Skip to main content

Strategic planning for business expansion

Sufficient planning must follow after a company decides to pursue growth whether by adding new locations, new services, new products, or through acquiring another company. For visionary leader Michael Saltzstein, the management must have an overview of the aspects they want to enhance so that they can uphold the quality of services they provide.


Before actively working toward expansion, the management must have a team that will strategize and outline the next steps. During the planning, the team must consider the market condition, the company's current state of operations, and the personnel. According to Michael Saltzstein, the management must perform due diligence to ensure readiness. They must also consider the different options for expansion such as adding services, franchising, acquiring another business, finding a new market, or diversifying. When working toward expansion, repositioning will be inevitable. The company must be ready for these complex changes. They must continue to be efficient to maintain their standing with stakeholders, employees, and customers.

Once the plans have been finalized, the workflow, culture, and organizational structure will surely be affected. While this phase might reveal more of the company's potential, it will also expose the aspects that require improvement. Business expansion will prove to be a challenging time. Strategic planning is necessary to prepare the organization to thrive. The preparation period may take longer, but it is an essential step toward ensuring that a company's growth will not be hindered with one misstep. Having a clear and unified vision will help the company focus on achieving the goal.

Michael Saltzstein is a visionary leader of global risk services, financial structures, multi-line claims, and strategic planning and enterprise initiatives. He is effective in delivering multimillion-dollar expense reductions and bottom-line improvement, maximizing coverage, and minimizing cost. Visit this page for more on business and finance.

Comments

Popular posts from this blog

Effective Strategies for A Win-Win Negotiation

pexels.com Leaders like Michael Saltzstein are constantly engaged in some form of negotiation. They have to negotiate with customers, other businesses, or parties external to the organization. In many cases, they also have to participate in discussions with partners and team members. Negotiations have to be fair and well-balanced to ensure that both parties involved will benefit in the long run. This article explores some strategies that can help leaders encourage a win-win negotiation. Prepare and be knowledgeable . Before coming to the negotiating table, you must have reviewed all the information necessary for the discussion. Furthermore, it would be advantageous to have already identified the alternatives that are available for both your organization and the other side. This is only possible if proper research and analysis have been conducted. Set up multiple offers. A common mistake that has been committed time and again when it comes to negotiating is having only one offer on t...

What business leaders are learning from the Coronavirus outbreak

Image source: businessinsider.com The onset of the Coronavirus or COVID-19 has been a shock to businesses throughout the country. Because of state-wide lockdowns and preventive measures, almost every business has had to adjust in one form or another in order to ensure the continuation of operations and secure the safety of employees. Unfortunately, not every business can operate under these new conditions. Michael Saltzstein predicts that this outbreak will force most businesses to adjust to a new reality. And while this outbreak will eventually pass, it shouldn’t stop business leaders from learning something new from this unique experience. Here are some lessons business leaders are learning from the pandemic. Business continuity plans were tested It’s hard to imagine a multinational corporation ceasing operations. That is until now. Seemingly large operations that may seem too big to stop had to grind into a halt. Businesses that have emergency continuity plans have...

Michael Saltzstein on Effective Recruitment Strategies

  Michael Saltzstein: Recruitment for the Modern Workforce images.pexels.com Hiring the right people for an organization is not just about filling open positions; it's also about finding the right fit for the job and the company culture. A good recruitment process helps identify and attract candidates who meet the qualifications and align with the values of the company. Effective recruitment and selection involve a thorough evaluation of job applicants to identify those who have the necessary skills and experience to function effectively in their role and can contribute to the overall success of the company. Businesses can increase their chances of finding candidates who are an ideal match for the job and the organization's culture by implementing a comprehensive recruitment process. Michael Saltzstein helps us get the process right. Provide what the candidates look for. With the rise of remote and hybrid work, people want to decide on their work environment and have better...