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Other Effective Strategies for Consolidation and Business Expansion

by Olufisayo
Effective Strategies for Consolidation and Business Expansion

Organization Strategy

This strategy binds everything that makes up the company together to form a formal business body. The components of the organization are structures, systems, policies, procedures, and activities of the company.

It also includes the way the company exercises its authority, takes decisions, communicates, coordinates, and marries activities together for effective performance.

Below are lists of other activities that should be included in organization strategy:

    • Establishment of a clear job description for all existing positions and creation of a system for evaluating the responsibilities and authority of the position to ensure that people perform their duties accordingly
    • Assessing the effectiveness of structures and systems adopted by the company to evaluate the value they are adding to the corporate existence of the company.
    • Analyzing the major activities of the company to determine areas of deficiency where improvement is required.

People Strategy

This strategy covers the technical skills, professional capabilities, and attitudes of employees that can be harnessed for the consolidation and expansion of the business. The growth of the company and that of the people working there go together. A company that provides maximum opportunity for its staff to grow will have maximum opportunity to develop.

Below are lists of other areas covered by people strategy:

  • Reviewing staff salaries to make sure that the compensation for each position is commensurate with the duties and responsibilities attached to the position.
  • Recruitment of highly qualified people and readiness to improve their technical skills through a formal training program. It is also important to develop the interpersonal and organizational skills of staff through formal training.
  • Creation of standard career development path for staff with an effective performance appraisal system put in place to evaluate their performance and encourage them to acquire a higher level of responsibility.
  • Involvement of staff in generating ideas that can lead to an improvement in interaction and communication, promotion of harmony, and increase in efficiency generally.
  • Establishment of a formal program to give social recognition to high performers.

Finance Strategy

This strategy defines the manner in which the company manages and utilizes capital resources for its growth. It also includes the quality of system and skills for accounting, cash and credit management, financial management, and access to capital.
The financial strategy also includes the following to make the business grow:

  • Exploring and taking advantage of all available and accessible sources of funds.
  • Keeping the expenditure within or below the budgeted level through a proper control system.
  • Having an effective fund utilization process in place to avoid fund wastage and diversion.

Photo by Ketut Subiyanto from Pexels

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123Achievers.com March 24, 2011 - 3:00 PM

These are sure good strategies for Consolidation and Business Expansion. Thanks for sharing. 🙂

30 Precious Entrepreneurial Articles You Need To Read and Share April 4, 2018 - 9:26 PM

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