive sales, improve recruiting and deliver exceptional service.
At Madison, we’re here to spur growth and we’re customized to help staffing agencies do just that. Contact us and we can arrange a demo of our business intelligence tool and talk about many other resources.